Table 1.1: Case-Study Countries by Regional Location..............................................................................................8

Table 1.2: Case-Study Countries by Growth and Competitiveness Level ..........................................................8

Table 2.1: Difference in Asset Allocation between Conventional and Islamic Investor........................... 14

Table 2.2: Type of Funds by Investment Portfolio and Asset Class................................................................... 17

Table 2.3: Alternative Funds and Some Specific Types of Islamic Funds ....................................................... 19

Table 2.4: Estimated Global AuM 2004-2020 (USD trillion) ................................................................................ 24

Table 2.5: Characteristics and Risk Profiles of Major Categories of Investment Funds ........................... 32

Table 2.6: Growth of SRI Assets by Region 2014-2016 (USD billion) .............................................................. 36

Table 2.7: Proportion of SRI Assets Relative to Total Assets Managed (2014-2016) ............................... 37

Table 3.1: Comparison between Conventional Unit Trust and Islamic Unit Trust..................................... 43

Table 3.2: Comparison of Different Shariah Screening Methodologies ........................................................... 44

Table 3.3: Salient Terms of Malaysia’s Guidelines on Islamic REITs ................................................................ 52

Table 3.4: Advantages and Disadvantages of Funds by Asset Class .................................................................. 54

Table 3.5: Comparison between Open-Ended and Close-Ended Funds .......................................................... 56

Table 3.6: Comparison of Transaction Costs by Asset Class – the Malaysian Experience....................... 59

Table 3.7: Comparison of Transaction Costs by Asset Class – the Pakistani Experience ........................ 59

Table 3.8: Stage of Country’s Islamic Funds Development and Macroeconomic Factors ....................... 62

Table 4.1: Development-Stage Matrix for Islamic Fund Industry ...................................................................... 68

Table 4.2: Description of the Development-Stage Matrix...................................................................................... 70

Table 4.3: Performance of Key Segments of ICM in Malaysia .............................................................................. 76

Table 4.4: Timeline of Key Regulatory Initiatives in Malaysia ............................................................................ 77

Table 4.5: Tax Incentives for the Malaysian Fund Management Industry ..................................................... 80

Table 4.6: Islamic REITs in Malaysia............................................................................................................................... 82

Table 4.7: Islamic ETFs Listed on Bursa Malaysia (as at April-2018).............................................................. 85

Table 4.8: Recommendations on Improving Demand (Buy Side) ...................................................................... 91

Table 4.9: Recommendations on Improving Supply (Sell Side).......................................................................... 92

Table 4.10: Historical Returns of Indices in Pakistan (USD-Based Returns (%)).................................... 100

Table 4.11: Performance of Pakistan’s Islamic Fund Management Industry (2017) ............................. 101

Table 4.12: Key Milestones of Pakistan's Fund Management Industry ........................................................ 102

Table 4.13: Pakistan Government’s Tax Incentives for Investing in Funds ................................................ 103

Table 4.14: Investment Strategies of Different Types of Islamic Funds in Pakistan............................... 109

Table 4.15: Number of Investors' Accounts (Open- and Close-Ended Mutual Funds) .......................... 116

Table 4.16: Recommendations on Improving Demand (Buy Side) ................................................................ 119

Table 4.17: Recommendations on Improving Supply (Sell Side) .................................................................... 120

Table 4.18: Recommendations on Improving Demand (Buy Side) ................................................................ 137

Table 4.19: Recommendations on Improving Supply (Sell Side) .................................................................... 138

Table 4.20: Islamic Finance Activity in Sub-Saharan Africa .............................................................................. 140

Table 4.21: Regulators of South Africa’s Financial Market ................................................................................ 141

Table 4.22: Milestones of Islamic Finance in South Africa ................................................................................. 147

Table 4.23: Regulatory Timeline of South Africa.................................................................................................... 147

Table 4.24: FTSE/JSE Shariah Screening Methodology ....................................................................................... 149

Table 4.25: Recommendations on Improving Demand (Buy Side) ................................................................ 153

Table 4.26: Recommendations on Improving Supply (Sell Side) .................................................................... 153

Table 5.1: Key Measures to Support a Viable Framework for Islamic Funds ............................................ 155

Table 5.2: General Recommendations for a Matured Market ........................................................................... 157

Table 5.3: General Recommendations for a Developing Market ..................................................................... 158

Table 5.4: General Recommendations for an Infant Market.............................................................................. 160

Table 6.1: Summary of Policy Recommendations.................................................................................................. 161