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Q3. (a) Several studies have found that an Islamic Equity Index underperforms its conventional counterpart during bull cycles but outperforms during bear cycles. Given your

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Q3. (a) Several studies have found that an Islamic Equity Index underperforms its conventional counterpart during bull cycles but outperforms during bear cycles. Given your understanding of how Shariah company stocks are screened and stock priced discuss why this is to be expected. (12 marks)

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