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Du Tunindex au Tunindex-i: Structure et Performance


  • Amine Ben Amar

    (LEDa - Laboratoire d'Economie de Dauphine - Université Paris-Dauphine)

  • Makram Bellalah
  • Lamjed Jerfel


The stock market index is one of the main indicators that investors refer to analyze the health status of a given market. The creation of an Islamic stock index can therefore be a useful benchmark for portfolio managers and other institutional investors operating in Tunisia, especially since the Islamic finance sector has been significantly growing in recent years, through the establishment of Islamic banks, takafuls insurance and "Islamic" funds. Thus, the aim of this work is twofold. First, construct a shari'a compliant index for the Tunis stock exchange and then compare the performance of the Tunisian benchmark index (TUNINDEX) to that of the built Islamic index (TUNINDEX-i). The results of the performance analysis show that the Islamic index may outperform or underperform the benchmark, depending on the period and/or the performance measure used.

Suggested Citation

  • Amine Ben Amar & Makram Bellalah & Lamjed Jerfel, 2018. "Du Tunindex au Tunindex-i: Structure et Performance," Working Papers hal-01761904, HAL.
  • Handle: RePEc:hal:wpaper:hal-01761904
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