ple using Islamic benchmarks to proxy the market. For each fund the following regression is run: Rs —Rft -a ft + n ag - Rft 1+ yr [Rini — R Here, RpeRp is the excess return of fund pat time t over the return on a US 3 month T-bill, st, is the error term at time t, R,„,- /2.0 is the excess return of