TAILIEUCHUNG - Comparative Valuation between Islamic and Conventional Mutual Fund

We take pride in continuing our association with the CII Mutual Fund Summit. This document presents the perspective of industry stakeholders, along with our points of view, on the current scenario in the mutual fund industry. While a lot has been said about distribution, we have attempted to take an all-encompassing view of the issues and have focussed on looking for the hidden opportunities. We have tried to examine the business structure and its operations in order to find ways of stimulating redesign and innovation. We have also covered regulatory changes—both past and anticipated—as well as some global trends to. | International Research Journal of Finance and Economics ISSN 1450-2887 Issue 96 2012 EuroJournals Publishing Inc. 2012 http Comparative Valuation between Islamic and Conventional Mutual Fund Irfan Ullah Shah Lecturer Department of Management Sciences Khyber Pakhtunkhwa Agricultural University Amir Muhammad Khan Campus Mardan Pakistan E-mail sayedshah60@ Junaid Iqbal Lecturer Faculty of Management Sciences Northern University Khyber Pakhtunkhwa Nowshera Pakistan E-mail Junaid_marwat22@ Muhammad Faizan Malik Lecturer Department of Management Sciences Abdul Wali Khan University Mardan Pakistan E-mail faizanmalik@ Abstract In this study we have evaluated the performance of conventional and Islamic mutual funds in Pakistan. The evaluation was done on the bases of risk and return Risk Adjustment Performance diversification selectivity and timing of the funds. The data set consisted of 125 funds in which 94 was conventional while 31 were Islamic mutual funds. The results indicated that Islamic mutual fund performed better with Sharpe ratio which is better than conventional mutual funds . Both funds have underperformed from their benchmark Islamic mutual funds were well diversified R2 while conventional mutual fund had low diversification rate R2 .48 . The overall performance of Islamic mutual fund having less risk rate percent and giving average return higher than the market average return while the conventional mutual fund risk rate is percent but the average rate of return is below the market return. Keywords Conventional mutual fund Islamic mutual fund Risk Adjustment Performance diversification selectivity and timing. Introduction Muslim represents of the world population since the last five decade Muslims have increased by over 235 percent by comparison with other religious Islam is the second largest religious in the world while the first is .

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