Revisiting the Halal screening investments: the case of GCC stock markets

This study provides a critical review of the issues associated with the screening of Islamic funds in the Gulf Cooperation Council (GCC) and questions the concept of Shariah-compliant (Halal) equity investment. Unlike prior relevant studies, the paper attempts to provide evidence as whether there is...

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Autor principal:	Khaled
Formato:	article
Lenguaje:	AR EN
Publicado:	Bait Al-Mashura Consultations 2020
Materias:	shariah-compliant stock markets halal screening investments Banking HG1501-3550 Islamic law KBP1-4860
Acceso en línea:	https://doaj.org/article/aac86370894e49d69018f8daf48fd304
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spelling	oai:doaj.org-article:aac86370894e49d69018f8daf48fd3042021-12-02T11:15:59ZRevisiting the Halal screening investments: the case of GCC stock markets 10.33001/M0110202014792410-68362409-0867https://doaj.org/article/aac86370894e49d69018f8daf48fd3042020-10-01T00:00:00Zhttps://www.mashurajournal.com/en/revisiting-the-halal-screening-investments-the-case-of-gcc-stock-markets-2/https://doaj.org/toc/2410-6836https://doaj.org/toc/2409-0867This study provides a critical review of the issues associated with the screening of Islamic funds in the Gulf Cooperation Council (GCC) and questions the concept of Shariah-compliant (Halal) equity investment. Unlike prior relevant studies, the paper attempts to provide evidence as whether there is a necessity to invest in commingled Halal (CH) for a Halal diversified portfolio post the global financial crisis (GFC). This paper aims to explore how participants define and screen Shariah-compliant (Halal) investment, it particularly investigates whether pure Halal (PH) and commingled Halal (CH) equity investments are distinct or similar type of investments. The paper reports the findings of the semi-structured interviews with key participants in the Islamic funds industry mainly in Kuwait and other GCC countries. The findings from the interviews reveals that the Shariah-compliance equity investments are split into two different categories, namely: pure Halal (PH) and commingled Halal (CH) investments not as reported in the literature when measuring their screens or performance. Some interviewees seriously questioned the Shariah-compliance of CH stocks and thought that the fatwa that allows CH stocks should be revisited. The interviews findings highlight the need for harmonizing the Shariah screening criteria, and the development of accounting standards based on Islamic values rather than western ones to reflect the unique characteristics of Halal investments. Keywords: Islamic investment funds, Halal Investments, Shariah screening, Shariah-compliance investment, pure Halal stocks (PH), commingled Halal stocks (CH)KhaledBait Al-Mashura Consultationsarticleshariah-compliantstock marketshalal screening investmentsBankingHG1501-3550Islamic lawKBP1-4860ARENمجلة بيت المشورة, Iss 14, Pp 222-261 (2020)
institution	DOAJ
collection	DOAJ
language	AR EN
topic	shariah-compliant stock markets halal screening investments Banking HG1501-3550 Islamic law KBP1-4860
spellingShingle	shariah-compliant stock markets halal screening investments Banking HG1501-3550 Islamic law KBP1-4860 Khaled Revisiting the Halal screening investments: the case of GCC stock markets
description	This study provides a critical review of the issues associated with the screening of Islamic funds in the Gulf Cooperation Council (GCC) and questions the concept of Shariah-compliant (Halal) equity investment. Unlike prior relevant studies, the paper attempts to provide evidence as whether there is a necessity to invest in commingled Halal (CH) for a Halal diversified portfolio post the global financial crisis (GFC). This paper aims to explore how participants define and screen Shariah-compliant (Halal) investment, it particularly investigates whether pure Halal (PH) and commingled Halal (CH) equity investments are distinct or similar type of investments. The paper reports the findings of the semi-structured interviews with key participants in the Islamic funds industry mainly in Kuwait and other GCC countries. The findings from the interviews reveals that the Shariah-compliance equity investments are split into two different categories, namely: pure Halal (PH) and commingled Halal (CH) investments not as reported in the literature when measuring their screens or performance. Some interviewees seriously questioned the Shariah-compliance of CH stocks and thought that the fatwa that allows CH stocks should be revisited. The interviews findings highlight the need for harmonizing the Shariah screening criteria, and the development of accounting standards based on Islamic values rather than western ones to reflect the unique characteristics of Halal investments. Keywords: Islamic investment funds, Halal Investments, Shariah screening, Shariah-compliance investment, pure Halal stocks (PH), commingled Halal stocks (CH)
format	article
author	Khaled
author_facet	Khaled
author_sort	Khaled
title	Revisiting the Halal screening investments: the case of GCC stock markets
title_short	Revisiting the Halal screening investments: the case of GCC stock markets
title_full	Revisiting the Halal screening investments: the case of GCC stock markets
title_fullStr	Revisiting the Halal screening investments: the case of GCC stock markets
title_full_unstemmed	Revisiting the Halal screening investments: the case of GCC stock markets
title_sort	revisiting the halal screening investments: the case of gcc stock markets
publisher	Bait Al-Mashura Consultations
publishDate	2020
url	https://doaj.org/article/aac86370894e49d69018f8daf48fd304
work_keys_str_mv	AT khaled revisitingthehalalscreeninginvestmentsthecaseofgccstockmarkets
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Revisiting the Halal screening investments: the case of GCC stock markets

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