Factors Affecting Islamic And Conventional Mutual Funds Returns A Comparative Analysis Of Different Classes Of Funds In Pakistan
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Factors Affecting Islamic And Conventional Mutual Funds Returns A Comparative Analysis Of Different Classes Of Funds In Pakistan
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Author : Imran Ahmed
language : en
Publisher:
Release Date : 2018
Factors Affecting Islamic And Conventional Mutual Funds Returns A Comparative Analysis Of Different Classes Of Funds In Pakistan written by Imran Ahmed and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
This study aims to analyze and investigates the factors influencing returns of Islamic and conventional mutual funds in Pakistan. More specifically this study aims to investigate whether macroeconomic and systematic factors affect Shariah compliant Equity, Income and assets allocation mutual funds differently as compared their conventional counterparts. Different statistical techniques like correlation and regression analysis were applied to study their effect. Study concluded that macro-economic factors have impact on both conventional and Islamic mutual funds however their impact seems to be insignificant at large. Overall funds behaved negatively with discount rate, inflation and GDP, whereas positively with trade and market index. Apart from income funds that were affected positively with discount rate. Furthermore, income funds were not affected by market index. Moreover, inflation and GDP that is usually backed by higher interest rates, also effect negatively overall returns. There was no significant difference in the behavior among the Islamic and conventional funds with respect to the above-mentioned factors. Lastly, there was high correlation among both the equity and asset allocation based mutual funds (both Islamic and conventional). It was also found that asset allocation funds had close resemblance to equity-based funds as compared to income-based funds in term of factors influencings their returns this suggested that most of the asset allocation funds have more portion of equity as compared to debt and could be consider highly risky. Hence, they seem to be against Modern portfolio theory Markowitz (1952) presuming it to be in a minimum level of risk.
Factors Affecting Fund Flows In Islamic And Conventional Mutual Funds Of Pakistan
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Author : Saqib Ahmed
language : en
Publisher:
Release Date : 2020
Factors Affecting Fund Flows In Islamic And Conventional Mutual Funds Of Pakistan written by Saqib Ahmed and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
This paper aims to provide empirical evidence on the fund flows in conventional and Islamic equity and fixed-income funds by considering the relationship of it with management expense ratio, fund return, fund size, fund age, inflation, interest rate, and GDP in comparison for conventional and Islamic investors. By using panel data, the sample of Pakistan's locally managed equity and fixed-income funds are considered comprised of 21 individual conventional and Islamic funds from equity and fixed income category respectively from 2009 to 2018. The results provide evidence that Islamic investors have different factors when choosing funds in comparison with conventional investors. The study finds that the key factor influencing the fund flows is the management expense ratio, return, and fund size. This study also shows that all the conventional and Islamic fund characteristics of equity and fixed-income funds are positively related to fund flows except management expense ratio and fund age, which have negative relationship with fund flows. The empirical findings of this paper clearly call for fund managers and investors to review their investment policy as this paper help fund managers to maintain a balanced amongst the factors so as to ensure maximization of its return, benefiting both; Mutual Fund managers and investors. The results could also provide better information and guidance for investors as well as policy-makers on the factors that affect the fund flow for Pakistan Islamic and conventional equity and fixed-income funds.
Factors Affecting The Financial Performance Of Investment Funds A Comparative Study
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Author : Mohamed Ali Badr
language : en
Publisher:
Release Date : 2017
Factors Affecting The Financial Performance Of Investment Funds A Comparative Study written by Mohamed Ali Badr and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
The Growth rate of investment in mutual funds has exceptionally increased over the last decade. Many studies have compared between the performances of conventional and Islamic mutual funds in the developed markets and only a few have studied emerging markets. The aim of this study is to focus on the investigation of the factors affecting and the performance of Islamic mutual funds in comparison with their conventional counterparts in Egypt as an emerging market in mutual funds generally and Islamic mutual funds specially. The main objective of this study is to investigate the factors affecting the financial performance of Islamic mutual funds (IMFs) in comparison with the conventional mutual funds (CMFs). Risk and return relationship is evaluated relative to market benchmark over an 8-year period from January 2006 to December 2013 divided into pre-financial crisis phase (27 months), during financial crisis phase (45 months) and post-financial crisis phase (24 months). The data covers 34 mutual funds from Egypt, consisting of 9 Islamic mutual funds (IMFs) and 25 Conventional mutual funds (CMFs) covering only open-end equity funds for the purpose of standardization and relativity of the comparison. The analysis focuses on risk and return performance, and the impact of funds attributes including age, size, objective, systematic risk and total risk. The study employs Sharpe, Treynor and Jensen models as risk-adjusted performance measures. The study concludes that the performance of IMFs is not significantly different from the CMFs counterparts in the pre-financial crisis phase, during the financial crisis phase, or the post-financial crisis phase. Both IMFs and CMFs outperformed the market index (EGX30) in the pre-Financial Crisis phase and the post-Financial Crisis phase but underperformed the market index during the Financial Crisis phase. Moreover, both IMFs and CMFs outperformed the T-bill rate in the pre-Financial Crisis phase but underperformed the T-bill rate during the Financial Crisis phase and the postFinancial Crisis phase. Total risk and systematic risk significantly affect the performance of mutual funds. Income & Growth objective is an important variable that is accompanied by an increase in the performance of the fund. Growth objective and Age also play significant roles in interpreting the performance of mutual funds.
Comparative Analysis Of Islamic And Conventional Mutual Funds Performance During Financial Crisis And Non Crisis Periods In Pakistan
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Author : Imran Ahmed
language : en
Publisher:
Release Date : 2019
Comparative Analysis Of Islamic And Conventional Mutual Funds Performance During Financial Crisis And Non Crisis Periods In Pakistan written by Imran Ahmed and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
This study aims to analyze and investigates the differences in performance of Islamic and conventional mutual funds in three periods, namely the period during the financial crisis period, dated 2008 to 2009, after crises period 2010 to 2017, and the whole period, dated from 2007 to 2017. More specifically the study aims to investigate whether the Shariah compliant Equity, Income and assets allocation mutual funds performed better in terms of risk adjusted basis as compared to the conventional Equity, Income and asset allocation mutual funds. The risk return behaviors were examined by employing performance measures such as Sharpe, Treynor, and Jensen Alpha. Moreover, their performance in coping of systematic risk is also analyzed by regressing macroeconomic variables on returns. Study concluded that Conventional Income mutual funds perform better in all three periods including (crises and non-crises) compare to its counterpart Islamic income mutual funds in both risks adjusted basis and simple arithmetic mean basis, however their difference is not statistically significant. Study also found that Islamic equity mutual funds perform better in crises period as compare to its conventional equity mutual funds in risk adjusted basis In crises period both funds gave negative return, but Islamic equity mutual funds declined less than conventional mutual funds which shows that Islamic mutual funds provide better hedging in crises period., however there were no significant difference among the two in the other two periods. Similarly, Assets Allocation funds also have no significant difference among themselves, however Islamic asset allocation mutual funds outperform conventional asset allocation mutual funds in all three periods, especially in crises period where Islamic funds showing positive returns as compared to conventional fund that were suffering in loss of about 14%. Overall the whole period performance of Islamic mutual funds is slightly better but not statically difference.
Determinants Of Mutual Funds Performance In Pakistan
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Author : Muhammad Asad
language : en
Publisher:
Release Date : 2019
Determinants Of Mutual Funds Performance In Pakistan written by Muhammad Asad and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
The aim of this thesis is to investigate various fund attributes influencing returns of Pakistani mutual funds. For this ten types of Mutual funds were selected for the period of 2015-17, and the effect of six micro and two macro fund specific variables on their returns were analyzed. Models have analyzed the effect of all factors in different categories of funds & for different classes of funds. Results showed that the attributes having impact on mutual fund return are risk and expense ratio positively. Some variables have no impact on fund returns i.e. fund size, fund age, and risk return coefficient, moreover macroeconomic factors (GDP and Interest rate) & risk adjusted return have negative relation on fund returns. Macro factors impact have difficult to analyzed with mutual fund return because relation of fund returns mostly depends on its micro factors and its fund manager expectation regarding market. However macro -economic factors affect the overall fund market or any specific class of funds. Sector wise analyze describes the detail effect of each variable in this research, however expense ratio have positive effect on fund return in conventional return but negative for Islamic fund returns.
Investigating The Performance Of Islamic Mutual Funds
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Author : Abdul Rafay
language : en
Publisher:
Release Date : 2017
Investigating The Performance Of Islamic Mutual Funds written by Abdul Rafay and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
The objective of the paper is to study the performance of Islamic mutual funds by comparing their volatility with KSE-30 index of Pakistan Stock Exchange. For empirical analysis and to study the volatility behavior of KMI-30 index and KSE-30 indexed mutual funds ARCH/GARCH models are used. Factors that are considered for comparison of performance include Return, Volatility, Net Asset Value (NAV), KMI-30 Index and KSE-30 Index. Our results show that returns and volatility of Islamic mutual funds are consistent with the performance of conventional mutual funds. Furthermore our investigation shows that the volatility of Islamic mutual funds plays a little role in determining their performance, however opposite is true for conventional mutual funds. This study is important for investors in Pakistan because it can help them to diversify their investment by selecting suitable portfolios.
The Effects Of The Global Crisis On Islamic And Conventional Banks
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Author : Jemma Dridi
language : en
Publisher:
Release Date : 2005-10-31
The Effects Of The Global Crisis On Islamic And Conventional Banks written by Jemma Dridi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-10-31 with categories.
This paper examines the performance of Islamic banks (IBs) and conventional banks (CBs) during the recent global crisis by looking at the impact of the crisis on profitability, credit and asset growth, and external ratings in a group of countries where the two types of banks have significant market share. Our analysis suggests that IBs have been affected differently than CBs. Factors related to IBs‘ business model helped limit the adverse impact on profitability in 2008, while weaknesses in risk management practices in some IBs led to a larger decline in profitability in 2009 compared to CBs. IBs‘ credit and asset growth performed better than did that of CBs in 2008-09, contributing to financial and economic stability. External rating agencies‘ re-assessment of IBs‘ risk was generally more favorable.
An Overview Of Islamic Finance
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Author : Mr.Mumtaz Hussain
language : en
Publisher: International Monetary Fund
Release Date : 2015-06-02
An Overview Of Islamic Finance written by Mr.Mumtaz Hussain and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-06-02 with Business & Economics categories.
Islamic finance has started to grow in international finance across the globe, with some concentration in few countries. Nearly 20 percent annual growth of Islamic finance in recent years seems to point to its resilience and broad appeal, partly owing to principles that govern Islamic financial activities, including equity, participation, and ownership. In theory, Islamic finance is resilient to shocks because of its emphasis on risk sharing, limits on excessive risk taking, and strong link to real activities. Empirical evidence on the stability of Islamic banks, however, is so far mixed. While these banks face similar risks as conventional banks do, they are also exposed to idiosyncratic risks, necessitating a tailoring of current risk management practices. The macroeconomic policy implications of the rapid expansion of Islamic finance are far reaching and need careful considerations.
Mutual Funds
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Author : Mark Mobius
language : en
Publisher: John Wiley & Sons
Release Date : 2007-03-16
Mutual Funds written by Mark Mobius and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-03-16 with Business & Economics categories.
Each book in the series cuts through the jargon and mystique of the financial markets to give the reader a clear picture of how and why these markets function as they do. Key features include: clear definitions of financial terms worked examples of transactions and contracts summaries and overviews valuation techniques quick Quiz questions to reinforce the learning experience strip cartoons to explain complex trades entertaining cartoons from Alex to lighten the load war stories and anecdotes from Mark Mobius based on his remarkable experiences other Resources section to guide the reader to other useful books, websites and reference material
Mutual Funds Industry
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Author : Jayanta Kumar Seal
language : en
Publisher:
Release Date : 2008
Mutual Funds Industry written by Jayanta Kumar Seal and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Mutual funds categories.
The Indian Mutual Fund Industry has come of age. It has grown over the years in terms of total assets under management (AUM), number of AMCs, number of schemes and types of schemes aimed at different segments of households with varying risk appetite. Mutu
