أداء السوق المالي في ظل المؤشرات الإسلامية : دراسة تطبيقيه مقارنه بين مؤشر داو جونز للسوق الإسلامية العالمية DJIM و مؤشر داو جونز التقليدي DJI

Abstract EN

The investment trends have expanded towards ethical financial instruments, which have created a new pattern and a great development in the world of investments.

It has become an imperative to find financial tools aimed at establishing the rules of social responsibility and meeting the needs and desires of Muslim and other investors.

And because of the negative effects imposed by globalization after multiple crises, financial scandals and unethical dealings, specifically after the year 2008, which affected the largest banks and international institutions, It has become imperative to search for ethical investments and tools to measure the performance of these compliant investments Islamic Sharia.

The controversy of the study lies in the basic question of whether the Dow Jones global Islamic index is in line with the traditional Dow Jones index, and is it possible to predict the general market movement through the Islamic index.

In fact, this cognitive problem still constitutes a very important controversy despite its recent occurrence, and the study seeks to find out how different the performance of the Islamic DJIM index is from the traditional DJI index, as well as the extent of the possibility of evaluating the prediction in the general market movement through the Islamic index.

The study conducted a detailed analysis on the performance of the DJIM Islamic Index, the Traditional General Market Index (DJI) and some other performance indicators, and in light of the data obtained for the study sample represented by DJIM and DJI indices.

The study period included (2942) trading days for the studied sample as a whole, so it started from 01/02/2009 until 09/09/2020.

Using many financial and statistical methods, the study concluded with a number of conclusions, the most important of which are: The performance of the Dow Jones Global Islamic Market Index is not in line with the performance of the traditional basic index, and the DJIM index can be used to get the best positive contribution in terms of achieving the highest returns.

It is also possible to predict the general market movement through the DJIM index due to the presence of a very significant significant impact relationship between the Islamic index and the market performance.

The study came out with a number of recommendations, the most important of which is the need to work on popularizing the culture of Islamic indicators, as well as the need to raise the level of investment culture for dealers and the advancement of market efficiency.

In addition to the need to pay attention to investing in Islamic markets and to urge the use of Islamic financing methods, because they are considered a realistic fact that is increasing in size day by day, due to the high global demand for Islamic financing tools.

Key Words: Islamic Indicators, DJIM Index, Selection and composition of the Islamic index, Socially Responsible Investing (SR I).