Table 2.

Summary statistics for the overall period.

Non-Shariah	Mean	Max	Min	SD	Skew	Kurt	JB	Obs
Communication	0.017	2.181	−2.455	0.786	−0.218	4.03	135.60	2623
Consumer Discretionary	0.051	2.431	−2.740	0.850	−0.341	4.52	303.52	2623
Consumer Staples	0.026	1.816	−2.257	0.662	−0.341	4.40	265.12	2623
Energy	−0.009	3.516	−3.767	1.236	−0.121	4.27	182.83	2623
Financials	0.022	3.089	−3.152	1.004	−0.204	4.66	318.61	2623
Health Care	0.043	2.256	−2.605	0.802	−0.347	4.32	243.32	2623
Industrials	0.032	2.577	−2.886	0.880	−0.314	4.60	323.87	2623
IT	0.066	3.009	−3.378	1.006	−0.368	4.80	413.47	2623
Materials	0.016	3.000	−3.028	1.031	−0.118	3.97	109.12	2623
Utilities	0.013	2.159	−2.774	0.796	−0.455	4.56	356.02	2623
Shariah	Mean	Max	Min	SD	Skew	Kurt	JB	Obs
Communication	0.017	2.698	−2.760	0.889	−0.118	4.30	189.71	2623
Consumer Discretionary	0.049	2.416	−2.771	0.840	−0.358	4.51	305.09	2623
Consumer Staples	0.031	1.829	−2.131	0.675	−0.272	4.06	154.40	2623
Energy	−0.012	3.864	−3.963	1.293	−0.117	4.48	243.94	2623
Financials	0.068	3.150	−3.544	1.076	−0.273	4.55	294.84	2623
Health Care	0.040	2.274	−2.489	0.791	−0.280	4.21	193.39	2623
Industrials	0.040	2.691	−2.933	0.917	−0.295	4.52	292.22	2623
IT	0.066	3.009	−3.378	1.031	−0.348	4.68	360.65	2623
Materials	0.016	2.885	−2.930	0.996	−0.122	4.03	121.96	2623
Utilities	0.022	2.037	−2.278	0.783	−0.169	3.52	41.76	2623

Note: Jarque-Bera is highly significant at the 1% level for the indices.