Islamic Fund Management
69
Matured Developing
(Advanced)
Developing
(Intermediate)
Infancy
Malaysia Pakistan South Africa Morocco
Regulatory
framework:
- Strong and single
regulatory framework
to govern the Islamic
financial market
- Specific guidelines on
Islamic fund
management
- Regulatory protection
for investors in
Islamic finance
market
Shariah governance
framework:
- Centralised Shariah
board
- Shariah resolutions/
standards on Islamic
fund structures
- Key functions such as
advisory, review and
audit
- Shariah screening
Infrastructure:
- Trading platform
- Clearing and
settlement
- Listing and approval
processes
Tax neutrality and
incentives:
- Removal of taxes
related to transfer of
assets
- Incentives for Islamic
fund management
industry
Diversification of
funds:
- Diversity in Islamic
fund structures and
products
Diversification of asset
class:
- Diversity in allocation
of Islamic funds
Diversification of
investor base:
- Institutional investors
- Inclusion of retail
investors