Abstract:

The aim of the study is to explore the existence of short-term and long-term relationships between Islamic and traditional index trading in capital markets. Relationships between the logarithmic values of the Bist 100 Index, which represents the shares of 30 companies operating in accordance with Islamic principles in Turkey, and the information about the general situation of the market, are analyzed in the E-Views 8 Program in order to cover the working days between 2013 and 2018. In the analyses, the results are interpreted through the error correction model by applying the unit root test, the matching integration test and the causality test. The study found short-term and long-term relationships between the Participation 30 and the Bist 100. The short-term causality ratio is one-sided and is true from the Participation Index 30 to the Bist Index 100. The study is important in terms of the study of the Turkish Islamic capital market and the comparison of the findings with the findings in global markets.

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