Figure 16.
The two panels labelled a and b present wavelet coherence between C P U index and U S Equity and I 3 5 8 4 2 indices. The horizontal axis spans February 2020 to September 2024, and the vertical axis shows a scale from 4 to 256. Strong coherence appears at larger scales around 2022 to 2024 with extended highlighted regions. Mid-scale coherence occurs intermittently across the timeline. High-frequency regions display weaker scattered patterns. Arrows indicate varying directional interactions between the indices over time.CWT correlation of CPU versus two sukuk Indices (2020–2024)
Note(s): The region above the cone of influence (delineated by the parabola in gray color) shows the statistically significant areas in the scalogram. SPSK US Equity Index is SP FUNDS DOW JONES GLOBAL SUKUK; I35842 Index is Bloomberg Global Aggregate Sukuk ex MYR Unh USD
Source: Authors’ own work; see data section for sources