A Review of Islamic Investment Literature

This paper reviews the empirical literature on the contemporary issues of Islamic investments and highlights the future research directions. The growing literature during the last several years and the penetration of Islamic investments beyond the Muslim majority countries motivate us to review the...

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Bibliographic Details
Published in:Economic papers (Economic Society of Australia) 2019-12, Vol.38 (4), p.345-380
Main Authors: Hassan, M. Kabir, Aliyu, Sirajo, Paltrinieri, Andrea, Khan, Ashraf
Format: Article
Language:English
Subjects:
Investments
Islam
Islamic countries
Islamic equity investment
Islamic financing
Islamic investment
Islamic mutual fund
Literature reviews
Mutual funds
Penetration
sukuk
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Summary:This paper reviews the empirical literature on the contemporary issues of Islamic investments and highlights the future research directions. The growing literature during the last several years and the penetration of Islamic investments beyond the Muslim majority countries motivate us to review the empirical studies in the area. We therefore focus our literature review on mutual funds, sukuk and equity investments, analysing 81 articles from the most important journals dealing with the topic. The mixed findings in this area help the understanding of professionals not familiar with Islamic investment to identify the trends of the literature for important decisions. Our results have also important financial implications for asset managers willing to include Islamic financial instruments into a well‐diversified portfolio.
ISSN:0812-0439
1759-3441
DOI:10.1111/1759-3441.12230