The creation of an Islamic stock market index on the Moroccan financial place according to the S&P method

Résumé

This article aims to broaden the literature on the subject of the construction of Islamic stock market indices by studying the case of Morocco. The results show that the selection process has resulted in a well-diversified universe of Shariha-compliant actions. Moreover, we found 57 of 75 listed companies compliant for the first screening and subsequently, we found 18 compliant companies after reviewing the consolidated balance sheet and The income and expense accounts of these companies. During the analysis period considered (January 2017 to December 2018). The Moroccan All Shares Index (MASI) has been statistically found to have a higher variance than its counterpart the Standard and Poor Moroccan Islamic Index (SPMII), indicating that investors will not make sacrifices for a classic index that has a high level of risk.