Economic Policy Uncertainty and Shariah Stock Index Robustness: Myth or Reality
Submission Type
Paper Presentation
Abstract/Description
The purpose of this study is to examine the impact of economic policy uncertainty on Shariah, and non- Shariah stock index in the Pakistan Stock Exchange (PSX). For the purpose of analysis 14 years’ monthly data from 2010-2023 has been taken. ARDL analysis and Quartile Regression have been used to examine the effect on the respective indices. This study contributes to literature by analyzing Islamic Shariah indices and aims to provide course of action for Islamic investors and financial policy makers to make their decisions regarding investments and financial policy thus bridging the gap between Maqasid e shariah and Islamic Finance existence in the investment hub of Pakistan. This study will provide new insights on investment in the stock market. At present this study is being conducted upon Pakistan Stock exchange. For future recommendation, the scope of this study can be extended to other regions.
Keywords
Economic Policy Uncertainty, ARDL Analysis, Quantile regression, Macro Economic Variables and Shariah Indices
Location
Movenpick Hotel
Session Chair
Prof. Dr. Imam Uddin, Director Islamic Finance & Accounts, Institute of Business Management (IOBM)
Session Moderator
Dr. Azima Khan, Assistant Professor, Institute of Business Administration, Karachi
Start Date
4-12-2024 3:15 PM
End Date
4-12-2024 4:15 PM
Recommended Citation
Khalid, U., & Arif, I. (2024). Economic Policy Uncertainty and Shariah Stock Index Robustness: Myth or Reality. IBA CEIF World Islamic Finance Forum (WIFF). Retrieved from https://ir.iba.edu.pk/wiff/2024/agenda/10
COinS
Economic Policy Uncertainty and Shariah Stock Index Robustness: Myth or Reality
Movenpick Hotel
The purpose of this study is to examine the impact of economic policy uncertainty on Shariah, and non- Shariah stock index in the Pakistan Stock Exchange (PSX). For the purpose of analysis 14 years’ monthly data from 2010-2023 has been taken. ARDL analysis and Quartile Regression have been used to examine the effect on the respective indices. This study contributes to literature by analyzing Islamic Shariah indices and aims to provide course of action for Islamic investors and financial policy makers to make their decisions regarding investments and financial policy thus bridging the gap between Maqasid e shariah and Islamic Finance existence in the investment hub of Pakistan. This study will provide new insights on investment in the stock market. At present this study is being conducted upon Pakistan Stock exchange. For future recommendation, the scope of this study can be extended to other regions.