The third report of Ernst & Young devoted to investment funds and Islamic investments have been made public on the occasion of the International Conference on Islamic funds and capital markets, which was held in Bahrain, May 25.
This report indicates that the active region from the Persian Gulf and Asia, invested in accordance with the Sharia reached 736 billion U.S. dollars.
These assets include investments made by many market participants using different instruments, such as Awqaf (donations to charities often recognized public utility), contributions to foundations, Takaful (insurance companies mutuals and co-operatives) and sovereign wealth funds. This translates into a potential source of income of 3.86 billion U.S. dollars for the industry Islamic asset management. Investment funds, however, remain small in size, since more than half of them have less than U.S. $ 20 million in assets under management.
The number of new funds launched has dropped from 271 in 2006-2007 to only 89 for the period of 2008 to the first quarter of 2009. This movement reflects the significant market correction initiated in the last year.
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