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L’investissement conforme à la Charia est-il socialement responsable ?,Is Shariah compliant investment socially responsible?

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  • Philippe DESBRIERES

    (IAE DIJON - Université de Bourgogne (CREGO))

Abstract

(VF) La porosité actuelle des frontières de l’Investissement Socialement Responsable (ISR) conduit ses adeptes à considérer l’Investissement Conforme à la Charia (ICC) comme l’un de ses sous-composants. Cette étude propose une réflexion inédite sur la pertinence d’inclure l’ICC dans la sphère de l’ISR. Pour cela, nous établissons une comparaison à la fois qualitative et quantitative entre ces deux types d’investissement pour comprendre dans quelle mesure l’ICC se distingue de l’ISR. Les résultats révèlent notamment une surperformance financière de l’ICC en période de crise en dépit d’une sous-performance sociétale qui se matérialise principalement dans deux domaines : la gestion de la diversité et l’engagement environnemental. Nous concluons que, bien que l’ICC obéisse à une certaine conception de l’investissement « socialement responsable », car reposant sur la stabilisation du système financier ainsi que sur le maintien de l’équité dans les transactions financières, et quand bien même une évolution du mode de gestion de l’ICC vers celui de l’ISR soit envisageable, la non-inclusion des considérations ESG dans ses règles de management actuelles devrait conduire les communautés académique et professionnelle à le traiter en tant que type d’investissement à part entière. (VA) Nowadays, Shariah Compliant Investment (SCI) is considered by its advocates as one of the subcomponents of Socially Responsible Investment (SRI) due to its unclearly set frontiers. This study proposes a new approach on the suitability of including the SCI in the sphere of SRI. For this purpose, we compare these two investment styles both qualitatively and quantitatively in order to understand whether and how the SCI differs from the SRI. The results show that even if SCI is characterized by social under-performance particularly encountered in its environmental and diversity dimensions, it also financially outperforms SRI and conventional investment during economic downturn. We conclude that SCI may be considered as a particular concept of “socially responsible” investment because it ensures the financial system stabilization and the fairness of financial transactions. However, although a move towards the SRI seems to be possible, the non-inclusion of ESG considerations by the SCI may lead the academic and professional communities to deal with SCI as a full investment style.

Suggested Citation

  • Philippe DESBRIERES, 2017. "L’investissement conforme à la Charia est-il socialement responsable ?,Is Shariah compliant investment socially responsible?," Working Papers CREGO 1171001, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    • Handle: RePEc:dij:wpfarg:1171001
    DOI: 10.7202/1060893ar
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    References listed on IDEAS

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    Cited by:

    1. Barda, Kelly, 2020. "Analyser la performance financière des indices boursiers environnementaux [Analyzing financial performance of green stock market indices]," MPRA Paper 102537, University Library of Munich, Germany.
    2. Mendiela, Pauline, 2021. "Information security breaches and financial market reaction: the French case," MPRA Paper 105029, University Library of Munich, Germany.
    3. Vincent Lavaine, 2020. "Intérêts et Limites de la labélisation du marché français de l'ISR," Working Papers hal-02494009, HAL.

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    More about this item

    Keywords

    Shariah Compliant Investment; Socially Responsible Investment; Financial performance; Societal performance;
    All these keywords.

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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