La finance islamique : Analyse de la performance des fonds islamiques par rapport aux fonds conventionnels et aux fonds ESG.

Abstract

This work aims to study Sharia-compliant funds in Islamic finance. This is an empire study, the purpose of which is to analyze and compare the performance of the returns of Islamic funds with those of conventional and ESG funds. Secondly, the objective is also to calculate the ESG scores of Islamic equity funds and see if there is a difference in performance. The sample is composed of equity funds domiciled in Luxembourg and Ireland. The period of time studied extends from 2013 to 2022. Different linear regressions were carried out, in particular that of CAPM, Fama & French and Carhart. Different ratios have also been calculated in order to answer the initial question of this thesis. This work could not show outperformance or underperformance of one type of fund compared to another. It has been shown, however, that Islamic funds presented a lower risk than ESG funds but higher than conventional funds over the entire period studied. During the Covid crisis, the Islamic portfolio also presents a lower risk rate than the ESG portfolio. No results are significant regarding the performance of Islamic funds according to their ESG score.