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DOES COVID-19 AFFECT SHARIAH COMPLIANT STOCK? EVIDENCE FROM SELECTED OIC COUNTRIES

Jurnal Ilmiah Ilmu Terapan Universitas Jambi · Vol. 8 No. 2 (2024) · hlm. 720–731

DOI
10.22437/jiituj.v8i2.33159
ISSN
2580-2259, 2580-2240
Terbit
2024-10-10
Penerbit
LPPM Universitas Jambi
Bahasa
en
Lisensi
creativecommons.org/licenses/by/4.0

Abstrak

This study aims to examine the movements of Islamic stock markets in ten selected OIC (Organization of Islamic Cooperation) countries in relation to Covid-19 cases, providing a comprehensive analysis of market behavior during the pandemic. The countries—Saudi Arabia, Pakistan, Bangladesh, Turkey, Indonesia, Oman, Qatar, UAE, Kuwait, and Bahrain—were chosen based on their large Muslim populations. Data was collected over a one-year period from January 1, 2020, to January 31, 2021, analyzing the relationship between Covid-19 cases and Islamic stock market indices. The study employed co-integration tests to identify long-term relationships and the Vector Error Correction Model (VECM) to explore short-run dynamics. The co-integration test results show a significant long-run relationship between Covid-19 cases and Islamic stock markets in most of the selected OIC countries. Specifically, the Shariah indices in Pakistan, Bangladesh, Turkey, Qatar, UAE, Kuwait, and Bahrain have a positive and significant relationship with Covid-19 cases. Conversely, Saudi Arabia, Indonesia, and Oman exhibit a negative long-term relationship with Covid-19 cases, suggesting a different market response. These results suggest that countries with diversified economies, particularly those relying on natural resources such as oil and agriculture, were more resilient during the pandemic. This study provides novel insights into the unique responses of Islamic stock markets in OIC countries during the pandemic, highlighting regional differences in market behavior and recovery. It suggests that despite the global economic downturn, OIC countries present attractive investment opportunities, particularly due to their swift recovery and resource-based economies, offering a robust portfolio for investors during crises.

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13 penulis · 27 tautan kepenulisan bersama · 15 lintas organisasi

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  • Kingdom University
  • Auro University
  • GITAM University
  • University of Bahrain
  • Jamia Millia Islamia
  • International Islamic University Malaysia
  • Walisongo State Islamic University
  • Organisasi lain
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  • Organisasi sama
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Rekan penulisOrganisasiArtikel bersama
Shah HusainGITAM University1
Mohammad Noor AlamUniversity of Bahrain1
Imran Ali BaigJamia Millia Islamia1
Minakshi RanaAfiliasi tidak diketahui1
Salina KassimInternational Islamic University Malaysia1
Sonali DhimmarAuro University1
Mohd ZahidAfiliasi tidak diketahui1
Nasrul Fahmi Zaki FuadiWalisongo State Islamic University1
Sylva Alif RusmitaUniversitas Airlangga1

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Sumber metadata: OAI-PMH (metadata jurnal) https://online-journal.unja.ac.id/index.php/JIITUJ/oai, pertama di-harvest 5 Nov 2026, terakhir terlihat 8 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en">DOES COVID-19 AFFECT SHARIAH COMPLIANT STOCK? EVIDENCE FROM SELECTED OIC COUNTRIES</dc:title>
	<dc:creator xml:lang="en">Shaikh, Zakir Hossen</dc:creator>
	<dc:creator xml:lang="en">Irfan, Mohammad</dc:creator>
	<dc:creator xml:lang="en">Nomran, Naji Mansour</dc:creator>
	<dc:creator xml:lang="en">Abey, Joji</dc:creator>
	<dc:subject xml:lang="en">Co-integration</dc:subject>
	<dc:subject xml:lang="en">Covid-19 cases</dc:subject>
	<dc:subject xml:lang="en">Islamic stock market</dc:subject>
	<dc:subject xml:lang="en">OIC countries</dc:subject>
	<dc:subject xml:lang="en">VECM</dc:subject>
	<dc:description xml:lang="en">This study aims to examine the movements of Islamic stock markets in ten selected OIC (Organization of Islamic Cooperation) countries in relation to Covid-19 cases, providing a comprehensive analysis of market behavior during the pandemic. The countries—Saudi Arabia, Pakistan, Bangladesh, Turkey, Indonesia, Oman, Qatar, UAE, Kuwait, and Bahrain—were chosen based on their large Muslim populations. Data was collected over a one-year period from January 1, 2020, to January 31, 2021, analyzing the relationship between Covid-19 cases and Islamic stock market indices. The study employed co-integration tests to identify long-term relationships and the Vector Error Correction Model (VECM) to explore short-run dynamics. The co-integration test results show a significant long-run relationship between Covid-19 cases and Islamic stock markets in most of the selected OIC countries. Specifically, the Shariah indices in Pakistan, Bangladesh, Turkey, Qatar, UAE, Kuwait, and Bahrain have a positive and significant relationship with Covid-19 cases. Conversely, Saudi Arabia, Indonesia, and Oman exhibit a negative long-term relationship with Covid-19 cases, suggesting a different market response. These results suggest that countries with diversified economies, particularly those relying on natural resources such as oil and agriculture, were more resilient during the pandemic. This study provides novel insights into the unique responses of Islamic stock markets in OIC countries during the pandemic, highlighting regional differences in market behavior and recovery. It suggests that despite the global economic downturn, OIC countries present attractive investment opportunities, particularly due to their swift recovery and resource-based economies, offering a robust portfolio for investors during crises.</dc:description>
	<dc:publisher xml:lang="en">LPPM Universitas Jambi</dc:publisher>
	<dc:date>2024-10-10</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://online-journal.unja.ac.id/JIITUJ/article/view/33159</dc:identifier>
	<dc:identifier>10.22437/jiituj.v8i2.33159</dc:identifier>
	<dc:source xml:lang="en">Jurnal Ilmiah Ilmu Terapan Universitas Jambi; Vol. 8 No. 2 (2024): Volume 8, Nomor 2, December 2024; 720-731</dc:source>
	<dc:source>2580-2259</dc:source>
	<dc:source>2580-2240</dc:source>
	<dc:language>en</dc:language>
	<dc:relation>https://online-journal.unja.ac.id/JIITUJ/article/view/33159/19138</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2024 Zakir Hossen Shaikh, Mohammad  Irfan, Naji Mansour Nomran, Joji Abey</dc:rights>
	<dc:rights xml:lang="en">https://creativecommons.org/licenses/by/4.0</dc:rights>
</oai_dc:dc>