IslamicFinance.de

During the last three months, domestic Shariah indices, benchmarks for equity investments complying with the Islamic laws, have underperformed their global counterparts in beating broad market indices.
S&P 500 Shariah (US) and MSCI EM Islamic index has been able to generate higher returns than its broader market counterparts.
It seems that a shariah index tends to give higher returns during a bull phase in the equity market and underperform the broader market in a bear phase.