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Abstract
Islamic finance, specifically the Islamic stock market, is examined in this study from its beginnings to the present
day as it remains a contemporary issue in academic field and the world at large. Islamic stock market performance,
direction, and whether or not it has strayed too far from its basic ethical and moral underpinnings are all
investigated. Analytical techniques employed in the study include a comprehensive review of the literature and trend
analysis. In examining the development and functioning of the Islamic stock markets without regard to the broader
Islamic finance industry, the task is nobly accomplished. The review examines the various changes that have
occurred in the Islamic finance industry since its beginning; some of these changes have been perceived positively,
while others have been viewed poorly. According to the findings of this study, the Islamic stock market is steadily
shifting away from the ethico-moral orientation of the 1980s and 1990s. The race to emulate the conventional stock
markets, championed mostly by market operators and policymakers, has engulfed Islamic markets. It is
recommended in this study that the Islamic stock market come back to its original ethico-moral base and emphasis,
while attempting to raise its overall market valuation.