Do Asian Islamic Equities Offer Diversification Benefits in Cryptocurrency Portfolio in Times of Increased Uncertainty?

Ishaq Mustapha Akinlaso, Abdessamad Raghibi and Abdul-Baaqi Adebisi Jempeji ()
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Abdul-Baaqi Adebisi Jempeji: TAJBank Limited, Abuja

Asian Economics Letters, 2024, vol. 4, issue 4, 1-8

Abstract: This study explores whether Islamic equities offer portfolio diversification benefits to cryptocurrency investors. It employs the Continuous Wavelet Transform model to examine the nature of coherence between major cryptocurrency asset classes and major Asian Islamic equity markets on different investment horizons. We consider a range of Islamic equity indices for multiple countries and a basket of three prominent cryptocurrencies: Bitcoin, Ethereum and Ripple. Findings suggest that Asian Islamic equities offer portfolio diversification opportunities. Our findings also imply that Asian Islamic equities are not efficient and are prone to short-term speculative activities.

Keywords: Islamic equities index; Portfolio diversification; Wavelets; Bitcoin; Ethereum; Asia (search for similar items in EconPapers)
JEL-codes: G01 G17 (search for similar items in EconPapers)
Date: 2024
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Asian Economics Letters is currently edited by Chun-Ping Chang (Shih Chien University, Taiwan) and Professor Chien-Chiang Lee (Nanchang University, China)

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