Question: Q3. (5} Several studies have found that an Islamic Equity Index underperfornis its conventional counterpart during bull cycles but outperforms during bear cycles. Given your

 Q3. (5} Several studies have found that an Islamic Equity Index

underperfornis its conventional counterpart during bull cycles but outperforms during bear cycles.

Q3. (5} Several studies have found that an Islamic Equity Index underperfornis its conventional counterpart during bull cycles but outperforms during bear cycles. Given your understanding of how Sharia}: company stocks are screened and stock priced discuss why this is to be expected. (12 marks)

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