...-called financial contracts into wagering instruments that threaten the stability of the financial and economic system. Risk from an Islamic perspective is not desirable. Risk taking is only legitimate when it is necessary for value creation; otherwise, it represents a form of gambling. GARCH ARMA...

... return and volatility. Two testing methodologies are used in this study, event study as well as GARCH and EGARCH models. Additionally, sector effect is considered to examine if mega events can affect sectors' returns in different levels. Findings The study found evidence of abnormal market return...