Making money is no sin in Ramadan. Just like other things, it gets better in the holy month. This isn’t me giving a spiritual speech, but a proven fact. According to Ahmad Etebari, Professor of Finance and chair of the University of New Hampshire Department of Accounting and Finance, stock returns are almost nine times higher in predominately Muslim countries during Ramadan than at any other time of the year! Mr. Etebari’s time period covers 1989 to 2007, and the countries include fourteen countries with around a 90% muslim majority.
Mr. Etebari reasons that “Ramadan is really a fundamental shared experience by Muslims. In a sense, it gives Muslims a sense of social identity and it is embraced by just about everyone. The rituals enhance their satisfaction with life and create optimistic beliefs. So, essentially we borrow from research in psychology that shows that religion affects believers’ moods, happiness and risk-taking attitudes.” Further, he elaborated that happy muslims in Ramadan could underestimate risks.
What do you guys and gals think? I will revisit this theory at the end of Ramadan and verify it.
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i think its a load of bull. there’s likely another reason. if anything, hypocrisy hits an annual peak in ramadan due to the rhetoric and grandstanding. call me a cynic if you like but that’s what i see.
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Ramadan Kareem and many profitable returns !
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But this year Ramadhan is different, its in the summer and usually markets are quite this time of year.
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This study is flawed in many ways, not least the hypothesis it is based on. Most of my Muslim friends are physically badly affected by fasting, not the reverse.
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