Purpose

This paper aims to develop a ranking methodology for the companies included in the Islamic indices in Turkey. Thus, this paper simplifies the decision-making process for investors with Islamic sensitivities to stock market investment when constructing their investment portfolio.

Design/methodology/approach

This paper uses a case study of 20 companies listed on Borsa Istanbul, drawing data from their 2017, 2018 and 2019 financial reports. These companies are scored and ranked according to their compatibility with the screening criteria used by Ziraat Katilim index in Turkey. In addition, this paper uses the quantitative screening process to calculate the ranking scores of these companies.

Findings

The findings show that some companies are highly compatible with the screening criteria, with ranking scores close to 100 points. However, some companies satisfied the criteria on the margin. This may not be a desirable result for some investors.

Research limitations/implications

Only 20 companies are included in the analysis. Since the conventional accounting system is used in Turkey, it was difficult to get exact information about the companies’ Sharīʿah compatibility from the financial results.

Practical implications

The findings assist investors to determine which company is ethically more responsible than others within the Islamic framework. There are also implications for the companies in question, index providers and Sharīʿah scholars.

Social implications

The findings aim to simplify the decision-making process of investors who have Islamic sensitivities to stock exchange market investment when they constitute their portfolio.

Originality/value

To the best of the authors’ knowledge, it is one of the first attempts to develop a ranking methodology for Sharīʿah-screened stocks in Turkey even though Sharīʿah screening has been on the agenda since the late 1990s. This paper also compares 11 indices based on their screening criteria.

中文翻译：

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为 Sharīʿah 指数制定排名方法：以伊斯坦布尔证券交易所为例

目的

本文旨在为土耳其伊斯兰指数中包含的公司制定排名方法。因此，本文简化了对股票市场投资具有伊斯兰敏感性的投资者在构建投资组合时的决策过程。

设计/方法/方法

本文以 20 家在伊斯坦布尔证券交易所上市的公司为例，从它们 2017、2018 和 2019 年的财务报告中提取数据。这些公司根据其与土耳其 Ziraat Katilim 指数使用的筛选标准的兼容性进行评分和排名。此外，本文采用量化筛选过程来计算这些公司的排名分数。

发现

调查结果显示，部分企业符合筛选标准，排名得分接近100分。然而，一些公司满足了边际标准。对于某些投资者来说，这可能不是一个理想的结果。

研究限制/影响

分析中仅包括 20 家公司。由于土耳其使用传统会计系统，因此很难从财务结果中获得有关公司伊斯兰教法兼容性的准确信息。

实际影响

调查结果有助于投资者确定哪家公司在道德上比伊斯兰框架内的其他公司更负责任。这对相关公司、指数提供商和伊斯兰教法学者也有影响。

社会影响

调查结果旨在简化对证券交易所市场投资具有伊斯兰敏感性的投资者在构成其投资组合时的决策过程。

原创性/价值

据作者所知，这是为土耳其的 Sharīʿah 筛选股票开发排名方法的首次尝试之一，尽管自 1990 年代后期以来，Sharīʿah 筛选已被提上日程。本文还根据筛选标准对 11 个指标进行了比较。