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A The Cerulli Report ReleaseS


C e r u l l i Shariah Investing: Market Sizing and Analysis
A s s o c i a t e s

December 2008
With 270 pages and 253 This report focuses on the Islamic asset management marketplace globally and addresses marketsizing, product
exhibits, this report contains the development, and distribution strategies. Coverage includes the key Gulf States, Malaysia, the large Muslim popula-
following sections: tion centers such as Pakistan and Indonesia, offshore centers such as the Cayman Islands, and non-Muslim markets
• Marketsizing such as South Africa and the United States. Each country segment examines recent industry trends, regulatory devel-
• International Strategies opments, and future growth opportunities.

• Product This report allows asset managers to: This report allows mutual fund distributors to:
• Distribution
• Assess market potential and target opportunities • Examine product development trends
• GCC Nations
• Understand market dynamics and product develop- • Analyze fee trends for fund distribution
• Saudi Arabia ment trends
• Other GCC • Determine the state of distribution across various
channels
• Other Asia
• Consider market entry potential and examine buy ver-
• Other Countries sus alternative strategies
• Offshore Centers
Sample Report Exhibit
Shariah Mutual Fund Assets Under Management, 2003-October 2008 (US$ billions)
CAGR (2003-October 2008) = 22.7%
$40 120%
109%
$35 100%
$35.0
Table of contents, exhibit $30 $32.5 80%
list, user examples, sample $25 60%
$32.8
pages, and firm list are attached $20 40%
40%
$23.2
$15 20% 20%
8%
$10 0%
$13.0 $15.7
$5 -20%
-29%
$0 -40%
2003 2004 2005 2006 2007 October 2008

YOY Growth Shariah Mutual Fund Assets


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

Key Findings: Exclusive data in this report:


• The size of the Shariah-compliant industry is often • Proprietary survey responses of Islamic asset man-
overstated. The total mutual fund figure in this area agers
Cerulli Associates is estimated to be US$35 billion and if mandates
699 Boylston Street were included the total figure would be US$65 bil- • Size and addressability of the Islamic asset man-
Boston MA 02116 lion. agement market
Tel: +1 617 437 0084 • Equities are the dominant product in Shariah-compli- • Evaluation of product developments
ant mutual funds—more than conventional • Past and projected AUM growth rates
28 Maxwell Road products—these tend to be locally invested.
Singapore 069120 • Fee structure of asset classes
• Retail and mass affluent individuals are the majority
Tel: +65 6327 4045 interest in Shariah-compliant funds.

11-15 Betterton Street • Price: US$12,000 To order this report or for more information,
London WC2H 9BP • Faxable order form attached log on to our website at www.cerulli.com or contact:
+44 20 7470 8817 • Purchase includes hardcopy, online access, Marketing & Business Development
exhibits in Excel, Key Findings in PDF, PowerPoint +1 617-437-0084
www.cerulli.com presentation, and a web recording of an analyst CAmarketing@cerulli.com
presentation
C The Cerulli Report
A
C e r u l l i
A s s o c i a t e s
Shariah Investing: Market Sizing and
Analysis
USER SCENARIOS:
The following are examples of how this report can be applied to business planning and strategic
decision-m
making:

Scenario 1: A U.S.-based asset management firm is exploring asset management opportunities in Shariah
compliant 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. Shaariaah
Investing: Maarket Sizing and Anaalysis 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 are
the opportunities for international investment expertise? (Exhibit 21)
• What is the sales opportunity for Shariah-compliant mutual funds and how are they expected
to change over the next three years? (Exhibit 19)

Scenario 2: A U.S.-based asset manager is considering offering Shariah investments to its clients, and is
examining the distribution strategies involved to reach demand. Shaariaah Investing: Maarket Sizing and
Anaalysis gives an overview of the Shariah-compliant wealth management industry, including distribution
dynamics, 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)

Scenario 3: A Europe-based private bank is approached by a high-net-worth client for Shariah investments
in Saudi Arabia. Shaariaah Investing: Maarket Sizing and Anaalysis, with its in-depth country analysis, provides
answers 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)

For more information on how to apply this report to your firm’s unique needs, please contact our Marketing
& Business Development team at +1 617-4437-00084, CAmarketing@cerulli.com.
C
A
C e r u l l i
A s s o c i a t e s The Cerulli Report
Shariah Investing: Market Sizing and
Analysis
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EXHIBIT 3: SHARIAH ASSET BREAKDOWN, OCTOBER 2008 EXHIBIT 41: ISLAMIC BANKS AND THEIR ISLAMIC DEPOSITS, EXHIBIT 68: TOTAL ASSETS AND NUMBER OF CONVENTIONAL EXHIBIT 118: PAKISTANI ISLAMIC FUND RANKING,
(US$ BILLIONS) 2008 VS. SHARIAH-COMPLIANT INVESTMENT COMPANIES, MARCH–SEPTEMBER 2008
2005–JUNE 2008
Mandates (foreign managers), Mutual funds (local managers), Total Islamic Rank Fund Name Fund Type Manager
Inception
US$20.0 bn, 31% Bank Marketshare
US$33.6 bn, 51% Deposits (US$ m) Date
KWD30 50
Bank Islam 3,745 20% 1 Meezan Islamic Income Fund Islamic income fund Al Meezan Investment Management Limited Jan-07
Maybank 3,713 20% 44 2 Meezan Islamic Fund Islamic equity fund Al Meezan Investment Management Limited Aug-03
Bank Muamalat 2,734 15% 3 United Islamic Income Fund Islamic income fund UBL Fund Managers Limited Oct-07
25 40 40 43
RHB 1,868 10% 40 4 United Composite Islamic Fund Islamic asset allocation fund UBL Fund Managers Limited Dec-06
HSBC 1,079 6% 39 5 KASB Islamic Income Fund Islamic income fund KASB Funds Limited Jun-08
OCBC 647 3% 33 33 6 NAFA Islamic Income Fund Islamic income fund National Fullerton Asset Management Limited Oct-07
Standard Chartered 179 1% 20 7 Pakistan International Element Islamic Fund Islamic equity fund Arif Habib Investment Management Limited May-06
Citibank 175 1% 24.8 30 8 Meezan Capital Protected Fund – I Islamic capital-protected fund Al Meezan Investment Management Limited May-08
Others 4,590 25% 9 NAFA Islamic Multi Asset Fund Islamic asset allocation fund National Fullerton Asset Management Limited Oct-07
Total 18,730 100% 15 23 21.3 10 UTP Islamic Fund Islamic equity fund JS Investments Limited Dec-02

Cerulli Associates
11 Dawood Islamic Fund Islamic asset allocation fund Dawood Capital Management Limited Jul-07
Mandates Sources: Prudential, Cerulli Associates 20 12 Atlas Islamic Fund Islamic equity fund Atlas Asset Management Limited Jan-07
(local managers), 15.5
US$10.4 bn, 16% Mutual funds 10 13 Alfalah GHP Islamic Fund Islamic asset allocation fund Alfalah GHP Investment Management Limited Sep-07
(foreign managers), 14.0 14 Atlas Islamic Income Fund Islamic income fund Atlas Asset Management Limited May-08
US$1.4 bn, 2% It should be noted that the Islamic banking channel comes in two
10
forms: there are free-standing Islamic banks, and there are Islamic windows 5 Mar-08 Jun-08 Sep-08
Source: Cerulli Associates
Rank Fund Name AUM Market- AUM Market- AUM Market-
Note: Saudi Arabian institutions with partial foreign ownership are considered local managers. There are 300 Islamic of conventional banks. The latter group has the advantage of being able to use 4.1 4.8 (PKR bn) share (PKR bn) share (PKR bn) share
institutions and 1.6 2.6
windows
existing, long-established conventional branch networks, provided there is 0 0 1 Meezan Islamic Income Fund 6.6 31.1% 5.7 28.3% 5.3 29.0%
2 Meezan Islamic Fund 5.9 27.8% 6.0 29.8% 4.3 23.7%

699 Boylston Street


2005 2006 2007 Jun-08
sufficient segregation of the Islamic services. As for free-standing Islamic 3 United Islamic Income Fund 2.0 9.3% 1.8 8.9% 2.2 12.1%
Changes Over Time banks, some have always been Islamic and others—such as Bank Albilad in Total assets of Shariah-compliant investment companies (KWD bn) 4 United Composite Islamic Fund 1.3 5.9% 1.2 6.0% 1.0 5.3%
5 KASB Islamic Income Fund N.A. N.A. 0.7 3.3% 0.9 5.2%
Saudi Arabia—have converted to their full Islamic bank status only recently. Total assets of conventional investment companies (KWD bn) 6 NAFA Islamic Income Fund 1.1 5.0% 0.9 4.3% 0.9 5.0%
Even if the overall market size is rather smaller than many have In total there are about 300 Islamic institutions and windows in the world 7 Pakistan International Element Islamic Fund 1.1 4.9% 1.0 4.8% 0.7 3.9%
Impressive recent No. of Shariah-compliant No. of conventional 8 Meezan Capital Protected Fund - I N.A. N.A. N.A. N.A. 0.6 3.1%
growth in funds imagined, there is no doubting the rate of growth. The industry had a today, and all are potential avenues of distribution for mutual funds. investment companies investment companies 9 NAFA Islamic Multi Asset Fund 0.8 3.9% 0.7 3.5% 0.5 3.0%
compound annual growth rate in assets of 26% between 2003 and 2007, 10 UTP Islamic Fund 0.9 4.4% 0.8 3.9% 0.5 2.7%
EXHIBIT 42: NUMBER OF ISLAMIC FINANCIAL INSTITUTIONS Sources: Central Bank of Kuwait, Cerulli Associates 11 Dawood Islamic Fund 0.5 2.5% 0.4 2.1% 0.4 2.2%

Boston MA 02116
although market turmoil in 2008 has meant a more sober 8% year-on-year GLOBALLY, 2008 12 Atlas Islamic Fund 0.7 3.1% 0.6 3.0% 0.4 2.2%
growth as at the end of the third quarter, and by the time year-end 2008 fund 13 Alfalah GHP Islamic Fund 0.4 2.1% 0.4 2.0% 0.4 2.0%
Others, 7, 4% Africa, 19, 12%
CBK data then breaks down further, into portfolio investment and 14 Atlas Islamic Income Fund N.A. N.A. N.A. N.A. 0.1 0.5%
numbers are available, the growth figure may well have declined further. Curious data from Total 21.3 100.0% 20.3 100.0% 18.3 100.0%
investment fund assets. Investment fund assets in Kuwait totaled KWD3.7 Kuwait’s central Sources: Mutual Fund Association of Pakistan, Cerulli Associates
Overall, we calculate a total compound annual growth rate of 23% from 2003
billion in June 2008, or US$14.1 billion; however, Cerulli has argued before
bank
to October 2008. Asia, 41, 26%
that this figure underestimates the true size of the Kuwaiti mutual fund Proprietary Survey of Pakistani Managers
A look at the way the number of funds has changed over time gives
industry, since many Kuwaiti managers domicile their funds elsewhere, Many people feel that one of the biggest challenges for Islamic
perhaps a clearer sense of momentum. The total number of funds really began

Tel: +1 617 437 0084


Awareness is a big
either in Bahrain or in offshore centers (for example, U.S. dollar funds may finance in Pakistan is getting people to realize that it even exists, andchallenge
this
to take off at the start of this decade, and for a time growth was exponential,
not be domiciled in Kuwait). attitude was confirmed by our survey of Pakistani managers. Asked what
culminating in 110 new fund launches in 2007 alone compared to 346 in all
The Shariah-compliant proportion of investment funds is broadly in would drive the growth of Islamic finance there, awareness ranked highly,
the previous years of launches. However, 2008 has had far fewer launches—
Middle East, 76, 49% Europe, 14, 9%
line with the data for investment companies: 11% of the total. The along with a greater standardization of Shariah principles. A greater product
48 as of October—which is partly a consequence of market volatility, but
KWD404.5 million or US$1.5 billion number given for Shariah investment range, which ranks highly elsewhere in the world, was rated as “significant”
also, we suspect, a slowdown in the number of new entrants to the industry.
Sources: Association of Islamic Banking Institutions Malaysia, Cerulli Associates fund assets, we believe, also understates the volume of money managed in a by less than one-third of survey respondents.
While we are unlikely to see 110 fund launches in a year again in the near
Shariah-compliant manner in Kuwait. For example, Global Investment
future, healthy growth should be expected. But a bigger priority should
House, based in Kuwait, has a GCC Islamic fund, two GCC real estate funds,
perhaps be for the existing funds to get more money into them, rather than for

30 Shariah Investing: Market Sizing and Analysis 92 Shariah Investing: Market Sizing and Analysis Shariah Investing: Market Sizing and Analysis 131 Shariah Investing: Market Sizing and Analysis 203

28 Maxwell Road
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Tel: +65 6327 4045

11-15 Betterton Street


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www.cerulli.com

File: Eblast 12/08


TABLE OF CONTENTS

INDEX OF EXHIBITS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6
METHODOLOGY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12
REPORT SCOPE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15
Beneficiaries 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19
Prognosis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .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 . . . . . . . . . . . . . . . . . . . . . . .27
Local 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

Shariah Investing: Market Sizing and Analysis 1


PRODUCT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .51
Asset Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .51
Product Types . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .59
Equity Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .59
Cash, Money Market and Trade-finance Funds . . . . . . . . . . . . . . .64
Fixed-income/Sukuk Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .66
Balanced Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .70
Real-estate Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .71
Commodity Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .73
Private-equity Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .74
Hedge Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .75
International Managers and Products . . . . . . . . . . . . . . . . . . . . . . . . . . . .76
Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .77
Prognosis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .79
DISTRIBUTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .80
Investor Types . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .80
Retail Investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .80
Family Offices, Corporates, and Pension Funds . . . . . . . . . . . . . .83
Sovereign Wealth Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .84
Takaful . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .86
Distribution Methods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .89
Direct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .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

2 Shariah Investing: Market Sizing and Analysis


The Credit Crunch and Saudi Arabia . . . . . . . . . . . . . . . . . . . . . . .111
Players . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .111
Product Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .114
Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .119
Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .120
Prognosis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .123
OTHER GCC STATES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .129
The Gulf and the Credit Crunch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .130
Kuwait . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .130
Market Sizing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .130
Players . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .134
Product Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .138
Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .140
United Arab Emirates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .141
Market Sizing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .141
Players . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .143
Product Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .144
Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .147
The Dubai International Financial Centre . . . . . . . . . . . . . . . . . . .149
Bahrain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .151
Market Sizing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .151
Players . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .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

Shariah Investing: Market Sizing and Analysis 3


Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .184
Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .185
Proprietary Survey of Malaysian Managers . . . . . . . . . . . . . . . . . . . . . . .187
Prognosis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .195
OTHER ASIAN NATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .197
Pakistan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .197
Market Sizing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .198
Players . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .201
Proprietary Survey of Pakistani Managers . . . . . . . . . . . . . . . . . . .203
Prognosis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .210
Indonesia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .211
Market Sizing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .212
Players . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .213
Product Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .217
Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .220
Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .220
Prognosis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .222
Other Asian Nations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .223
OTHER COUNTRIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .225
Egypt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .226
Market Sizing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .226
Market 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

4 Shariah Investing: Market Sizing and Analysis


North America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .237
Players and Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .237
The United States and Shariah Hedge Funds . . . . . . . . . . . . . . . . .239
Product Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .240
Prognosis: North America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .240
European 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .250
Players . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .250
Product Trends and Distribution . . . . . . . . . . . . . . . . . . . .251
Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .252
Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .255
GLOSSARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .257
INDEX OF COMPANIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .260

Shariah Investing: Market Sizing and Analysis 5


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,
2003–October 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27
2. Local Survey Respondents’ Views on Shariah Asset Breakdown,
2006–June 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28
3. Shariah Asset Breakdown, October 2008 . . . . . . . . . . . . . . . . . . . . . . .30
4. Number of Funds by Inception Year, 2000–October 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, 2005–2007 . . . . . . . . . . . . . . . . . . . . . . . .35
8. Shariah Mutual Fund Asset Projection, October 2008–2012E . . . . . . .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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .47
14. 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,
2002–October 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .57
20. All Survey Respondents’ Views on Investor Considerations, 2008 . .58
21. Shariah Asset Breakdown by Investment Location,
2006–June 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .59
22. Islamic Equity Funds by Investment Geography, October 2008 . . . .60
23. Top Islamic Equity Funds Globally, October 2008 . . . . . . . . . . . . . .62

6 Shariah Investing: Market Sizing and Analysis


24. Performance of Top 20 Islamic Equity Funds, 2007 . . . . . . . . . . . . .64
25. Top Islamic Cash Funds Globally, October 2008 . . . . . . . . . . . . . . . .66
26. Sukuk Issuance by Region, 2005–2Q 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 Manager’s 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 in
Shariah 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 . . . . . . . . . .92
43. 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, 2005–2007 and
2012E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .99
48. Gulf (ex-Saudi Arabia) Respondents’ Views on Growth Drivers,
2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .100
49. GCC Respondents’ Views 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 Respondents’ Views on Investor Considerations, 2008 . . . . . . .106

Shariah Investing: Market Sizing and Analysis 7


53. GCC Respondents’ Views 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,
2006–June 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, 2005–June 2008 . . . . . . . . . . . . . . . . . . . . . .131
69. Portfolio Investment and Investment Fund Assets of Conventional
vs. Shariah-Compliant Investment Companies, 2005–June 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, 2005–June 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .139
75. Management Fee Analysis for Kuwait-Domiciled Funds,
October 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .140

8 Shariah Investing: Market Sizing and Analysis


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
80. Islamic Funds Offered by Managers with Operations in the UAE
by Investment Geography, October 2008 . . . . . . . . . . . . . . . . . . . . . .146
81. Islamic Funds Offered by Managers with Operations in the UAE
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, 2005–June 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,
2002–September 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .165
94. Malaysian Islamic Fund Assets, 2002–September 2008 . . . . . . . . . .166
95. Malaysian Respondents’ Shariah Asset Breakdown,
2006–June 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,
2003–September 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .177
99. Malaysian Respondents’ Shariah Assets Breakdown by Asset
Type, 2006–June 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .178

Shariah Investing: Market Sizing and Analysis 9


100. Malaysian Islamic Funds by Type, 2002–June2008 . . . . . . . . . . . . .179
101. Malaysian Islamic Assets by Fund Type, 2002–June 2008 . . . . . . .180
102. Malaysian Respondents’ Islamic Assets by Investment Location,
2006–June 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .181
103. Shariah-Compliant Securities vs. Total Securities in Malaysia,
2002–June 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .182
104. Number and Size of Sukuk vs. Total Assets of Approved Bonds in
Malaysia, 2002–June 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .183
105. Management Fee Analysis for Malaysia-Domiciled Islamic Funds,
October 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .185
106. Malaysian Respondents’ Views on Growth Drivers, 2008 . . . . . . . .188
107. Malaysian Respondents’ Views on Challenges, 2008 . . . . . . . . . . . .189
108. Malaysian Respondents’ Views on Factors Contributing to the
Success of Malaysia’s 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 2008–September 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .199
115. Islamic vs. Non-Islamic Assets in Pakistan,
March 2008–September 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .200
116. Pakistani Respondents’ Shariah Asset Breakdown,
2007–June 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .201
117. Pakistani Islamic Fund Manager Ranking,
March 2008–September 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .202
118. Pakistani Islamic Fund Ranking, March 2008–September 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

10 Shariah Investing: Market Sizing and Analysis


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, 2003–July 2008 . . . . . . . .211
127. Indonesian Shariah Fund Assets Under Management and
Penetration Rate, 2002–2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .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 . . .233
141. 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 in
Switzerland, 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 11


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 in
this 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 interviews—in person and by
telephone, with officers among manufacturers, distributors, and regulators—
help wrap all the data points together.

12 Shariah Investing: Market Sizing and Analysis


Shariah Investing: Market Sizing and Analysis complements
Cerulli’s ongoing Asian research initiatives, led from our regional base in
Singapore:

• Asian Distribution Dynamics is Cerulli’s 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, Cerulli’s regular look at the institutional


and retail fund management industries in the world’s second-largest
economy, leverages ongoing surveys of asset managers active in Japan.

• The Cerulli Edge—Asia Pacific Edition, a quarterly research notes


publication that highlights recent proprietary research initiatives and
provides the most current Cerulli viewpoints on developments in the
region’s 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.

Shariah Investing: Market Sizing and Analysis 13


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

14 Shariah Investing: Market Sizing and Analysis


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 firms—be they banks, brokerage
firms, or insurance companies—in 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.

Shariah Investing: Market Sizing and Analysis 15


SAMPLE SECTION
from
THE CERULLI REPORT

SHARIAH INVESTING: MARKET SIZING AND ANALYSIS


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)

Global,
US$69 m, 8.8%
Asia Pacific,
Middle East/Africa, US$528 m, 67.2%
US$189 m, 24.0%

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 million
under management, and the largest from the Middle East, the Amanah
Balanced Portfolio from HSBC/SABB, just US$46 million.

70 Shariah Investing: Market Sizing and Analysis


EXHIBIT 58: TOP SAUDI ARABIAN SHARIAH MANAGERS BY
FUND TYPE, AUGUST 2008 (PART 2)

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%

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. According
to 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 average—contrasts with
that in Malaysia, where there are more Shariah funds, but the average size is
far lower.

Shariah Investing: Market Sizing and Analysis 117


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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .140
Al 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .238
Almadar Finance & Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .136
Al-Madina . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .136
Almal Investment Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .154
Amanah Saham Bank Islam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .173
Amanah Saham Nasional . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .172

260 Shariah Investing: Market Sizing and Analysis


Amanah SSCM Asset Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . .174
Amar Finance & Leasing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .136
AmBank Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .172
AmInvestment Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .234
AmInvestment Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .172
Amiri Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .249
AmIslamic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .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, 221
Bank 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

Shariah Investing: Market Sizing and Analysis 261


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, 228
Bhakti 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .144
Danareksa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .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

262 Shariah Investing: Market Sizing and Analysis


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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .174
ECONCAP 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . .256
HC 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,

Shariah Investing: Market Sizing and Analysis 263


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, 247
iHilal 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . .143
Kuwait 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

264 Shariah Investing: Market Sizing and Analysis


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, 173
MAAK 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .254
Oasis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .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

Shariah Investing: Market Sizing and Analysis 265


OSK-UOB Unit Trust Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . .174
Ospraie Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .75
PacificMas Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .174
Pacific Mutual . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .174
Pacific Star Investment and Development . . . . . . . . . . . . . . . . . . . . . . . .254
Parsoli . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .251
PCP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .231
Peconic Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .250
Permal Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .150, 250
Permodalan Nasional Madani (Persero) . . . . . . . . . . . . . . . . . . . . . . . . . .214
Permodalan National Berhad (PNB) Group . . . . . . . . . . . . . . .172, 184, 254
Pheim Unit Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .174
Pictet Asset Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .41, 248
PNM Investment Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . .214, 218
Prime Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .228, 229
Principal Financial Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .171
Prudential . . . . . . . . .29, 43, 47, 89, 91, 150, 168, 171, 173, 183, 184, 186,
PT Batavia Prosperindo Aset Manajemen . . . . . . . . . . . . . . . . . . . . . . . .214
PT Bhakti Capital Indonesia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .214
PT CIMB-GK Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .215
PT Danareksa Investment Management . . . . . . . . . . . . . . . . . . . . . . . . . .214
PT Eurocapital Peregrine Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . .216
PT Fortis Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .216
PT Insight Investments Management . . . . . . . . . . . . . . . . . . . . . . . . . . . .215
PT Kresna Graha Sekurindo (KGS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .215
PT Lautandhana Securindo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .215
PT Mandiri . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .214
PT Mandiri Manajemen Investasi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .214
PT Manulife Asset Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .216
PT Mega Capital Indonesia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .214
PT Trimegah Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .215
Public Mutual Berhad . . . . . . . . . . . . . . .60, 70, 80, 89, 112, 171, 172, 186
Pyrford International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .251
Qatar Islamic Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .135, 154, 161, 249
Qatar National Bank (QNB) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .161
Rana Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .114
Recapital Asset Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .216
Reliance Asset Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .171
RHB Investment Management . . . . . . . . . . . . . . . . . . . . . . . . .172, 186, 254
RHB Islamic Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .187

266 Shariah Investing: Market Sizing and Analysis


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, 240
Saudi 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
Société Générale 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .254
Sterling Advisory Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .238
TA Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .175
TAIB Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .154
The Capital Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .114
The Capital Partnership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .251
The National Investor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .144
The Securities House . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .136, 249
Tocqueville Asset Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .75
TT International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .55, 250
UBL Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .201
UBL Fund Managers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .201
UBS . . . . . . . . . . . . . . . . . . . . . . . . . .40, 43, 49, 76, 93, 147, 241, 247, 248
UM Financial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .239
Unicorn Investment Bank (UIB) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .154
Union National Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .144

Shariah Investing: Market Sizing and Analysis 267


United Development Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .161
UOB Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .174, 186
UOB Asset Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .254
Wafa Gestion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .230
Wafra Investment Advisory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .237
Wellington International Management . . . . . . . . . . . . . . . . .41, 43, 171, 254
Zweig-DiMenna International Managers . . . . . . . . . . . . . . . . . . . . . . . . . .75

268 Shariah Investing: Market Sizing and Analysis