Is Shariah-compliant investing socially responsible?

Summary This study offers a novel reflection on the relevance of including CCI in the SRI sphere. We establish a qualitative and quantitative comparison between these two types of investments to understand the extent to which CCI differs from SRI. The results reveal a financial outperformance of CCI in times of crisis despite a societal underperformance. We conclude that, although CCI follows a certain conception of SRI, the non-inclusion of ESG considerations in its current management rules should lead the academic and professional communities to treat it as an investment type in its own right.