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4. CASE STUDIES 68 4.1 Introduction: Methodology and Selection Criteria 68 4.2 Malaysia 73 4.2.1 Overview of Malaysia’s Islamic Finance and Islamic Fund Management Industries 73 4.2.2 Evolution of Malaysia’s Islamic Fund Management Industry 77 4.2.3 Investment and Commercial Considerations 79 4.2.4 Key Factors Underpinning the Development of Malaysia’s Islamic Fund Management Industry 87 4.2.5 Country-Specific Recommendations 89 4.3 Pakistan 93 4.3.1 Overview of Pakistan’s Islamic Finance and Islamic Fund Management Industries 93 4.3.2 Evolution of Pakistan’s Islamic Fund Management Industry 102 4.3.3 Investment and Commercial Considerations 108 4.3.4 Key Factors Underpinning the Development of Pakistan’s Islamic Fund Management Industry 112 4.3.5 Country-Specific Recommendations 118 4.4 Morocco 122 4.4.1 Overview of Morocco’s Islamic Finance and Islamic Fund Management Industries 122 4.4.2 Evolution of Morocco’s Islamic Finance and Islamic Fund Management Industries 129 4.4.3 Investment and Commercial Considerations 131 4.4.4 Key Factors Underpinning the Development of Morocco’s Islamic Fund Management Industry 133 4.4.5 Country-Specific Recommendations 136 4.5 South Africa 140 4.5.1 Overview of South Africa’s Islamic Finance and Islamic Fund Management Industries 140 4.5.2 Evolution of South Africa’s Islamic Finance and Islamic Fund Management Industries 147 4.5.3 Investment and Commercial Considerations 148 4.5.4 Key Factors Underpinning the Development of South Africa’s Islamic Fund Management Industry 150 4.5.5 Country-Specific Recommendations 152 5. GENERAL POLICY RECOMMENDATIONS 154 5.1 Strategic Framework and Roadmap for Islamic Fund Management 154 5.2 General Recommendations for Improving Islamic Fund Management 157 6. CONCLUSION 161 REFERENCES 164 ACKNOWLEDGEMENT 172