Does inflation impact shariah (islamic) equity index and conventional equity index differently?the case of Malaysia

There have been a lot of works done on the impact of inflation on the conventional equity index. However, not much work has been done on the impact of inflation on Islamic equity index. This paper is an attempt at investigating whether the impact of inflation on Shariah (islamic) equity and conventional equity is similar or different. The standard time series techniques have been employed for the analysis. The finding tends to indicate that the impact of inflation on Shariah (islamic) equity index and conventional equity index is not significantly different but similar. This finding has an important implication for the policy makers, practitiners and investers in that they would be aware of whether an investment in islamic equity is any better or worse (than conventional equity) as a hedge against inflation at least in the context of Malaysia