Time-Frequency Connectedness between Shariah Indices in a Systemic Crisis Era

We examine the time- and frequency-domain spillover connectedness between regional world Shariah indices. The index approach is employed with data over period from April 30, 2012, to May 9, 2022, for African, American, Asian, European, emerging developed markets’ Shariah-based equity results indicate significant frequency-dependent spillovers indices transmit greatest return their African Asian counterparts, which act as net recipients of system spillovers. Our findings show that assets are a perfect hedge against all relevant market shocks last decade. have implications regulators, investors, practitioners, policymakers.