Revista de Economía y Negocios

Performance and Persistence Tests of Islamic Market Indices

Abstract

Kaouther FLIFEL

In a depressed global Economy and characterized by a severe crisis in the global financial system, Islamic Finance was distinguished by its resilience to the crisis. The performance of Islamic Finance tools, such as stock indices, has been the subject of several academic researches. However, the results have been conducted so far are divergent on the outperformance or underperformance of this category of indices, hence the importance of this first analysis in this area. The article presents the analytical approach leading to different performance tests before presenting the Islamic market indices that constitute our scope. Our first results help us to demonstrate that Islamic indices are not less efficient than conventional indices.