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The Interconnectedness Pattern Of Cryptocurrencies And Islamicinvestment Classes

Author

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  • Zaheer Anwer

    (Sunway University, Malaysia)

Abstract

This study explores the dynamic co-movement of Islamic asset classes and cryptocurrencies for the period 01 March, 2017 to 15 June, 2022 by employing Wavelet methodology. The Islamic investment classes are represented by Islamic equities, Islamic Socially responsible investments, Real estate investment trusts and Sukuk. The results reveal that in normal times, there is negligible co-movement of both the asset classes. By contrast, both the investment classes exhibit significant spillover effect during the health crisis period. An important implication from these findings is that both the asset classes offer diversification opportunity during normal times but not during extreme times

Suggested Citation

  • Zaheer Anwer, 2023. "The Interconnectedness Pattern Of Cryptocurrencies And Islamicinvestment Classes," Journal of Islamic Monetary Economics and Finance, Bank Indonesia, vol. 9(2), pages 361-378, May.
    • Handle: RePEc:idn:jimfjn:v:9:y:2023:i:2h:p:361-378
    DOI: https://doi.org/10.21098/jimf.v9i2.1600
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    More about this item

    Keywords

    Cryptocurrencies; Islamic investments; Hedge; Portfolio management;
    All these keywords.

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage

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