Do Islamic Stock Indices Perform Better Than Their Conventional Counterparts?

Abdelbari Khamlichi , Selim Baha Yildiz, Sarkar Kabir, Hafiz Hoque

Research output: Contribution to journalArticlepeer-review

3 Citations (Scopus)
268 Downloads (Pure)


Applying the preference ranking organisation method for enrichment of evaluations (PROMETHEE II), this study attempts to rank Islamic and conventional indices from 20 developed and 18 emerging markets based on the performance of their MSCI conventional and Islamic country indices between 2002 and 2016. The study finds that the Danish Islamic Index at the top of the ranking and the Hungarian Islamic Index at the bottom. Moreover, conventional indices predominantly perform better than their Islamic counterparts in emerging markets and vice versa in developed markets.
Original languageEnglish
Pages (from-to)236-256
Number of pages21
JournalInternational Journal of Business Performance Management
Issue number2 - 3
Early online date22 Jul 2021
Publication statusPublished - 2021

Bibliographical note

Copyright © and Moral Rights are retained by the author(s) and/ or other copyright owners. A copy can be downloaded for personal non-commercial research or study, without prior permission or charge. This item cannot be reproduced or quoted extensively from without first obtaining permission in writing from the copyright holder(s). The content must not be changed in any way or sold commercially in any format or medium without the formal permission of the copyright holders. This document is the author’s post-print version, incorporating any revisions agreed during the peer-review process. Some differences between the published version and this version may remain and you are advised to consult the published version if you wish to cite from it.


  • Decision making
  • Equity indices
  • Islamic finance
  • Performance measurement
  • Portfolio management
  • Ranking
  • Screening

ASJC Scopus subject areas

  • Business and International Management
  • Strategy and Management


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