The impact of COVID-19 pandemic on Islamic versus conventional stock markets: international evidence from financial markets

( 1 ), which includes growth in confirmed cases, country-level control variables and weekly fixed-effects dummy variables, show that growth in confirmed cases variable has a negative and weak significant impact on the Islamic stock market returns (at 10% significance level and 0.010 as highest coefficient) for the initial sample and first sub-sample, while its impact is also negative but with modest significance (at 5% significance level and 0.011 as highest coefficient) for the rest of sub-samples, namely second, third, and fourth.

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