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December2008

The Cerulli Report ReleaseS

Shariah Investing: Market Sizing and AnalysisC e r u l l iA s s o c i a t e s

CA

270pagesand253thisreportcontainsthesections:

Marketsizing

International Strategies

Product

Distribution

GCC Nations

Saudi Arabia

Other GCC

Other Asia

Other Countries

Offshore Centers

ofcontents,exhibituserexamples,sample

andfirmlistareattached

To order this report or for more information,logontoourwebsiteatwww.cerulli.comorconta Price:US$12,000 Faxable order form attached Purchase includes hardcopy, online access,

exhibits in Excel, Key Findings in PDF, PowerPoint

presentation, and a web recording of an analyst

presentation

Associates699 Boylston StreetBoston MA 02116

Tel: +1 617 437 0084

28 Maxwell Road

Singapore 069120

Tel: +65 6327 4045

11-15 Betterton Street

London WC2H 9BP

+44 20 7470 8817

This report focuses on the Islamic asset management marketplace globally and addresses marketsizing, prdevelopment, and distribution strategies. Coverage includes the key Gulf States, Malaysia, the large Muslim po

tion centers such as Pakistan and Indonesia, offshore centers such as the Cayman Islands, and non-Muslim ma

such as South Africa and the United States. Each country segment examines recent industry trends, regulatory

opments, and future growth opportunities.

Marketing& BusinessDevelopment+1 [email protected]

Sample Report Exhibit

Shariah Mutual Fund Assets Under Management, 2003-October 2008 (US$ billions)

CAGR (2003-October 2008) = 22.7%

Source: Cerulli Associates, based on data feeds from various org

Assess market potential and target opportunities

Understand market dynamics and product develop-ment trends

Determine the state of distribution across various

channels Consider market entry potential and examine buy ver-

sus alternative strategies

KeyFindings: The size of the Shariah-compliant industry is often

overstated. The total mutual fund figure in this areais estimated to be US$35 billion and if mandates

were included the total figure would be US$65 bil-lion.

Equities are the dominant product in Shariah-compli-ant mutual fundsmore than conventionalproductsthese tend to be locally invested.

Retail and mass affluent individuals are the majorityinterest in Shariah-compliant funds.

Exclusivedatainthisreport: Proprietary survey responses of Islamic asset m

agers

Size and addressability of the Islamic asset maagement market

Evaluation of product developments

Past and projected AUM growth rates

Fee structure of asset classes

This report allows assetmanagers to:

$0

$5

$10

$15

$20

$25

$30

$35

$40

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

YOY Growth Shariah Mutual Fund Assets

October 200820072006200520042003

$13.0 $15.7

$32.8

$23.2

$32.5$35.0

20%

109%

-29%

40%

8%

Examine product development trends

Analyze fee trends for fund distribution

This report allows mutualfunddistributors to:

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ShariahInvesting:MarketSizingandAnalysisUSERSCENARIOS:Thefollowingareexamplesofhowthisreportcanbeappliedtobusinessplanningandstrategicdecision-making:Scenario1:A U.S.-based asset management firm is exploring asset management opportunities in Shariahcompliant form of investments. Before they make any serious commitments, they need an assessment of

the opportunities available, and how these opportunities align with their other business plans. ShariahInvesting:MarketSizing and Analysis provides insight into the following questions:

How big is the Shariah-complaint mutual fund marketplace relative to the conventional mutu-al fund market? (Exhibits 1-5, 8, 17)

What products are available, and what are the trends and challenges in product develop-ment? (Exhibits 15-18)

Is it true that Shariah Mutual funds largely invest into their domestic market, and what arethe opportunities for international investment expertise? (Exhibit 21)

What is the sales opportunity for Shariah-compliant mutual funds and how are they expectedto change over the next three years? (Exhibit 19)

Scenario2:A U.S.-based asset manager is considering offering Shariah investments to its clients, and isexamining the distribution strategies involved to reach demand. ShariahInvesting:MarketSizing andAnalysisgives an overview of the Shariah-compliant wealth management industry, including distributiondynamics, and helps answer the following questions:

What is the demand across various client segments? (Exhibit 36, 37)

How does demand differ between institutional and retail investors? (Exhibit 20)

What are the distribution opportunities and challenges as perceived by local and international

players? (Exhibits 40, 43, 44)

Scenario3:A Europe-based private bank is approached by a high-net-worth client for Shariah investmentsin Saudi Arabia. ShariahInvesting:MarketSizing and Analysis, with its in-depth country analysis, providesanswers to the following questions:

How big is the Shariah market in Saudi Arabia? (Exhibit 54)

What Shariah products are available and what are typical fee charges? (Exhibits 57, 59, 61)

Which managers operate in the market and what are their areas of expertise? (Exhibits 56, 58)

Who are the key buyers of Shariah-compliant funds and what are they looking for? (Exhibit 67)

Formoreinformationonhowtoapplythisreporttoyourfirmsuniqueneeds,pleasecontactourMarketing&BusinessDevelopmentteamat+1617-437-0084,[email protected].

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Marketing & BusinessDevelopment

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[email protected]

CerulliAssociates699 Boylston Street

Boston MA 02116

Tel: +1 617 437 0084

28 Maxwell Road

Singapore 069120

Tel: +65 6327 4045

11-15 Betterton Street

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+44 20 7470 8817

www.cerulli.com

C e r u l l i

A s s o c i a t e s

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website at www.cerulli.com. Go to Order/Info and click on view next to the report title.

Page 30

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Impressive recent

growth in funds

Shariah Investing:MarketSizing and Analysis

Mutualfunds(localmanagers),US$33.6 bn,51%

Mandates(foreign managers),US$20.0 bn,31%

Mandates(localmanagers),US$10.4 bn,16%

Mutualfunds(foreign managers),

US$1.4 bn,2%

EXHIBIT3:SHARIAH ASSETBREAKDOWN,OCTOBER 2008(US$ BILLIONS)

Source:CerulliAssociates

Note:SaudiArabianinstitutionswithpartialforeignownershipareconsideredlocalmanagers.

ChangesOverTime

Even ifthe overall marketsize is rather smaller than many have

imagined,there is no doubting the rate ofgrowth.The industry had a

compound annual growth rate in assets of 26% between 2003 and 2007,

although marketturmoil in 2008 has meanta more sober 8% year-on-year

growth as atthe end of the third quarter,and by the time year-end 2008 fund

numbers are available,the growth figure may well have declined further.

Overall,we calculate a total compound annual growth rate of23% from 2003

to October 2008.

Alook atthe way the number offunds has changed over time gives

perhaps a clearer sense ofmomentum.The total number of funds really began

to take offatthe start ofthis decade,and for a time growth was exponential,

culminating in 110 new fund launches in 2007 alone compared to 346 in all

the previous years oflaunches.However,2008 has had far fewer launches

48 as ofOctoberwhich is partly a consequence ofmarketvolatility,but

also,we suspect,a slowdown in the number ofnew entrants to the industry.

While we are unlikely to see 110 fund launches in a year again in the near

future,healthy growth should be expected.Buta bigger priority should

perhaps be for the existing funds to getmore money into them,rather than for

92

Africa,19,12%

Asia,41,26%

Europe,14,9%MiddleEast,76,49%

Others,7,4%

There are 300 Islamic

institutionsandwindows


EXHIBIT41:ISLAMIC BANKS AND THEIR ISLAMIC DEPOSITS,

2008

Sources:Prudential,CerulliAssociates

Itshould be noted thatthe Islamic banking channel comes in two

forms:there are free-standing Islamic banks,and there are Islamic windows

ofconventional banks.The latter group has the advantage ofbeing able to use

existing,long-established conventional branch networks,provided there is

sufficientsegregation ofthe Islamic services.As for free-standing Islamic

banks,some have always been Islamic and otherssuch as Bank Albilad in

Saudi Arabiahave converted to their full Islamic bank status only recently.

In total there are about300 Islamic institutions and windows in the world

today,and all are potential avenues ofdistribution for mutual funds.

EXHIBIT42:NUMBER OFISLAMIC FINANCIALINSTITUTIONS

GLOBALLY,2008

Sources:AssociationofIslamicBankingInstitutionsMalaysia,CerulliAssociates

BankTotalIslamic

Deposits (US$ m)Marketshare

Bank Islam 3,745 20%M ay ba nk 3 ,713 20%

B a nk M ua m al a t 2 ,734 15%RHB 1,868 10%

HSBC 1,079 6%

OCBC 647 3%

StandardChartered 179 1%

Citibank 175 1%Ot he rs 4,590 25%

Total 18,730 100%

131

Curiousdata from

Kuwaitscentralbank


EXHIBIT68:TOTAL ASSETS AND NUMBER OFCONVENTIONAL

VS.SHA RIAH-COMPLIANT INVESTMENTCOMPANI ES,2005JUNE2008

Sources:CentralBankofKuwait,CerulliAssociates

CBK data then breaks down further,into portfolio investment and

investmentfund assets.Investmentfund assets in Kuwaittotaled KWD3. 7

billion in June 2008,or US$14.1 billion;however,Cerulli has argued before

thatthis figure underestimates the true size of the Kuwaiti mutual fund

industry,since many Kuwaiti managers domicile their funds elsewhere,

either in Bahrain or in offshore centers (for example,U.S.dollar funds may

notbe domiciled in Kuwait).

The Shariah-compliantproportion ofinvestmentfunds is broadly in

line with the data for investment companies: 11 % of the total. The

KWD404.5 million or US$1.5 billion number given for Shariah investment

fund assets,we believe,also understates the volume ofmoney managed in a

Shariah-compliantmanner in Kuwait.For example, Global Investment

House,based in Kuwait,has a GCC Islamic fund,two GCC real estate funds,

0

5

10

15

20

25

KWD30

Totalassetsof conventionalinvestmentcompanies(KWD bn)

Totalassetsof Shariah-compliant investment companies(KWD bn)

Jun-08200720062005

1.6 2.64.1 4.8

14.0

15.5

21.3

24.8

23

3339

44

33

40 40 43

0

10

20

30

40

50

No.ofconventionalinvestmentcompanies

No.of Shariah-compliantinvestmentcompanies

203

Awarenessisa big

challenge


1 MeezanIslamicIncomeFund Islamicincome fun d AlMeezanInvestmentManagement Limited Jan-07

2 M e e za nIslamicFund Islamicequityfund AlMeezanInvestmentManagement Limi t e d Aug-03

3 UnitedIslamicIncome Fun d I sl amicincome fund UBLFundManagersLimited Oct-07

4 UnitedComposite Islamic Fun d I sl amicassetallocation fund UBLFundManagersLimited Dec-06

5 KASB IslamicIncomeFun d I sl amicincome fund KASBFunds Limited Jun-08

6 NAFAIslamicIncome Fun d I sl amicincome fund NationalFullertonAssetManagement Limited Oct-07

7 PakistanInternationalElementIslamic Fund Islamicequityfun d A rifHabibInvestmentManagement Limi t e d M a y-06

8 MeezanCapitalProtectedFund I I sl amiccapital -protectedfun d A lMeezanInvestmentManagement Limi t e d M a y-08

9 NAFAIslamicMultiAsset Fun d I sl amicassetallocation fund NationalFullertonAssetManagement Limited Oct-07

10 UTPIslamic Fund Islamicequityfund JSInvestmentsLimited Dec-02

11 DawoodIslamic Fund Islamicassetallocation fund DawoodCapitalManagement Limited Jul-07

12 AtlasIslamicFund Islamicequityfun d A t l as A s se t M a n ag ement Limited Jan-07

13 Alfalah GHPIslamic Fun d I sl amicassetallocation fun d A lfalahGHPInvestmentManagement Limi t e d S ep-07

14 AtlasIslamicIncome Fun d I sl amicincome fun d A t l as A s se t M a n ag ement Limi te d M ay-08

R an k Fu nd Nam e F un dT yp e M an ag er Inception

Date

AUM(PKR bn)

Market-share

AUM(PKR bn)

Market-share

AUM(PKR bn)

Market-share

1 MeezanIslamicIncomeFund 6.6 31 .1 % 5 .7 28.3% 5.3 29.0%

2 M e e za nIslamicFund 5.9 27 .8 % 6 .0 29 .8 % 4 .3 23.7%

3 UnitedIslamicIncome Fund 2.0 9.3% 1.8 8.9% 2.2 12.1%

4 UnitedComposite Islamic Fund 1.3 5 .9 % 1 .2 6.0% 1.0 5.3%

5 KASB IslamicIncomeFund N.A. 0.7 3.3% 0.9 5.2%

6 NAFAIslamicIncome Fund 1 .1 5 .0% 0.9 4.3% 0.9 5.0%

7 PakistanInternationalElementIslamic Fund 1 .1 4 .9 % 1 .0 4.8% 0.7 3.9%

8 MeezanCapitalProtectedFund - I N.A. N.A. 0.6 3.1%

9 NAFAIslamicMultiAsset Fund 0.8 3.9% 0.7 3.5% 0.5 3.0%

10 UTPIslamic Fund 0. 9 4 .4 % 0.8 3.9% 0.5 2.7%

11 DawoodIslamic Fund 0.5 2.5% 0.4 2.1% 0.4 2.2%

12 AtlasIslamicFund 0.7 3.1% 0.6 3.0% 0.4 2.2%

13 Alfalah GHPIslamic Fund 0.4 2.1% 0.4 2.0% 0.4 2.0%

14 AtlasIslamicIncome Fund N.A. N.A. 0.1 0.5%

Total 21.3 100.0% 20.3 100.0% 18.3 100.0%

Sep-08

RankFund Name

M ar -0 8 J un -0 8

N.A.

N.A.

N.A.

N.A.

N.A.

EXHIBIT118:PAKISTANIISLAMICFUNDRANKING,

MARCHSEPTEMBER 2008

Sources:Mutual FundAssociationofPakistan, CerulliAssociates

Proprietary Survey ofPakistani Managers

Many people feel that one of the biggestchallenges for Islamic

finance in Pakistan is getting people to realize thatiteven exists,and this

attitude was confirmed by ours urvey ofP akistani managers.Asked what

would drive the growth of Islamic finance there,awareness ranked highly,

along with a greater standardization ofShariahprinciples.Agreaterproduct

range,which ranks highly elsewhere in the w orld,was rated as significant

by less than one-thirdofsurvey respondents .

Page 92 Page 131 Page 203

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TABLE OF CONTENTS

INDEX OF EXHIBITS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6

METHODOLOGY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12

REPORT SCOPE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15Beneficiaries of this Study . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15

Report Roadmap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15

EXECUTIVE SUMMARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16

Market Sizing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16

Key Issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17

Saudi Arabia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18

Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18

Other Markets with Shariah Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19Prognosis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19

EXCHANGE RATES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21

INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22

INTRODUCTION AND MARKET SIZING . . . . . . . . . . . . . . . . . . . .24

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24

Market Sizing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25

Calculating the Numbers: Mutual Funds . . . . . . . . . . . . . . . . . . . .26

Calculating the Numbers: Mandates . . . . . . . . . . . . . . . . . . . . . . .27Local Mandates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27

Multinational Mandates . . . . . . . . . . . . . . . . . . . . . . . . . . .29

Changes Over Time . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30

Where the Money Is . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31

Shariah Assets and the Credit Crunch . . . . . . . . . . . . . . . . . . . . . . . . . . .32

Demographics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34

Prognosis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .36

INTERNATIONAL STRATEGY . . . . . . . . . . . . . . . . . . . . . . . . . . . . .38

Other Approaches to Shariah Asset Management . . . . . . . . . . . . . . . . . .40

International Players . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .41

Product Opportunities and Challenges . . . . . . . . . . . . . . . . . . . . . . . . . . .43

Distribution Opportunities and Challenges . . . . . . . . . . . . . . . . . . . . . . .48

Prognosis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .49

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PRODUCT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .51

Asset Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .51

Product Types . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .59

Equity Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .59

Cash, Money Market and Trade-finance Funds . . . . . . . . . . . . . . .64Fixed-income/SukukFunds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .66

Balanced Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .70

Real-estate Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .71

Commodity Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .73

Private-equity Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .74

Hedge Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .75

International Managers and Products . . . . . . . . . . . . . . . . . . . . . . . . . . . .76

Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .77Prognosis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .79

DISTRIBUTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .80

Investor Types . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .80

Retail Investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .80

Family Offices, Corporates, and Pension Funds . . . . . . . . . . . . . .83

Sovereign Wealth Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .84

Takaful . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .86

Distribution Methods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .89Direct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .89

Local Banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .89

Islamic Banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .90

Others . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .93

Prognosis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .94

GCC NATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .96

Market Sizing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .96

Drivers and Challenges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .99

Product Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .102

Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .103

Institutional vs. Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .104

SAUDI ARABIA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .108

Market Sizing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .108

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The Credit Crunch and Saudi Arabia . . . . . . . . . . . . . . . . . . . . . . .111

Players . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .111

Product Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .114

Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .119

Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .120Prognosis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .123

OTHER GCC STATES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .129

The Gulf and the Credit Crunch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .130

Kuwait . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .130

Market Sizing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .130

Players . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .134

Product Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .138

Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .140United Arab Emirates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .141

Market Sizing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .141

Players . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .143

Product Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .144

Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .147

The Dubai International Financial Centre . . . . . . . . . . . . . . . . . . .149

Bahrain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .151

Market Sizing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .151Players . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .153

Product Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .155

Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .158

Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .159

Qatar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .161

Oman . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .162

Middle East Prognosis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .162

MALAYSIA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .164

Market Sizing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .164

Malaysian Approaches to Shariah . . . . . . . . . . . . . . . . . . . . . . . . .169

The MIFC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .170

Players . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .171

Product Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .176


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Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .184

Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .185

Proprietary Survey of Malaysian Managers . . . . . . . . . . . . . . . . . . . . . . .187

Prognosis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .195

OTHER ASIAN NATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .197Pakistan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .197

Market Sizing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .198

Players . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .201

Proprietary Survey of Pakistani Managers . . . . . . . . . . . . . . . . . . .203

Prognosis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .210

Indonesia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .211

Market Sizing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .212

Players . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .213Product Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .217

Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .220

Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .220

Prognosis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .222

Other Asian Nations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .223

OTHER COUNTRIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .225

Egypt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .226

Market Sizing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .226Market Players . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .227

Product Themes and Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .228

Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .229

Other Countries in the Middle East and North Africa . . . . . . . . . . . . . . .230

Product Themes and Distribution . . . . . . . . . . . . . . . . . . . . . . . . . .231

Prognosis: Egypt and Non-GCC MENA . . . . . . . . . . . . . . . . . . . .231

South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .232

Market Sizing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .232

Players . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .233

Product Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .235

Regulatory Environment and Distribution . . . . . . . . . . . . . . . . . . .235

Elsewhere in Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .236

Prognosis: Sub-Saharan Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . .236


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North America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .237

Players and Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .237

The United States and Shariah Hedge Funds . . . . . . . . . . . . . . . . .239

Product Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .240

Prognosis: North America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .240European Countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .241

OFFSHORE CENTERS AND NON-MUSLIM HUBS . . . . . . . . . . . .242

Traditional Offshore Centers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .242

Offshore vs. Bahrain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .244

Countries Missing Out . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .246

Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .247

United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .248

Market Sizing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .250Players . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .250

Product Trends and Distribution . . . . . . . . . . . . . . . . . . . .251

Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .252

Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .255

GLOSSARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .257

INDEX OF COMPANIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .260


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INDEX OF EXHIBITS

Exchange Rates: Selected Currencies in Terms of the U.S. Dollar,

30 June 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21

1. Shariah Mutual Fund Assets Under Management,

2003October 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27

2. Local Survey Respondents Views on Shariah Asset Breakdown,

2006June 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28

3. Shariah Asset Breakdown, October 2008 . . . . . . . . . . . . . . . . . . . . . . .30

4. Number of Funds by Inception Year, 2000October 2008 . . . . . . . . . .31

5. Shariah Mutual Fund Assets and as a Percentage of Total Mutual

Fund Assets, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32

6. GCC Population Breakdown, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . .34

7. HNWI Wealth Distribution, 20052007 . . . . . . . . . . . . . . . . . . . . . . . .35

8. Shariah Mutual Fund Asset Projection, October 20082012E . . . . . . .36

9. International Managers Share of Global Shariah Mutual Fund

Assets, October 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .39

10. Saudi Arabian Managers with Foreign Partners, October 2008 . . . . .39

11. International Survey Respondents Views on Sales Opportunity of

Products in 2008 and 2011, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . .44

12. International Survey Respondents Views on Challenges, 2008 . . . .46

13. International Survey Respondents Views on Strategies for

Growth, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4714. International Respondents Views on Growth Drivers for Islamic

Finance, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .48

15. Islamic Funds by Type, October 2008 . . . . . . . . . . . . . . . . . . . . . . . .52

16. Number of Funds by Type and Year of Inception,

2002October 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .53

17. Conventional vs. Shariah Asset Allocation, 2008 . . . . . . . . . . . . . . . .54

18. Islamic Fund Assets by Investment Geography, October 2008 . . . . .55

19. Survey Respondents Views on Sales Opportunity of Products in

2008 and 2011, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5720. All Survey Respondents Views on Investor Considerations, 2008 . .58

21. Shariah Asset Breakdown by Investment Location,

2006June 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .59

22. Islamic Equity Funds by Investment Geography, October 2008 . . . .60

23. Top Islamic Equity Funds Globally, October 2008 . . . . . . . . . . . . . .62


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24. Performance of Top 20 Islamic Equity Funds, 2007 . . . . . . . . . . . . .64

25. Top Islamic Cash Funds Globally, October 2008 . . . . . . . . . . . . . . . .66

26. SukukIssuance by Region, 20052Q 2008 . . . . . . . . . . . . . . . . . . . . .67

27. Islamic Fixed-Income Funds by Domicile, October 2008 . . . . . . . . .68

28. Top Islamic Fixed-Income Funds Globally, October 2008 . . . . . . . . .69

29. Islamic Balanced Funds by Investment Geography, October 2008 . .70

30. Top Islamic Balanced Funds Globally, October 2008 . . . . . . . . . . . .71

31. Top Islamic Real Estate Funds Globally, October 2008 . . . . . . . . . . .72

32. Islamic Real Estate Funds by Managers Country of Operations,

October 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .73

33. Top Islamic Commodity Funds Globally, October 2008 . . . . . . . . . .74

34. Management Fee Analysis, October 2008 . . . . . . . . . . . . . . . . . . . . .78

35. Performance Fee Analysis, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .79

36. Survey Respondents Views on Retail vs. Institutional Interest inShariah Investment, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .82

37. Asian and GCC Survey Respondents Views on Retail vs.

Institutional Interest in Shariah Investment, 2008 . . . . . . . . . . . . . . .83

38. Sovereign Wealth Funds in Muslim Nations, 2008 . . . . . . . . . . . . . .85

39. Asset Allocation of a GCC-Based Takaful Operator, 2008 . . . . . . . . .88

40. International Survey Respondents Distribution Analysis in 2008

and 2011, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .91

41. Islamic Banks and Their Islamic Deposits, 2008 . . . . . . . . . . . . . . . .92

42. Number of Islamic Financial Institutions Globally, 2008 . . . . . . . . . .9243. Local Survey Respondents Distribution Analysis in 2008 and 2011,

2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .94

44. Survey Respondents Views on Distribution Challenges, 2008 . . . . .95

45. Number and Assets of Shariah Funds by Country of Domicile,

October 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .97

46. Muslim Population in MENA, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . .98

47. HNWI Population and Wealth in the Middle East, 20052007 and

2012E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .99

48. Gulf (ex-Saudi Arabia) Respondents Views on Growth Drivers,

2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .100

49. GCC RespondentsViews on Challenges to Launching

Shariah-Compliant Products, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . .101

50. GCC Respondents Shariah Asset Breakdown by Type, 2008 . . . . . .102

51. GCC Survey Distribution Analysis in 2008 and 2011, 2008 . . . . . . .104

52. GCC RespondentsViews on Investor Considerations, 2008 . . . . . . .106


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53. GCC RespondentsViews on Sales Opportunity of Products in

2008 and 2011, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .107

54. Number and Assets of Shariah vs Non Shariah Funds in

Saudi Arabia, August 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .109

55. Saudi Arabian Respondents Shariah Asset Breakdown,

2006June 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .110

56. Top Shariah Managers in Saudi Arabia, August 2008 . . . . . . . . . . . .114

57. Saudi Arabian Fund Assets by Type, August 2008 . . . . . . . . . . . . . . .115

58. Saudi Arabian Top Shariah Managers by Fund Type, August 2008

(Part 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .116

58. Saudi Arabian Top Shariah Managers by Fund Type, August 2008

(Part 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .117

59. Top 20 Saudi Arabian Shariah Funds, August 2008 . . . . . . . . . . . . . .118

60. Saudi Arabian Respondents Views on Sales Opportunity of

Products in 2011, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .119

61. Saudi Arabian Management Fee Analysis, 2008 . . . . . . . . . . . . . . . .120

62. Saudi Arabia Survey Distribution Analysis in 2008 and 2011, 2008 .122

63. Saudi Arabian Respondents Views on Distribution Challenges,

2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .123

64. Saudi Arabian Respondents Views on Growth Drivers, 2008 . . . . . .124

65. Saudi Arabian Respondents Views on Challenges, 2008 . . . . . . . . . .125

66. Saudi Arabian Respondents Views on Retail vs. Institutional

Interest in Shariah-Compliant Investments, 2008 . . . . . . . . . . . . . . . .126

67. Saudi Arabian Respondents Views on Investor Considerations,

2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .127

68. Total Assets and Number of Conventional vs. Shariah-Compliant

Investment Companies, 2005June 2008 . . . . . . . . . . . . . . . . . . . . . .131

69. Portfolio Investment and Investment Fund Assets of Conventional

vs. Shariah-Compliant Investment Companies, 2005June 2008 . . .133

70. Kuwait Investment Authority Investments, 2008 . . . . . . . . . . . . . . . .134

71. Manager Ranking for Kuwait-Domiciled Islamic Funds,

October 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .137

72. Kuwait-Domiciled Islamic Fund Ranking by Asset Size,

October 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .137

73. Kuwait-Domiciled Islamic Funds by Type, October 2008 . . . . . . . . .138

74. Kuwait Shariah-Compliant Managers Investment Fund Assets by

Type, 2005June 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .139

75. Management Fee Analysis for Kuwait-Domiciled Funds,

October 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .140


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76. Number and Size of Shariah Funds in the UAE by Managers,

October 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .142

77. Sovereign Wealth Funds in the UAE, 2008 . . . . . . . . . . . . . . . . . . . .143

78. UAE-Domiciled Islamic Fund Ranking, October 2008 . . . . . . . . . . .145

79. Islamic Funds Offered by Managers with Operations in the UAE

by Type, October 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .145


by Investment Geography, October 2008 . . . . . . . . . . . . . . . . . . . . . .146


by Domicile, October 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .147

82. Local Banks in the UAE, March 2008 . . . . . . . . . . . . . . . . . . . . . . . .148

83. Foreign Banks in the UAE, March 2008 . . . . . . . . . . . . . . . . . . . . . .149

84. Number and Size of Conventional vs. Islamic Funds in Bahrain,

June and August 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .152

85. Number and Size of Islamic Funds in Bahrain, 2005June 2008 . . .153

86. Manager Ranking for Bahrain-Domiciled Islamic funds,

October 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .155

87. Number of Bahrain-Domiciled Islamic Funds by Type,

August 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .156

88. Bahrain-Domiciled Islamic Funds by Investment Geography,

October 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .157

89. Bahrain-Domiciled Islamic Fund Ranking, October 2008 . . . . . . . . .158

90. Management Fee Analysis for Bahrain-Domiciled Islamic Funds,

October 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .159

91. Overseas Islamic Funds in Bahrain by Bank, August 2008 . . . . . . . .160

92. Qatar-Domiciled Islamic Funds, October 2008 . . . . . . . . . . . . . . . . .161

93. Number of Islamic Funds vs. Total Funds in Malaysia,

2002September 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .165

94. Malaysian Islamic Fund Assets, 2002September 2008 . . . . . . . . . .166

95. Malaysian Respondents Shariah Asset Breakdown,

2006June 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .168

96. Malaysian Islamic Funds and Their Approved Fund Size,March 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .175

97. Manager Ranking for Malaysia-Domiciled Islamic Funds,

October 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .176

98. New Islamic Funds Approved in Malaysia by Year,

2003September 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .177

99. Malaysian Respondents Shariah Assets Breakdown by Asset

Type, 2006June 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .178


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100. Malaysian Islamic Funds by Type, 2002June2008 . . . . . . . . . . . . .179

101. Malaysian Islamic Assets by Fund Type, 2002June 2008 . . . . . . .180

102. Malaysian Respondents Islamic Assets by Investment Location,

2006June 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .181

103. Shariah-Compliant Securities vs. Total Securities in Malaysia,

2002June 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .182

104. Number and Size ofSukukvs. Total Assets of Approved Bonds in

Malaysia, 2002June 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .183

105. Management Fee Analysis for Malaysia-Domiciled Islamic Funds,

October 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .185

106. Malaysian RespondentsViews on Growth Drivers, 2008 . . . . . . . .188

107. Malaysian Respondents Views on Challenges, 2008 . . . . . . . . . . . .189

108. Malaysian Respondents Views on Factors Contributing to the

Success of Malaysias Islamic Finance Market, 2008 . . . . . . . . . . .190

109. Malaysian Respondents Views on Developments in the Shariah

Asset Management Industry in Malaysia, 2008 . . . . . . . . . . . . . . . .191

110. Malaysia Survey Distribution Analysis in 2008 and 2011, 2008 . .192

111. Malaysian Respondents Views on Retail vs. Institutional Interest

in Shariah-Compliant Investments, 2008 . . . . . . . . . . . . . . . . . . . . .193

112. Malaysian Respondents Views on Investor Considerations, 2008 .194

113. Malaysian Respondents View on Sales Opportunity of Products

in 2008 and 2011, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .195

114. Pakistani Islamic Fund Assets by Type,

March 2008September 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .199

115. Islamic vs. Non-Islamic Assets in Pakistan,

March 2008September 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .200

116. Pakistani Respondents Shariah Asset Breakdown,

2007June 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .201

117. Pakistani Islamic Fund Manager Ranking,

March 2008September 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .202

118. Pakistani Islamic Fund Ranking, March 2008September 2008 . . .203

119. Pakistani Respondents Views on Growth Drivers, 2008 . . . . . . . . .204

120. Pakistani Respondents Views on Challenges, 2008 . . . . . . . . . . . . .205

121. Pakistan Survey Distribution Analysis in 2008 and 2011, 2008 . . .206

122. Pakistani Respondents Views on Retail vs. Institutional Interest

in Shariah-Compliant Investments, 2008 . . . . . . . . . . . . . . . . . . . . .207

123. Pakistani Respondents Views on Investor Considerations, 2008 . .208


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11

124. Pakistani Respondents Views on Sales Opportunity of Products

in 2008 and 2011, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .209

125. Pakistani Respondents Management Fee and Front-End Fee

Analysis, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .210

126. Total Islamic Bank Assets in Indonesia, 2003July 2008 . . . . . . . .211

127. Indonesian Shariah Fund Assets Under Management and

Penetration Rate, 20022007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .213

128. Top Shariah Fund Managers in Indonesia, October 2008 . . . . . . . .216

129. Indonesia-Domiciled Islamic Fund Ranking, October 2008 . . . . . .217

130. Indonesia-Domiciled Islamic Funds by Type, October 2008 . . . . . .218

131. Indonesian Respondents Views on Sales Opportunity of

Products in 2008 and 2011, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . .219

132. Management Fee Analysis for Indonesia-Domiciled Islamic

Funds, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .220

133. Indonesia Survey Distribution Analysis in 2008 and 2011, 2008 . .221

134. Indonesian Respondents Views on Investor Considerations, 2008 .222

135. Brunei-Domiciled Islamic Funds, October 2008 . . . . . . . . . . . . . . .224

136. Number and Size of Islamic Funds in Other Countries,

October 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .226

137. Top Shariah Managers in Egypt, October 2008 . . . . . . . . . . . . . . . .228

138. Egyptian Shariah Fund Ranking, October 2008 . . . . . . . . . . . . . . . .229

139. Number of Banks and Bank Branches in Egypt, December 2007 . .229

140. Total Shariah Assets in South Africa, June 2003 and June 2008 . . .233141. Top Shariah Managers in South Africa, October 2008 . . . . . . . . . . .234

142. South African Shariah Funds Ranking, October 2008 . . . . . . . . . . .235

143. Shariah Funds Domiciled in the United States, October 2008 . . . . .238

144. Shariah Funds Domiciled in Canada, October 2008 . . . . . . . . . . . .239

145. Top Managers with Shariah Funds Domiciled in Offshore

Centers, October 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .244

146. Managers Country of Operation vs. Fund Domicile,

October 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .246

147. Shariah Funds Offered by Managers with Operations inSwitzerland, October 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .248

148. Shariah Funds Offered by Managers with Operations in the

United Kingdom, October 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . .251

149. Top Shariah Managers in Singapore, October 2008 . . . . . . . . . . . . .253

150. Shariah Funds Domiciled in Singapore, October 2008 . . . . . . . . . .255

Shariah Investing: Market Sizing and Analysis

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METHODOLOGY

Shariah Investing: Market Sizing and Analysis is a special report

looking at the Islamic asset management marketplace globally. The report

aims to bring clarity to the very blurred data published on market sizing in

this segment. Our firm, however, is striving to sort through the anecdotes and

begin assembling more actionable data in two forms:

Consultative qualitative information designed to help clients decide

whether, and when, to enter the Shariah asset management marketplace.

This is a global industry and there are opportunities to offer Shariah

investments across multiple markets. However, each one requires in-

depth knowledge of the local environment.

Granular quantitative information that provides a better picture of the

true current and potential opportunities in all the marketplaces where

Shariah-compliant products are prevalent. This quantitative information

aims to reduce uncertainty regarding metrics such as number of funds,

asset size, and asset allocation.

Cerulli is one of the few research houses anywhere in the world to

have conducted proprietary surveys of local and foreign asset managers inthis space. Our asset manager surveys included questions designed to help us

understand some of the concerns that fund managers have in the market, as

well as their views on distribution and product development.

This report provides a general overview of the Islamic finance market

globally and the opportunities it may provide asset managers over time. In

addition, the report includes significant qualitative analysis of other key

metrics we examine across all of the 20-odd asset management marketplaces

we cover globally. Scores of in-depth interviewsin person and by

telephone, with officers among manufacturers, distributors, and regulators

help wrap all the data points together.


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Shariah Investing: Market Sizing and Analysis complements

Cerullis ongoing Asian research initiatives, led from our regional base in

Singapore:

Asian Distribution Dynamics is Cerullis flagship Asian report that

focuses on investment fund distribution trends in Korea, Hong Kong,

Singapore, and Taiwan, as well as China and India. Our Asian distribu-

tion report relies on annual surveys, and is in its seventh year.

Asset Management in the Middle East is our first report for the region

focusing on market sizing, product development, and distribution trends

in the Middle East. This report includes proprietary surveys conducted

in Saudi Arabia, the UAE, and Egypt.

Mutual Fund Distribution in India is also new to The Cerulli

ReportTM series and focuses on the multiple distribution channels

available to fund managers in India, with a specific focus on national

and regional distribution firms and the growing independent financial

advisor (IFA) segment in that country.

Japanese Market Overview, Cerullis regular look at the institutional

and retail fund management industries in the worlds second-largest

economy, leverages ongoing surveys of asset managers active in Japan.

The Cerulli EdgeAsia Pacific Edition, a quarterly research notes

publication that highlights recent proprietary research initiatives and

provides the most current Cerulli viewpoints on developments in the

regions asset management industries, focuses on the marketplaces of

Australia, China, Korea, Hong Kong, India, Japan, Singapore, and

Taiwan.

Information in this report was obtained from public and non-confi-

dential sources, as well as proprietary surveys. Cerulli believes the data

herein are reliable and has made every effort to verify statistics presented;

however, Cerulli does not guarantee its accuracy or completeness.


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Cerulli has benefited from the cooperation of a number of regulators

and industry research vendors, such as those active in Saudi Arabia, Kuwait,

Bahrain, Malaysia, Indonesia, and Pakistan.

Our analysts are especially grateful for assistance from the following:

Eurekahedge

Securities Commission, Malaysia

Bank Indonesia

Mutual Fund Association of Pakistan

Saudi Arabian Monetary Agency

Central Bank of Kuwait

Central Bank of Bahrain

Central Bank of the UAE

Dubai International Financial Centre

Qatar Financial Centre

Central Bank of Oman

Muscat Securities Market

Central Bank of Egypt

Cairo and Alexandria Stock Exchange


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REPORT SCOPE

Beneficiaries of this Study

The primary beneficiaries of this research are global asset

management firms requiring high-quality information to determine whether

they should be considering an entry strategy into Islamic finance.

In addition, this research will prove to be a most useful source for

those international or regional fund management firms with existing Shariah

offerings to understand more about the product and distribution trends in

Islamic finance.

Finally, data and the supporting analysis in this report will also benefit

those asset management and distribution firmsbe they banks, brokeragefirms, or insurance companiesin understanding the distribution landscape

in all areas of Shariah investing as they continue to develop.

Report Roadmap

Shariah Investing: Market Sizing and Analysis has 10 main sections:

The regional chapters set the stage for the rest of the report and are a

summation of the quantitative analysis, supported by a qualitative

assessment of the opportunities within the Islamic asset management

space and a prognosis of future growth.

The country chapters shed light on the Islamic asset management

marketplace in the individual countries. Each country section covers the

three main research themes that Cerulli focuses on: market sizing,

product development, and distribution strategies.

Each chapter also looks at competitive issues in each marketplace,

reviews asset management fees, and comments on issues relating to

Islamic finance and sovereign funds.

We are very pleased to include in this report an in-depth proprietary

survey conducted among asset managers.


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SAMPLESECTIONfrom

THECERULLI REPORTSHARIAHINVESTING:MARKETSIZINGANDANALYSIS

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Asia Pacific,US$528 m, 67.2%

Middle East/Africa,US$189 m, 24.0%

Global,US$69 m, 8.8%

Balanced Funds

Overall, there is US$786 million invested in balanced funds, with

US$189 million invested in the Middle East, a region that is particularly

receptive to such fund types. In Asia, Shariah-compliant balanced funds

account for US$528 million of assets. In most cases, these funds have a

regional or local, rather than a global, mandate.

EXHIBIT 29: ISLAMIC BALANCED FUNDS BY INVESTMENT

GEOGRAPHY, OCTOBER 2008 (US$ MILLIONS)

Sources: Eurekahedge, Cerulli Associates

While there are a large number of Shariah balanced funds, in asset

terms they tend to be small, with not one boasting more than US$100 million

under management. The largest, from Public Mutual, has just US$96 millionunder management, and the largest from the Middle East, the Amanah

Balanced Portfolio from HSBC/SABB, just US$46 million.


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Fund Manager Stock Local (SAR millions) Marketshare

HSBC SAUDI ARABIA LIMITED 5,556 26%

Samba Capital & Investment Management 4,952 23%

Riyad Capital 3,202 15%

Others 7,436 35%

Total 21,146 100%

Fund Manager Stocks US (SAR millions) Marketshare

NCB Capital 33 86%

Saudi Hollandi Capital 5 14%

Total 39 100%

Fund Manager Trade Finance Intl (SAR millions) Marketshare

NCB Capital 314 34%

Caam Saudi Fransi 266 29%

Al-Rajhi Financial Services 118 13%

Others 212 23%

Total 909 100%

Fund Manager Trade Finance Local (SAR millions) Marketshare

NCB Capital 20,319 53%

Samba Capital & Investment Management 5,255 14%

Riyad Capital 3,261 9%

Others 9,151 24%

Total 37,986 100%

EXHIBIT 58: TOP SAUDI ARABIAN SHARIAH MANAGERS BY

FUND TYPE, AUGUST 2008 (PART 2)

Sources: Saudi Stock Exchange (Tadawul), Cerulli Associates

Saudi Arabia is home to some of the largest Shariah-compliant funds

in the world, most notably the AlAhli Saudi Riyal Trading fund. Accordingto Tadawul numbers, 12 separate Saudi Arabian funds had a net asset value

of more than SAR1 billion as of August 2008. The Saudi market structure

a reasonable number of funds, but of large size on averagecontrasts with

that in Malaysia, where there are more Shariah funds, but the average size is

far lower.

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INDEX OF COMPANIES

A'ayan Leasing and Investment Company . . . . . . . . . . . . . . . . . . . . . . . .136

ABC Islamic Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .154

Aberdeen Asset Management . . . . . . . . . . . . . . . . . . . . . . . . . . . .41, 43, 171

ABN Amro . . . . . . . . . . . . . . . . . . . . . .18, 40, 42, 49, 76, 93, 112, 211, 252

Abraaj Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .74, 144

Abu Dhabi Commercial Bank (ADCB) . . . . . . . . . . . . . . .90, 143, 147, 172

Abu Dhabi Investment Company (ADIC) . . . . . . . . . . . . . . . . . . . . . . . .142

Abu Dhabi Investment House (ADIH) . . . . . . . . . . . . . . . . . . . . . . .144, 157

Abu Dhabi Islamic Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .144, 247

Adeem Investment Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .134, 154

Affin Fund Management Berhad . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .175

Affin Islamic Bank Berhad . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .187

Al Ahli Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .140Al Ahlia Investment Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .136

Al Arabi Investment Group (AB Invest) . . . . . . . . . . . . . . . . . . . . .157, 230

Al Dar Asset Management (Adamco) . . . . . . . . . . . . . . . . . . . .55, 136, 154

Al Mal Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .143

Al Meezan Investment Management . . . . . . . . . . . . . . . . . . . . . . . . . . . .201

Al Rajhi . . . . . . . . . . . . . . . . . . . . . . . . . . . .55, 65, 109, 113, 115, 151, 187

Al Safi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .75

Al Tawfeek . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .157, 241

Al-Aman Investment Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .136

Al-Aqeelah . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .136

Albaraka Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .236

Albilad Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .112, 113

Alfalah GHP Investment Management . . . . . . . . . . . . . . . . . . . . . . . . . . .202

Algebra Capital . . . . . . . . . . . . . . . . . . . . . . . . . . .42, 47, 67, 144, 145, 249

Al-Imtiaz Investment Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .174

Alliance Financial Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .174

Alliance Islamic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .187

Allianz . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29, 42, 76, 187, 243

Allied Asset Advisors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .238Almadar Finance & Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .136

Al-Madina . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .136

Almal Investment Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .154

Amanah Saham Bank Islam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .173

Amanah Saham Nasional . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .172


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Amanah SSCM Asset Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . .174

Amar Finance & Leasing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .136

AmBank Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .172

AmInvestment Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .234

AmInvestment Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .172

Amiri Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .249AmIslamic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .187

Amlak Finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .144

AmMutual Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .172

ANB Invest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .113

Ansbacher Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .161

Apex Investment Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .174

Arab Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .230

Arab National Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .113

Arif Habib Investment Management . . . . . . . . . . . . . . . . . . . . . . . .202, 207

Aseambankers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .172

Asian Finance Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .151, 187

Asian Islamic Investment Management . . . . . . . . . . . . . . . . . . . . . .170, 174

ASM Investment Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .174

ASM Mara Unit Trust Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . .174

Asset & Investment Management Services of Bangladesh (AIMS) . . . .223

Aston Martin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .134

Atlas Asset Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .202, 207

Attijariwafa Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .230

Audi Saudi Arabia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .114

Avenue Invest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .174

AXA Investment Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .162

Azzad Asset Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .238

Bakheet Investment Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .113

Bank Albilad . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .60, 92, 109, 112, 135

Bank Al-Jazira . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .109, 112, 113

Bank Islam Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .173

Bank Islam Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .187

Bank Muamalat . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .187, 212, 221Bank of Kuwait and the Middle East . . . . . . . . . . . . . . . . . . . . . . . . . . . .140

Bank of London and the Middle East . . . . . . . . . . . . . . . . . . . . . . . . . . . .249

Bank Syariah Mandiri . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .221

Bank Syariah Mega Indonesia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .221

Bank Vontobel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .248

Banque Marocaine pour le Commerce et l'Industrie . . . . . . . . . . . . . . . .230

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Banque Misr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .227, 228, 229

Banque Saudi Fransi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .42, 60, 76

Barclays Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .75, 211

Batasa Asset Management (BTS) . . . . . . . . . . . . . . . . . . . . . . . . . . .215, 218

Batavia Prosperindo Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .214, 218

Beltone Financial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .227, 228Bhakti Asset Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .214

Bizim Menkul Degerler (BDM) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .231

Blackrock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43, 75

BMCI Gestion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .230

BNI Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .215

BNP Paribas . . . . .16, 18, 40, 42, 47, 55, 76, 112, 159, 230, 231, 241, 243

Boubyan Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .136, 140, 154

Burgan Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .135, 136, 140

Cairo Fund Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .228

Calyon . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .42, 76, 112

CAAM Saudi Fransi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .42, 112, 115

CIMB . . . . .29, 43, 61, 65, 89, 170, 171, 186, 187, 215, 218, 223, 254, 255

Citibank/Citigroup .48, 72, 93, 111, 112, 133, 141, 142, 147, 159, 186, 243

CMH Fund Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .154

CMS Trust Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .174

Cominvest Asset Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .241

Commercial Bank of Kuwait . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .134, 140

Commercial Bank of Qatar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .161

Commercial International Asset Management (CIAM) . . . . . . . . . . . . . .227

Commercial International Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .227

Commerzbank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .159

Concord International Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .228

Corecap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .144, 247

Credit Agricole Asset Management . . . . . . . . . . . . . . . .18, 42, 76, 112, 230

Credit Suisse . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43, 114, 248

Crescent Capital Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .240

Dawood Capital Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .202

Daman Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .144Danareksa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29, 213, 214,

DB Platinum Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .252

DBS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .170, 174, 253

Delta Asset Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .228

Deutsche . .16, 29, 42, 73, 76, 114, 143, 144, 147, 150, 163, 241, 242, 254

Devonshire Lowell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .238


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Dubai Commodity Asset Management . . . . . . . . . . . . . . . . . . . . . . . . . . .239

Dubai International Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .142

Dubai Islamic Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .144, 154

Dubai Multi Commodities Centre (DMCC) . . . . . . . . . . . . . . . . . . . . . . .239

Dubai Shariah Asset Management . . . . . . . . . . . . . . . . . . . . . . . . . . .75, 239

ECM Libra Financial Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .174ECONCAP Islamic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .187

EFG Hermes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .227

EIS Asset Management . . . . . . . . . . . . . . . . . . . .29, 55, 141, 143, 146, 242

El Ahly Fund Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .227

Elaf Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .247

Emirates Bank Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .141

Encore Fund Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .248

European Finance House . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .249

European Islamic Investment Bank (EIIB) . . . . . . . . . . . . . . . . . . . . . . .250

Faisal Finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .247, 248

Faisal Private Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .247

Falcom Financial Services . . . . . . . . . . . . . . . . . . . . . . . . .68, 109, 113, 115

First Investment Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .136, 154

Fortis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .218

Franklin Templeton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .42, 47, 143, 150

Frater Asset Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .234

Fundsupermart.com . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .49, 93, 186

Futuregrowth Asset Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .234

Gaia Advisors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .248

Gatehouse Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .249

Global Investment House . . . . . . . . . .55, 113, 131, 135, 136, 154, 161, 171

Global Securities House . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .136, 249

Goldman Sachs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18, 42, 76, 111

Gulf Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .140

Gulf Finance House . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .73, 143, 154, 157

Gulf Investment Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .135, 157

Gulf Investment House . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .136, 154

Hang Seng Investment Management . . . . . . . . . . . . . . . . . . . . . . . . . . . .256HC Securities & Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .227

Hermes Funds Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .227

HLB Unit Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .173

Hong Leong Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .173

Hong Leong Islamic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .187

HSBC18, 41, 48, 60, 70, 73, 76, 93, 112, 115, 141, 147, 159, 163, 186, 211,


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254

HSBC Amanah . . . . . . . . . . . . . . . . . . . . .16, 29, 41, 76, 150, 187, 242, 247

HSBC Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .41

Hwang DBS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .174

Hwang DBS Asset Management . . . . . . . . . . . . . . . . . . . . . . . . . . .170, 174

iHilal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .144, 247iHilal Financial Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .247

ING Investment Management . . . . . . . . . . . . . . . . . . . . . . .29, 42, 171, 184

ING Funds Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .173

Injazat Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .144

International Investment Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .154

International Petroleum Investment Company . . . . . . . . . . . . . . . . . . . . .142

Invesco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .40, 150

Investment Corporation of Bangladesh . . . . . . . . . . . . . . . . . . . . . . . . . .223

Investment Dar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .134

Islamic Bank of Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .253

Islamic Bank of Britain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .249

Islamic Bank of Brunei . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .223

Islamic Development Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .61, 154

Islamic Development Bank of Brunei . . . . . . . . . . . . . . . . . . . . . . . . . . .223

Istithmar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .142

Ithmaar Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .153, 247

Ittihad Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .239

Jadwa Investments . . . . . . . . . . . . . . . . . . . . . . . . . . .68, 109, 113, 115, 167

Jordinvest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .231

JPMorgan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .49, 93, 114, 243

JS Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .202

Julius Baer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .248

KASB Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .202

Kipco Asset Management Corporation (KAMCO) . . . . . . . . . . . . . . . . .135

Kipco Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .135

KSB Capital Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .113

Kuwait Finance & Investment Company . . . . . . . . . . . . . . . . . . . . .136, 154

Kuwait Finance & Investment House . . . . . . . . . . . . . . . . . . . . . . . . . . . .143Kuwait Finance Centre . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .154

Kuwait Finance House . . . . . . . . . . . . . . . . . . . . . . .134, 140, 151, 154, 187

Kuwait Financial Centre (Markaz) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .135

Kuwait International Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .140

Kuwait Investment Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .136

Kuwait's Global Securities House . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .249


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Lautandhana Investment Management . . . . . . . . . . . . . . . . . . . . . . . . . . .215

Lloyd George Investment Management . . . . . . . . . . . . . . . . . . . . . . . . . .250

Lloyd's TSB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .241

Lotus Capital Ethical Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .236

Lucas Capital Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .75

MAA Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .89, 173MAAK Mutual . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .173

MAAKL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .89, 173

Malaysian Assurance Alliance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .173

Man Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .150

Manafae Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .136

Mandiri Investa Syariah Berimbang . . . . . . . . . . . . . . . . . . . . . . . . . . . . .214

Manulife . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .89, 216

Mashreq . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .143, 162

Mayban Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .172

Maybank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .172, 184, 186, 253

Maybank Islamic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .187

Merrill Lynch . . . . . . . . . . . . . . . . . . . . . . . . . . . .49, 93, 114, 133, 202, 211

Miraj International Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .239

Morgan Stanley . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .114

Mubadala Development Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .142

Mubasher . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .49, 93

National Bank of Abu Dhabi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .142

National Bank of Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .228

National Bank of Dubai . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .143, 147

National Bank of Egypt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .227

National Bank of Kuwait (NBK) . . . . . . . . . . . . . . . .73, 134, 140, 242, 247

National Commercial Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18, 111

National Fullerton Asset Management . . . . . . . . . . . . . . . . . . . . . . . . . . .202

National Investments Company . . . . . . . . . . . . . . . . . . . . . .55, 61, 135, 138

NBK Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .134

NCB Capital . . . . . . . . . . . . . . . .18, 42, 55, 65, 76, 109, 111, 115, 154, 251

Nomura Asset Management . . . . . . . . . . . . . . . . . . . . . . . . . . . .43, 159, 171

NTUC Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .254Oasis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .143

Oasis crescent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .61, 233, 235

Oasis Global Management Company . . . . . . . . . . . . . . . . . . . . . . . .233, 235

OCBC Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .171, 186

Old Mutual . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .143, 234, 236, 251

OSK Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .174


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Riyad Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .60, 65, 112, 154

Royal Bank of Scotland . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18, 42, 93, 112,

Ryada Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .136

SAIB Investment Management . . . . . . . . . . . . . . . . . . . . . . . . .42, 112, 115

Samba Financial Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .60, 63

Saturna Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .61, 237, 238, 240Saudi British Bank (SABB) . . . . . . . . . . . . .41, 60, 63, 70, 73, 76, 112, 163

Saudi Hollandi Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .77, 112, 115

Saudi Investment Bank (SAIB) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .76

Saudi Swiss Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .114

Schroders PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .150

Scottish Widows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .241, 250

Securities & Investments Co (SICO) . . . . . . . . . . . . . . . . . . . . . . . .144, 154

SEI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .113

Shamil Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .73, 153, 154, 154, 157,

Shariah Capital, Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .75, 239, 240

SHUAA Asset Management . . . . . . . . . . . . . . . . . . . . . . . . . . .143, 145, 163

SHUAA Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .143, 247

Societe Arabe Internationale de Banque . . . . . . . . . . . . . . . . . . . . . . . . . .228

Socit Gnrale Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .40, 43, 76,

Solidarity Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .154

Solidarity Funds Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .154

Standard Chartered Bank . . . . . . . . . . . . . . . . . . . . . . .48, 93, 147, 186, 211

STANLIB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .234

State Street Global Advisers . . . . . . . . . . . . . . . . . . . .

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