Islamic and green finance convergence: Time-frequency wavelet evidence from ESG indices, green and Shariah-compliant cryptocurrencies
イスラム金融とグリーンファイナンスの収斂：ESG指数、グリーン及びシャリーア準拠暗号通貨の時間周波数ウェーブレット分析 (AI 翻訳)
Kajal Batra, Gurvinder Singh, Vansh Bathla, Karam Pal Narwal
🤖 gxceed AI 要約
日本語
本研究は、イスラム指数とESG指数、及び環境配慮型/イスラム暗号通貨の間の収斂ダイナミクスをウェーブレット法で調査。イスラム指数とESG指数は強固で持続的な収斂を示し、倫理的金融の統合ブロックとして機能する。一方、暗号通貨との連携は弱くエピソディックであり、特にX8Xは無視できる統合度であった。投資家はイスラム-ESG資産を長期的ポートフォリオの中核とし、暗号通貨は短期的分散に限定すべき。
English
This study uses wavelet methods to investigate convergence among Islamic indices, ESG benchmarks, and green/Islamic cryptocurrencies from 2021-2025. Islamic and ESG indices show strong persistent convergence, acting as an integrated block of ethical finance. Cryptocurrencies show weak linkages: ADA has medium-term co-movements during 2022-2023, while X8X has negligible integration. Investors should treat Islamic-ESG assets as a stable core and use cryptocurrencies only for short-term diversification.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本ではESG投資が浸透しつつあるが、イスラム金融の知見は少ない。本稿は倫理的金融の収斂を示し、グローバルな分散投資戦略に示唆を与える。
In the global GX context
This paper contributes to the global understanding of convergence between Islamic finance and ESG investing, showing that they act as an integrated block. For global GX context, it highlights the potential for combining ethical finance frameworks to enhance portfolio resilience. However, the direct relevance to corporate disclosure or carbon accounting is limited.
👥 読者別の含意
🔬研究者:Provides wavelet evidence on the integration of Islamic and ESG assets, useful for sustainable finance researchers.
🏢実務担当者:Investors can use findings to build stable long-term portfolios combining Islamic and ESG assets.
📄 Abstract（原文）
Purpose This study aims to investigate the convergence dynamics among Islamic indices, global ESG benchmarks and eco-friendly/Islamic cryptocurrencies, focusing on their stabilizing, bridging and diversification roles in sustainable investment. Design/methodology/approach Using daily data from April 2021 to March 2025, this study uses wavelet-based methods. The analysis covers Islamic indices (Dow jones Islamic market world index and Dow Jones Islamic Market Sustainability Index), ESG benchmarks (S&P500 Scored & Screened and Dow Jones Best-in-Class) and cryptocurrencies [Cardano (ADA) and X8X], capturing time-frequency, scale-dependent and crisis-contingent co-movements. Findings Results show strong and persistent convergence between Islamic and ESG indices across all horizons, indicating that they function as an integrated block of ethical finance rather than independent diversifiers. By contrast, cryptocurrencies display weak and episodic linkages: ADA exhibits medium-term co-movements during 2022–2023, whereas X8X shows negligible integration, reflecting immaturity and volatility. Robustness checks confirm Islamic-ESG convergence as structural, while Islamic-crypto linkages remain conditional and less reliable during crises. Practical implications Investors should treat Islamic-ESG assets as a stable portfolio core for long-term resilience, while using cryptocurrencies such as ADA only for short-term diversification and avoiding immature assets such as X8X. Originality/value To the best of the authors’ knowledge, this is the first attempt to place Islamic indices at the core and assess their convergence with ESG indices and Islamic/green cryptocurrencies using a comprehensive wavelet framework, offering novel evidence of the stabilizing and bridging role of Islamic green finance in global sustainable investment.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.1108/jiabr-09-2025-0599first seen 2026-05-14 23:26:28
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gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。