Safe haven role of Islamic financial markets under pandemic-related uncertainty: evidence from two emerging market economies

Basit Öğe Kaydı
dc.contributor.authorDoruk, Omer Tugsal
dc.date.accessioned2026-02-27T07:32:56Z
dc.date.available2026-02-27T07:32:56Z
dc.date.issued2025
dc.description.abstractPurposeThis study aims to investigate whether Islamic financial markets act as safe havens during the pandemic. By focusing on the liquidity feature of Islamic financial markets, this paper examines the relationship between pandemic-related uncertainty and the liquidity of these markets.Design/methodology/approachThis paper uses interrupted time series analysis and dynamic conditional correlation-based GARCH models to assess the safety of Islamic financial markets during COVID-19.FindingsThe results indicate that Islamic financial markets serve as safe havens for investors during the COVID-19 period when pandemic-related uncertainty, as proxied by volatility index, is high.Practical implicationsA liquidity-based approach may be more effective than a share price-based approach in understanding the shift of investors to Islamic financial markets during COVID-19 since Islamic finance is a very important alternative to uncertainty with the financial instruments it contains. In particular, Islamic finance is an important alternative to fluctuations based on interest-bearing assets and has important features such as gharar to reduce uncertainty.Originality/valueThis is the first study to examine the relationship between uncertainty and Islamic stock markets in emerging markets using liquidity as a variable during the pandemic.
dc.identifier.doi10.1108/JIABR-10-2023-0333
dc.identifier.issn1759-0817
dc.identifier.issn1759-0825
dc.identifier.urihttp://dx.doi.org/10.1108/JIABR-10-2023-0333
dc.identifier.urihttps://hdl.handle.net/20.500.14669/4392
dc.identifier.wosWOS:001571885200001
dc.indekslendigikaynakWeb of Science
dc.language.isoen
dc.publisherEmerald Group Publishing Ltd
dc.relation.ispartofJournal of Islamic Accounting and Business Research
dc.relation.publicationcategoryMakale - Uluslararas� Hakemli Dergi - Kurum ��retim Eleman�
dc.rightsinfo:eu-repo/semantics/closedAccess
dc.snmzKA_20260302
dc.subjectIslamic finance
dc.subjectEmerging markets
dc.subjectITSA
dc.subjectGARCH
dc.subjectSafe haven
dc.subjectCOVID-19
dc.subjectG0
dc.subjectG01
dc.subjectG20
dc.titleSafe haven role of Islamic financial markets under pandemic-related uncertainty: evidence from two emerging market economies
dc.typeArticle; Early Access

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