A Comparative Study of Indian Indices with a Focus on Shariah Indices

Moid U. Ahmad1 and Saif Siddiqui2

1Jaipuria Institute of Management, A-32A, Sector 62, Noida - 201309, U.P. India
2Centre for Management Studies, Jamia Millia Islamia, Jamia Nagar, New Delhi - 110025, India
1E-mail: moid@smartt.co.in


The question of Islamic economy being a social economy rather than a viable economy has been raised and debated time over time. To prove the viability of Islamic financial system as an alternative to the interest based financial system, it is an imperative to prove its commercial viability over the modern financial system. To provide Islamic economics as an alternative to modern financial system, its viability, application and logic needs to be studied and empirically tested. This study is an empirical attempt to verify the application of the concepts and beliefs of Islamic finance in various investment avenues, including Shariah and non Shariah investments. It attempts to compare and study the returns from Shariah and non-Shariah investments by taking relevant indices as a proxy for respective markets.

Keywords: Shariah Products, Investments, Return Analysis, Time Series