Performance of islamic equity and fixed-income funds during the covid-19 pandemic in Malaysia

Figures & data

Figure 1. The flow diagram of the study adopted by the PRISMA Group (Moher et al., 2009).

Table 1. The inclusion and exclusion criteria

Criterion	Eligibility	Exclusion
Literature type	Journal (research articles)	Journal (systematic review), book series, books, book chapters, conference proceedings.
Language	English	Non-English
Timeline	2007–2022	<2007

Table 2. List of journals examined

No	Name of Journal	No. of papers	(%) of papers
1	Accounting	1	2.00
2	Accounting Research Journal	1	2.00
3	Applied Economics	1	2.00
4	Asian Academy of Management Journal	1	2.00
5	Asian Academy of Management Journal of Accounting and Finance	1	2.00
6	Corporate Ownership and Control	1	2.00
7	Economic Modelling	1	2.00
8	Economic Systems	1	2.00
9	European Journal of Finance	1	2.00
10	International Journal of Accounting and Information Management	1	2.00
11	International Journal of Applied Business and Economic Research	1	2.00
12	International Journal of Business and Society	2	4.00
13	International Journal of Finance and Economics	1	2.00
14	International Journal of Financial Studies	1	2.00
15	International Journal of Innovation, Creativity and Change	1	2.00
16	International Journal of Islamic and Middle Eastern Finance and Management	3	6.00
17	International Journal of Law and Management	1	2.00
18	International Journal of Managerial Finance	3	6.00
19	International Research Journal of Finance and Economics	1	2.00
20	Journal of Banking and Finance	1	2.00
21	Journal of Economic Behavior and Organization	2	4.00
22	Journal of Economic Surveys	1	2.00
23	Journal of Financial Services Marketing	1	2.00
24	Journal of Financial Services Research	1	2.00
25	Journal of International Financial Markets, Institutions and Money	2	4.00
26	Journal of Islamic Accounting and Business Research	7	14.00
27	Journal of King Abdulaziz University, Islamic Economics	1	2.00
28	Journal of Multinational Financial Management	1	2.00
29	Journal of the Asia Pacific Economy	1	2.00
30	Managerial Finance	2	4.00
31	Pacific Basin Finance Journal	3	6.00
32	Review of Financial Economics	2	4.00
33	Sustainability (Switzerland)	1	2.00

Table 3. Sample selection criteria

Research Design	No. of Papers	(%)
Empirical quantitative research	23	55
Empirical qualitative research	16	38
Concept/systematic review	3	7
Total research design	42	100

Table 4. Top 20 daily performance measures for Islamic equity unit trust funds: July 2019—July 2020

	Funds	MEAN (%)	SD(%)	Sharpe	Beta	Treynor	Jensen
1	InterPac Dana Safi	0.1647	1.2387	0.1269	0.1232	0.0128	0.0016***
2	PMB Shariah TNB Employees	0.1668	1.3510	0.1179	−0.0895	−0.0178	0.0016***
3	Public Islamic Treasures Growth	0.1201	1.0075	0.1118	−0.0020	−0.5502	0.0011
4	RHB Shariah China Focus	0.1365	1.1906	0.1084	−0.1854	−0.0070	0.0012
5	Public Islamic Optical Equity	0.1243	1.0971	0.1065	−0.0372	−0.0314	0.0012
6	Kenanga Growth Opportunities	0.1698	1.5734	0.1032	−0.1663	−0.0098	0.0016
7	Public Advantage Growth Equity	0.1107	1.0018	0.1031	0.0321	0.0322	0.0010
8	Public Islamic Opportunities	0.1518	1.4534	0.0993	−0.0621	−0.0232	0.0014
9	Public Islamic Emerging Opportunities Fund	0.1074	1.0096	0.0990	−0.0112	−0.0894	0.0010
10	AmPRS-Islamic Equity Fund-D	0.1104	1.1005	0.0935	−0.0806	−0.0128	0.0010
11	AIA Public Takaful A Dana Equity	0.0845	0.8485	0.0908	−0.0220	−0.0351	0.0008
12	PMB Shariah Growth Fund	0.1513	1.7246	0.0834	−0.0421	−0.0342	0.0014
13	Kenanga Islamic Balanced Fund	0.0645	0.6867	0.0831	−0.0310	−0.0184	0.0006
14	Public Islamic Savings Fund	0.0856	0.9581	0.0815	−0.0542	−0.0144	0.0008
15	Public Mutual-PRS Islamic Strategic Equity	0.0975	1.1203	0.0804	−0.1280	−0.0070	0.0009
16	Public Islamic Select Treasures	0.0974	1.1253	0.0799	−0.0666	−0.0135	0.0009
17	Public Islamic Alpha-40 Growth	0.0792	0.9469	0.0758	−0.0688	−0.0104	0.0007
18	Eastspring Investment Dinasti Equity	0.0946	1.2026	0.0724	−0.0959	−0.0091	0.0008
19	AmMetlife Precious Metals Fund	0.1521	2.0024	0.0722	0.0065	0.2210	0.0014
20	Public China Ittikal Fund	0.0945	1.2282	0.0709	−0.0378	−0.0230	0.0009
	Average	0.0457	1.1922	0.0330	−0.0549	−0.0157	0.0004
	KLCI	−0.0254	1.0452	−0.0315	1.0000	−0.0003	0.0000
	Malaysia 90-day T-Bills	0.0073	0.0013	−0.1271	−0.0001	0.0231	0.0000
The top 20 return, risk and performance measures of the Islamic equity unit trust funds in descending order based on the Sharpe ratio

Note: *Significant at p < 0.10; **Significant at p < 0.05; ***Significant at p < 0.01

Table 5. Top 20 daily performance measures for islamic fixed income unit trust funds: July 2019—July 2020

	Funds	MEAN (%)	SD(%)	Sharpe	Beta	Treynor	Jensen
1	TA Dana Principal Preservation Robotic Theme	0.0441	0.5686	0.0644	−0.0037	−0.0978	0.0003
2	Eastspring Investment Dana Al-Islah Equity	0.0353	0.2530	0.1099	−0.0130	−0.0214	0.0002
3	Great Eastern Dana Sejati	0.0346	0.2381	0.1141	−0.0168	−0.0162	0.0001
4	Dana Ekuiti Prima Takaful fund	0.0339	0.2522	0.1047	−0.0169	−0.0156	0.0001
5	AIA Public Takaful A-Dana	0.0327	0.2133	0.1182	−0.0203	−0.0124	0.0001
6	AIA Dana Bond Fund	0.0321	0.2117	0.1162	−0.0149	−0.0165	0.0001
7	ZURICH Dana Seri Mulia	0.0308	0.1830	0.1272	−0.0052	−0.0447	0.0002***
8	Mayban Life Dana Pendapatan Prima	0.0298	0.2809	0.0796	−0.0191	−0.0117	0.0001
9	PRUlink Dana Aman Fund	0.0296	0.1951	0.1135	−0.0130	−0.0171	0.0001
10	KAF Sukuk Fund	0.0281	0.1575	0.1312	−0.0052	−0.0401	0.0002***
11	Takafulink Dana Urus Fund	0.0280	0.2007	0.1025	−0.0085	−0.0241	0.0001
12	Public Islamic Enhanced Bond	0.0262	0.2747	0.0681	−0.0100	−0.0188	0.0001
13	AmMetLife Takaful Equity	0.0252	0.1800	0.0985	−0.0093	−0.0191	0.0001
14	Principal Islamic Institutional Sukuk	0.0241	0.1005	0.1653	−0.0023	−0.0737	0.0001***
15	Dynamic Sukuk	0.0237	0.2117	0.0766	−0.0131	−0.0124	0.0001
16	Principal Islamic Lifetime Enhanced Sukuk	0.0234	0.2847	0.0560	−0.0144	−0.0111	0.0000
17	AMIslamic Fixed Income Conservative	0.0199	0.0768	0.1616	0.0017	0.0711	0.0001***
18	Nomura i–Income Fund	0.0192	0.3364	0.0349	−0.0292	−0.0040	−0.0001
19	PB Aiman Sukuk Fund	0.0183	0.3072	0.0352	−0.0037	−0.0290	0.0001
20	Public Islamic Infrastructure Bond Fund	0.0169	0.3213	0.0294	−0.0097	−0.0098	0.0000
	Average	0.0153	0.2750	0.0324	−0.0096	−0.0051	0.0000
	KLCI	−0.0254	1.0452	−0.0315	1.0000	−0.0003	0.0000
	Malaysia 90-day T-Bills	0.0073	0.0013	−0.1271	−0.0001	0.0231	0.0000
	Consists of top 20 return, risk and performance measures for the Islamic fixed income unit trust funds in decreasing order on the basis of Sharpe ratio.

Note: *Significant at p < 0.10; **Significant at p < 0.05; ***Significant at p < 0.01

Figure 2. Distribution of risk adjusted returns.

Moher, D., Liberati, A., Tetzlaff, J., & Altman, D. G., & The PRISMA Group. (2009). Perrefered reporting items for systematic review and meta-analyses: The PRISMA statement. Plos Med, 6(7), e1000097. https://doi.org/10.1371/journal.pmed.1000097

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