Dow Jones Islamic Market US Index

Mohammad Omar Farooq · Md. Hasib Reza

13 citations0/0 files storedInternational Journal of Islamic and Middle Eastern Finance and Management

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Islamic Finance and Banking Studies Financial Markets and Investment Strategies Stock Market Forecasting Methods

Abstract

Purpose – The purpose of this paper is to apply technical analysis to some leading Islamic indices and explore if these indices are amenable to the same kind of analysis as applied to conventional indices and whether technical analysis, in contrast with fundamental analysis, produces distinct or superior return. Design/methodology/approach – In this paper, some basic tools of TA to Dow Jones Islamic Market US Index (IMUS) is applied in comparison with the three major market indices: Dow Jones Industrial Average, S&P 500 Index and NASDAQ 100. For TA, we apply moving averages, MACD and Stochastics as indicators. The paper is written particularly for those with interest in Islamic finance, but not necessarily familiar with TA. This paper thus also explores some Shariah-related issues in effectively applying TA. Findings – The comparative analysis shows that the performance based on IMUS can be improved, when TA is applied. Research limitations/implications – Robust tools of TA play an important role in market research. This paper probably is the first to apply TA in the context of Islamic finance. Because the scope of this paper is limited (only Dow Jones Islamic USA Index and comparison with three leading market indices), more in-depth research is needed and possible, which it is hoped this paper will encourage. Practical implications – The successful application of the basic TA tools to Islamic index will encourage the practitioners of Islamic finance to research and explore further uses and effectiveness of TA on other Islamic products. Originality/value – This paper is probably the first application of TA to Islamic finance markets, written especially for those who take active interest in the financial market from Islamic perspective.

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References

2011An Introduction to Islamic Finance 2001An Introduction to Islamic Finance 2006Islamic Finance 2004Technical Analysis in Financial Markets 1997Technical analysis of stock trends 2007Islamic Finance: The Regulatory Challenge 2004The Profitability of Technical Analysis: A Review 2011Introduction to Islamic Banking and Finance

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