Lunar Calendar and Ramadan Effect on Islamic Mutual Funds Performance in Pakistan

  • Journal Editor Al-Idah Shaykh Zayed Islamic Centre, University of Peshawar
  • Muhammad Ashraf Dr. Muhammad Ayub Siddiqui

Abstract

This report is principally intended to ascertain out the result of the lunar calendar with special focus on the holy month of Ramadan on the operation of Islamic mutual funds in Pakistan. Economic activity in Pakistan demands a different turn due to observation of fast and short working hours in the country in the month of Ramadan. This work utilizes the logit model to investigate the impact of lunar calendar generally and the holy month of Ramadan, specifically along the net asset values of the mutual fund. This study confirms lower expected growth of net asset value in the month of Ramadan and the other stages of the religious sentiment. Economic activity regains pace after Ramadan and Zulhajjah as evident from the probable increase of net asset value of the Islamic mutual funds in the month of Shawwal & Moharram following months of the Ramadan and Zulhajjah respectively.

Published
2019-06-08
How to Cite
[1]
Al-Idah, J.E. and Muhammad Ashraf Dr. Muhammad Ayub Siddiqui 2019. Lunar Calendar and Ramadan Effect on Islamic Mutual Funds Performance in Pakistan. Al-Idah . 32, - 1 (Jun. 2019), 9 - 18.
Section
Articles