| Article Details : |
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| | | Article Name : | | | International and Domestic integration among
Islamic investment: Is there any co-movement? | | Author Name : | | | DANISH MANSOOR, Dr. DANISH AHMED SIDDIQUI | | Publisher : | | | Bridge Center | | Article URL : |  | | | Abstract : | | | This paper aims to examine the benefits that Islamic investors
can gain through international diversification as they are restricted to
investing in sharia-compliant funds only compare to conventional
investors who have no restrictions. The study investigates the comovement of Pakistan’s Islamic funds with the regional Islamic funds
of Asia Pacific, North America, Europe, MENA and aggregate of all
global Islamic funds. Additionally, the study determines the
cointegration of Pakistan’s Islamic funds with the Pakistan
conventional and Islamic stock market. The study applied unit root,
cointegration and Granger causality test on monthly index prices from
the period of Jan 2009 to Dec 2018. The analysis revealed that there is
no co-movement of Pakistan’s Islamic funds with the Islamic fund’s
markets of North America, Europe, and MENA regions. Therefore,
investors of these regions can reduce risk through investment in
Pakistan’s Islamic funds and local investors can benefit from investing
in these countries. Whereas Islamic fund of Pakistan have comovement with the Islamic funds of Asia Pacific region so, investors
cannot minimize risk through maintaining international portfolio in
these countries. Furthermore, it is found that there is a co-movement of
Pakistan Islamic funds with Pakistan’s stock market, both
conventional and Islamic. The findings are helpful for fund managers
and investors as they can maximize returns by diversifying investment
in these markets and secondly the research qualify Pakistani market as an attractive diversification tool for international portfolio
managers, and thirdly low integration among Islamic funds justify the
promotion of Islamic investment in Pakistan. | | Keywords : | | | International diversification, Co-movement,
Islamic Investments Funds, Cointegration analysis, Stock
Market |
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