Table 8.

Key findings regarding the correlation between cryptocurrency and Islamic stock market.

Author	Cryptocurrency Used	Country/Stocks	Main Findings
Rehman et al. (2020)	Bitcoin	DJIJP, DJICA, and DJIUK	•Bitcoin has time-varying dependence only with DJIJP, DJICA, and DJIUK among all the major Islamic indices.
Mensi et al. (2020)	Bitcoin	DJIM, IMUS, DJIEU, DJIAP, DJIUK, DJIJP, DJICA, IMXL, DJSUKUK	•Long-term investments in Islamic equity markets may generate less diversification benefits than short-term investments.
Ahmed (2021)	Bitcoin	Developed economics	•Bitcoin's upward volatility has contemporary and lagged negative impacts on Islamic indices more in bear (downward) than bull (upward) trending markets. Meanwhile the downward volatility seems to have a significant effect on the returns if Sharia-compliant stocks are on a downward and upward trend.
Yarovaya et al. (2021)	Bitcoin	DJIM, DJIA, ICE BofA Global, DJSUKUK	•COVID-19, gold and oil are important predictors of traditional-Islamic markets spillovers, but Bitcoin is not a crucial predictor.