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Islamic investment behaviour


  • Imran Tahir
  • Mark Brimble


Purpose - In the past decade, there has been strong growth in Islamic finance and banking across the globe, there is little empirical evidence on the impact of religiosity on financial decisions. This paper aims to address this issue. Design/methodology/approach - This paper uses an experimental design to investigate the investment behaviours of a group of Muslims. Findings - The paper finds that Islam does influence investment behaviour, however, the degree to which it does this is influenced by the degree of religiosity of the individual. In addition, evidence is found of “Western style” wealth maximisation amongst Muslim investors as well as a desire to consider sustainable investment principles in asset allocations. Research limitations/implications - These findings have implications for investors, financial advisors, and policy makers. Originality/value - The paper is original its use of the experimental design to test the impact of religiosity in the context of investment decisions by Muslims.

Suggested Citation

  • Imran Tahir & Mark Brimble, 2011. "Islamic investment behaviour," International Journal of Islamic and Middle Eastern Finance and Management, Emerald Group Publishing, vol. 4(2), pages 116-130, June.
  • Handle: RePEc:eme:imefpp:v:4:y:2011:i:2:p:116-130

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    References listed on IDEAS

    1. Harry Markowitz, 1952. "Portfolio Selection," Journal of Finance, American Finance Association, vol. 7(1), pages 77-91, March.
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    Cited by:

    1. Shaikh, Salman, 2012. "Islamic Banking in Pakistan: A Critical Analysis," MPRA Paper 42497, University Library of Munich, Germany.
    2. Shaikh, Salman, 2013. "Economic Analysis of Islamic Banking in Pakistan," MPRA Paper 53797, University Library of Munich, Germany.

    More about this item


    Islam; Law; Investments; Muslim investors;


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