region, strategy, theme. These include fixed-income indices.) At least in the earlier part of the 2000s, equity fund performance was not impressive. According to a study by Raphie Hayat and Roman Kraeuss of 145 Islamic equity funds from 2000 to 2009, the funds under-performed both Islamic and conventional equity benchmarks, particularly as the 2007–08 financial crisis set in. The study also found fund managers unsuccessful in their attempts to time the market. (An earlier study done by Said Elfakhani et al. before the 2007–08 financial crisis showed "no statistically significant difference" between Islamic and conventional funds in performance.) A disadvantage Islamic funds have compared to conventional ones is that since they must "exclude companies with debt-to-market capitalization" above a certain ratio (which the industry has set at 33 percent), and since a fall in the price of the stock raises its debt-to-market capitalization ratio, falling stock prices may force a fund to sell stocks, "whether or not that was the best investment strategy". This puts the fund at risk of being forced into "buying high and selling low". Sharia indices Credit Suisse HS50 Sharia Index Dow Jones Islamic Market Index Dubai Shariah Hedge Fund Index FTSE Sharia Global Equity Index Jakarta Islamic Index, Indonesia MSCI Barra Islamic Index S&P BSE 500 Shariah Index Islamic derivatives While "almost all conservative Sharia scholars" believe derivatives (i.e. securities whose price is dependent upon one or more underlying assets) are in violation of Islamic prohibitions on gharar,Khan, Islamic Banking in Pakistan, 2015: p. 111 global standards for Islamic derivatives were set in 2010, with help of Bahrain-based International Islamic Financial Market and New York-based International Swaps and Derivatives Association. This Tahawwut/"Hedging Master Agreement" provides a structure under which institutions can trade derivatives such as profit-rate and currency swaps.iran-daily.com (click on "Islamic Derivatives Standards Set") 2 March 2010 Attempts to unify various swap documentation and has "strong parallels" to the 2002 ISDA Master and Schedule of the conventional banking industry. Tahawwut has not being widely used as of 2015, according to Harris Irfan, as the market is "awash" with "unique, bespoke ... contracts documenting the profit rate swap", all using "roughly the same structure", but differing in details and preventing the cost saving of standardization. According to critic of Islamic finance El-Gamal, the Islamic finance industry has "synthesized" Islamic versions of "short and long sales as well as put and call options", (options are a