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Islamic or conventional mutual funds: who has the upper hand? Evidence from Malaysia

Boo, Yee Ling, Ee, Mong Shan, Li, Bo and Rashid, Mamunur 2016, Islamic or conventional mutual funds: who has the upper hand? Evidence from Malaysia, Pacific basin finance journal, In press, pp. 1-10, doi: 10.1016/j.pacfin.2016.01.004.

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Title Islamic or conventional mutual funds: who has the upper hand? Evidence from Malaysia
Author(s) Boo, Yee Ling
Ee, Mong Shan
Li, Bo
Rashid, Mamunur
Journal name Pacific basin finance journal
Season In press
Start page 1
End page 10
Total pages 10
Publisher Elsevier
Place of publication Amsterdam, The Netherlands
Publication date 2016-01
ISSN 0927-538X
Summary Contradictory results are documented in the literature regarding which type of mutual fund has superior performance; an Islamic or conventional mutual fund. Due to the relative short history of the Islamic mutual funds' industry, prior literature has inevitably relied on a small sample size with a short sample period. With the longest applicable sample period, this study represents one of the most recent attempts to address this conflicting evidence. We find there is no clear cut over performance by Islamic mutual funds against their conventional peers across the three financial crises in our sample period, with the exception of the most recent global financial crisis, where Islamic mutual funds generally outperformed their conventional counterparts. We further find that Islamic funds significantly outperformed conventional funds in the riskiest asset class, equity, one year before and during the global financial crisis. We further reveal that the modified value at risk for Islamic mutual funds was significantly lower than their conventional peers during the global financial crisis. This seems to indicate that Islamic mutual funds have better risk management compared to conventional peers.
Language eng
DOI 10.1016/j.pacfin.2016.01.004
Field of Research 150299 Banking, Finance and Investment not elsewhere classified
1502 Banking, Finance And Investment
1501 Accounting, Auditing And Accountability
Socio Economic Objective 970115 Expanding Knowledge in Commerce
HERDC Research category C1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2016, Elsevier B.V.
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Document type: Journal Article
Collection: Department of Finance
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Created: Mon, 16 May 2016, 16:18:30 EST

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