IMPACT OF THE COVID-19 PANDEMIC ON ISLAMIC BANK INDICES OF THE GCC COUNTRIES
Open Access
- 11 October 2021
- journal article
- Published by Centre for Research on Islamic Banking and Finance and Business in International Journal of Islamic Banking and Finance Research
- Vol. 7 (1), 1-17
- https://doi.org/10.46281/ijibfr.v7i1.1381
Abstract
The present study explores the impact of the COVID-19 pandemic on Islamic bank indices in GCC countries banking sector. The research aims to know the ability of Islamic Bank indices to face the COVID-19 crisis and examine whether Islamic bank indices can respond to the volatility in the stock exchanges. The study uses data of stock exchanges and Dow Jones Islamic Market Index in GCC countries banking sector to relate the data before and during the COVID-19 crisis. It is found that Islamic banks have ability to respond the financial and economic crisis. Also, Islamic banks are able to provide their valuable services continuously and perform their financial activities during and after the crisis competently. The results also indicate that Islamic Bank Indices in GCC countries have performed better during 2019 with significant closing prices compared to 2020. As during 2020 fifteen banks recorded normal decreasing in its indices and six Islamic banks achieved growth in its indices. In Q1, Q2 of 2021 the Islamic banks achieved positive growth in its indices price. This specifies that Islamic Banks have managed the financial and economic crisis in an efficient manner. JEL Classification Codes: E44, E58, G24, G18, H12.Keywords
This publication has 14 references indexed in Scilit:
- IMPACT OF COVID-19 ON ISLAMIC AND CONVENTIONAL STOCKS IN INDONESIA: A WAVELET-BASED STUDYBulletin of Monetary Economics and Banking, 2021
- Impact of Covid-19 on Islamic Stock Markets: An Investigation using Threshold Volatility and Event Study ModelsInternational Journal of Islamic Economics and Finance (IJIEF), 2021
- Impact of COVID-19 on Performance of Pakistan Stock ExchangePreprints.org, 2020
- Current COVID-19 Impact on Saudi Stock Market: Evidence from An ARDL ModelSSRN Electronic Journal, 2020
- The Impact of the COVID-19 on the Financial Markets: Evidence from China and USASSRN Electronic Journal, 2020
- Impact of the novel coronavirus on stock market returns: evidence from GCC countriesMathematical Biosciences and Engineering, 2020
- The Impact of the Global Financial Crisis on Profitability of the Banking Industry: A Comparative AnalysisEconomies, 2018
- The Impact of the Global Financial Crisis on Islamic and Conventional Stocks in The GCC Stock Markets:Published by JSTOR ,2016
- The Impact Of Financial Crisis On Islamic And Conventional Indices Of The GCC CountriesJournal of Applied Business Research (JABR), 2015
- Impact of the Global Financial Crisis on the Volatility of the Malaysian Stock MarketSSRN Electronic Journal, 2010