Show simple item record

dc.contributor.authorGulseven, O.
dc.contributor.authorEkici, Özgün
dc.date.accessioned2021-02-15T10:21:29Z
dc.date.available2021-02-15T10:21:29Z
dc.date.issued2021-04-06
dc.identifier.issn1753-8394en_US
dc.identifier.urihttp://hdl.handle.net/10679/7309
dc.identifier.urihttps://www.emerald.com/insight/content/doi/10.1108/IMEFM-01-2019-0038/full/html?skipTracking=true
dc.description.abstractPurpose This paper aims to understand how aversion to interest income in Islam may influence the demand for real estate and gold when inflation is rampant. Design/methodology/approach According to Markowitz's mean-variance model, an optimal portfolio is one that blends maximum return with minimum variance. In investment portfolios, real estate and gold serve as inflation hedges. For religious reasons, many Muslims exclude interest-earning assets from their portfolios, however. This paper explores how this attitude influences the hedging role of real estate and gold when inflation is rampant. This paper compares optimal portfolios that include and do not include interest-earning assets. In the calculations, this study uses monthly Turkish data from 1997 until 2018. Findings The analysis shows that the best hedging instrument against inflation is an interest-earning asset. In its absence, the role of real estate and gold as inflation hedges markedly increases: For a medium-return and medium-risk portfolio, for instance, the portfolio share of gold holdings increases from 3.16% to 58.43% and that for real estate increases from 14.97% to 24.06%. Originality/value This paper is a pioneering work on the influence of Islam on the roles of real estate and gold as inflation hedges when inflation is rampant. It provides an explanation from financial theory for the strong real estate and gold demand in Turkey in the past two decades.en_US
dc.language.isoengen_US
dc.publisherEmerald Publishing Limiteden_US
dc.relation.ispartofInternational Journal of Islamic and Middle Eastern Finance and Management
dc.rightsopenAccess
dc.titleThe role of real estate and gold as inflation hedges: the Islamic influenceen_US
dc.typeArticleen_US
dc.peerreviewedyesen_US
dc.publicationstatusPublisheden_US
dc.contributor.departmentÖzyeğin University
dc.contributor.authorID(ORCID 0000-0001-7053-4735 & YÖK ID 188443) Ekici, Özgün
dc.contributor.ozuauthorEkici, Özgün
dc.identifier.volume14
dc.identifier.issue2
dc.identifier.startpage391
dc.identifier.endpage408
dc.identifier.wosWOS:000594404300001
dc.identifier.doi10.1108/IMEFM-01-2019-0038en_US
dc.subject.keywordsIslamic financeen_US
dc.subject.keywordsPortfolio optimizationen_US
dc.subject.keywordsInterest-Ribaen_US
dc.subject.keywordsReal estate marketen_US
dc.subject.keywordsGold and silveren_US
dc.subject.keywordsInflation and indexationen_US
dc.subject.keywordsG11en_US
dc.subject.keywordsG18en_US
dc.identifier.scopusSCOPUS:2-s2.0-85096968816
dc.contributor.authorMale1
dc.relation.publicationcategoryArticle - International Refereed Journal - Institutional Academic Staff


Files in this item

Thumbnail

This item appears in the following Collection(s)

Show simple item record


Share this page