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- 1. CANONICALINVESTMENT: AN EMPIRICALCANONICALINVESTMENT: AN EMPIRICAL STUDY OFDOWJONES ISLAMIC MARKETSTUDY OFDOWJONES ISLAMIC MARKET (DJIM) ANDNIFTY SHARIAHINDEX(DJIM) ANDNIFTY SHARIAHINDEX Mohammad Irfan Research Scholar Department of Management Central University Haryana, Mahendergarh, Haryana
- 2. OBJECTIVEOBJECTIVE The present paper is focused on examining the risk and return behaviour of the selected Shariah Nifty index & DJIM and benchmark indices (NIFTY, DJI) during the period from the date of launch of Nifty Shariah index in Indian Capital Market i.e. from 1st Jan 2007 to 31st Aug 2013.
- 3. To find out the impact of Nifty Shariah index by the volatility of Nifty Index. To find out the impact of Dow Jones Islamic Market by the volatility of Dow Jones Global Index. To analysis the performance of Nifty Shariah Index and Dow Jones Islamic Market. To do comparative analysis between Nifty Shariah Index and Dow Jones Islamic Market. OBJECTIVEOBJECTIVE
- 4. ISLAMIC CANONICAL LAW Shariah is Islamic canonical law, which observant Muslims adhere to in their daily lives. Shariah has certain strictures regarding finance and commercial activities permitted for Muslims. It prescribes a set of criteria which needs to be satisfied before a Muslim investor or institution can invest in the equity of a given company. From the view point of Shariah law, businesses such as those dealing in pork, alcohol, gambling, conventional financial services, media or advertising, tobacco, pornography, music etc are non-permissible for investment. Furthermore, companies have to be screened so that they satisfy certain accounting ratio restrictions. INTRODUCTIONINTRODUCTION
- 5. QURAAN STATES THE BUSINESS The Islamic economy is built upon the real economy this is where the process of production of tangible goods and services, Islam has designated a role for finance in the economy - due to Islam's focus on the real economy which is the wealth creating aspect of any economy finance in Islam is not an end in itself as there is no interest (Riba). Wealth in Islam is created through each stage of industry i.e. mining, refining, manufacturing and sales' All of this adds value at each stage and creates wealth for the economy.
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