Open AccessCharacterization of Islamic Investments Funds: A Systematic Literature Review
Author(s) -
Mohammad Hariri
Publication year - 2022
Publication title -
international journal of economics and finance
Language(s) - English
Resource type - Journals
eISSN - 1916-9728
pISSN - 1916-971X
DOI - 10.5539/ijef.v14n5p14
Subject(s) - islam , investment (military) , dimension (graph theory) , global assets under management , socially responsible investing , fund of funds , business , accounting , closed end fund , finance , umbrella fund , passive management , open ended investment company , economics , institutional investor , return on investment , political science , law , production (economics) , politics , corporate governance , microeconomics , philosophy , theology , mathematics , market liquidity , pure mathematics
This study synthesizes the findings of previous studies on Islamic investment funds through a systematic literature review. Relevant documents were selected through scoping, planning, searching, screening, and eligibility. Subsequently, the primary documents for each topic were categorized, and relevant information was extracted. The following two dimensions of Islamic investment funds’ activity have emerged: social and financial. The social dimension is constituted by Shariah precepts that govern the management of Islamic investment funds to promote socially responsible investment. Islamic investment funds do not fulfill their role as promoters of social responsibility. The financial dimension refers to assessing the performance and efficiency of Islamic investment funds compared with other types of investment funds. Evidence on this point is controversial. To the best of the author’s knowledge, this is the first secondary study on Islamic investment funds. The contradictions in the financial dimension open new avenues for more secondary studies, such as meta-analyses. A limitation of this study is that the search for documents was conducted with the use of specialized search engines without exploring other.