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TABLE OF CONTENTS
LIST OF CHARTS iv LIST OF FIGURES v LIST OF BOXES vi LIST OF ABBREVIATIONS vii EXECUTIVE SUMMARY 1 1. INTRODUCTION 6 1.1 Aim, Objectives and Scope of the Study 6 1.2 Methodology 7 1.3 Overview of the Study 9 2. REVIEW OF GLOBAL ISLAMIC FUND MANAGEMENT INDUSTRY 11 2.1 Development of Global Fund Management Industry 11 2.1.1 Definition of Fund Management 11 2.1.2 Key Differences Between Islamic and Conventional Funds 13 2.1.3 Role of Fund Management from Economic and Islamic Viewpoints 14 2.1.4 Different Types of Islamic and Conventional Funds 16 2.1.5 General Principles of Fund Set-Up, Historical Evolution, Key Global Trends 20 2.1.6 Current Size and Market Share of Global Fund Management Industry 23 2.2 Islamic Fund Management and Its Role in Islamic Capital Markets 28 2.2.1 Structuring a Shariah-Compliant Fund 28 2.2.2 The Importance of Fund Management in Islamic Capital Markets 33 2.3 Future Trends of Islamic Fund Management Industry 35 2.3.1 Sustainable and Responsible Investment (SRI) 35 2.3.2 Financial Technology (Fintech) 38 3. COMPREHENSIVE ANALYSIS OF ISLAMIC FUND MANAGEMENT: INFRASTRUCTURE DEVELOPMENT, INVESTMENT AND COMMERCIAL CONSIDERATIONS 40 3.1 Development of Infrastructure of the Islamic Funds Ecosystem 40 3.1.1 Structural Differences in the Development of an Islamic Fund 42 3.1.2 Review and Analysis of Various Funds by Investment Portfolio 48 3.1.3 Advantages and Disadvantages of Various Funds 54 3.2 Investment and Commercial Considerations 55 3.2.1 Factors Influencing the Decision-Making Process of Funds 55 3.2.2 Comparison of Transaction Costs 58 3.2.3 Target Investors and Geographical Distribution 60 3.3 Key Factors Underpinning the Development of Islamic Fund Management 62 3.3.1 Key Issues and Challenges in Islamic Fund Management 64