The impact of revised shariah screening methodology on stock market return: evidence from consumer sector

This paper aim is to investigate the impact of revised shariah screening methodology on
stock market returns of 55 consumer companies that are listed in shariah-compliance
securities. This study aims to see whether the revised shariah screening methodology will
impact the stock market performance before and after it were implement by using daily
stock price and shariah index for 60 days before and 60 days after and to calculate the
abnormal return using a matched pair t-test to measure the before and after comparison.