The growth in Islamic Finance in many regions of the world during the last decade has been both significant and rapid, and has provided both individuals and businesses with the possibility of raising capital on a risk-shared basis rather than the more conventional debt finance. The chaotic and...

We examine the relationship between Islamic and conventional stock market returns to see if Islamic financial markets provide portfolio diversification benefits and safe havens during turbulent times. Using daily data from January 1996 through September 2020 we consider conventional emerging...