Miglietta and Forte (2011)

Miglietta, Federica, and Gianfranco Forte.  "A Comparison of Socially Responsible and Islamic Equity Investments."  Journal of Money, Investment and Banking, April 2011.

From the authors' abstract:  "This paper explores whether Islamic investments can be included into the category of SRIs or whether they exhibit characteristics that would more fittingly classify them in a separate investment family...  The first part of the study discusses and compares the screens generally used to build socially responsible (SR) and Islamic portfolios, while the quantitative section of our study analyses portfolios’ characteristics using relevant European indices as a proxy for SRI and Islamic funds. Covering the period from 2001 to 2011, we use style analysis to investigate the sector and country composition of SR and Islamic portfolios. In addition, through a cointegration analysis on FTSE indices, we show that the econometric profile of the FTSE Islamic series exhibits peculiar portfolio characteristics compared to conventional and SRI indices."


Link:  https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1819002