This paper provides new insights into the non-linear relationship between the Dow Jones Islamic Market Index (DJIMI) and four energy prices, including WTI crude oil, gasoline, natural gas, and heating oil, using a novel quantile ARDL approach. Empirical evidence shows strong positive reactions by two energy sources, i.e. crude oil and gasoline, to the DJIMI during bullish markets represented by higher quantiles. This direct relationship prevails both in the long and short run. However, heating oil prices respond inversely to DJIMI in all quantiles. Furthermore, the results of the Wald test also imply asymmetric and non-linear transmission of energy prices to the Islamic stock market. The evidence of a quantile Granger causality test shows a feedback effect between energy sources and DJIMI. The results underline crude oil and gasoline as two major economic drivers explaining the short- and long-run Islamic stock market dynamics. Thus, when oil and gasoline prices are expected to increase, investors should invest more in Islamic stocks to earn better profits. Conversely, as heating oil prices show an inverse relationship with DJIMI, investors could gain more by investing in Islamic stocks when prices are declining.

本文使用新颖的分位数ARDL方法，对道琼斯伊斯兰市场指数（DJIMI）与四种能源价格（包括WTI原油，汽油，天然气和取暖油）之间的非线性关系提供了新的见解。经验证据表明，在以较高分位数表示的看涨市场中，原油和汽油这两种能源对DJIMI产生了强烈的积极反应。这种直接关系在长期和短期都占主导地位。但是，在所有分位数中，取暖油价格对DJIMI的响应均相反。此外，瓦尔德检验的结果还意味着能源价格向伊斯兰股票市场的不对称和非线性传递。分位数格兰杰因果关系检验的证据表明，能源与DJIMI之间存在反馈效应。结果强调了原油和汽油是两个主要的经济驱动因素，解释了伊斯兰股票市场的短期和长期动态。因此，当预计石油和汽油价格会上涨时，投资者应增加对伊斯兰股票的投资，以赚取更好的利润。相反，随着取暖油价格与DJIMI呈反比关系，当价格下跌时，投资者可以通过投资伊斯兰股票来获得更多收益。