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R>2008, 5). The UK is the world leader for Islamic finance education. Islamic financial
services are offered in Britain by nearly two dozen banks including Barclays, HSBC,
Lloyds, and RBS. The market leader, HSBC’s Islamic finance division Amanah, has

 

Note: This table provides an overview on sample country characteristics potentially relevant to Islamic funds’ financial performance and investment style. The first column displays our sample
countries sorted by region. Countries, whose constitution incorporates Islam, are displayed in italics. Column two and three state a nation’s percentage of Islamic citizens and their dominant Islamic
school of thought (Hanafi, Hanbali, Maliki, Shafi), respectively. Hanafi has the most followers. It emphases reason and is considered the most liberal of the four schools of thoughts. Contrary,
Hanbali is considered to be the most literal of the four schools, since it closely follows the letters of Quran to ensure consistency in its interpretations. Maliki has the third most followers. It is
predominantly guided by the practices of the people of Madinah at the time of the Prophet Muhammad, as they are thought to be closest to the Prophet. Shafi is the second most followed school of
thought and considered to have the most systematic methodology. Followers of all four schools of thought are Sunni Muslims. Shia Muslims are the dominant group in Azerbaijan and Iran. Columns
four and five display the estimated value of Islamic assets in our sample countries and an index of the Shari’ah compliance of our sample nation’s listed stocks. The index value is calculated the
natural logarithm of the ratio of a country’s weight in the Dow Jones Islamic Market Index (DJIM) to the country’s weight in Dow Jones’ underlying asset universe of all countries covered in the DJIM.
A positive index values signal an over-proportional Shari’ah compliance of a nation’s listed stocks, while negative values indicate the opposite. We exclude the US, whose weight in the DJIM is
around 50 percent, from the DJIM and the underlying asset universe in our calculation of the remaining countries’ index values, as its inclusion would have lead the US index value to dominate all
other values (e.g. if the US has a large positive value, all other values would nearly inevitably be negative). Column six describes relevant financial market restrictions in our sample countries. The
information provided in this table is based on BBC, CIA World Factbook, Federation of Malaysian Unit Trust Managers, Global Competition Review, Global Islamic Finance Group, Islamic Finance,https://www.51lunwen.org/ygshlw/2012/0201/1705074011.html
Kuwait’s Ministry of Commerce and Industry, Magud (2006), McKenzie (2009), Mesook (2001) Religious Population, US Commercial Service, Reuters and the US State Department’s Investment
Climate Statements.
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