MULTIFRACTAL MODELING: EVIDENCE FROM SOME ISLAMIC STOCK INDEXES

Multifractal modeling has been the subject of several studies in several fields such as geophysics, climatology, image processing and the study of internet traffic. Recently, finance has been the target area for the application of fractals. Several articles have attempted to study the multi-fractality of financial series. Our paper aims to put multifractal analysis into practice in the field of Islamic finance. Two Islamic stock indexes have been the subject of this paper, namely: the Jakarta Islamic index and the Dow Jones Islamic Market World Index. We have proven that they exhibit multifractality through the property of scale invariance such as their conventional counterparts