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LIST OF FIGURES
Figure 2.1: Flow Chart of the Fund Management Process ..................................................................................... 11 Figure 2.2: Differentiating the Criteria between Islamic and Conventional Funds.................................... 14 Figure 2.3: Roles and Advantages of Islamic Fund Management ....................................................................... 16 Figure 2.4: Process Flow of Fund Development......................................................................................................... 21 Figure 2.5: Further Developments in Islamic Equity Markets............................................................................. 22 Figure 2.6: Basic Shariah Requirements of an Islamic Fund ................................................................................ 29 Figure 2.7: Parties Involved in Islamic Fund Management and Their Roles ................................................. 30 Figure 2.8: Shariah Contractual Relationships in an Islamic Fund.................................................................... 32 Figure 2.9: Intermediaries in a Financial System ...................................................................................................... 34 Figure 2.10: Efforts to Create a Positive Environment for SRI in Malaysia ................................................... 36 Figure 2.11: Quantum Change across the Value Chain of Islamic Fund Management .............................. 39 Figure 3.1: Building Blocks to Sustain the Long-Term Growth of Islamic Fund Management ............. 40 Figure 3.2: Example of Islamic Equity Fund Screening Process in Malaysia................................................. 45 Figure 3.3: Analysis of the Various Types of Funds by Investment Portfolio ............................................... 48 Figure 3.4: Basic Structure of an Islamic Equity Fund ............................................................................................ 49 Figure 3.5: Basic Structure of an Islamic Fixed-Income Fund ............................................................................. 50 Figure 3.6: Basic Structure of an Islamic Money Market Fund............................................................................ 51 Figure 3.7: Basic Structure of an Islamic REIT............................................................................................................ 52 Figure 3.8: Basic Structure of an Islamic ETF.............................................................................................................. 53 Figure 3.9: Overview of Funds’ Characteristics.......................................................................................................... 55 Figure 3.10: Example 1 of an Investment Process .................................................................................................... 57 Figure 3.11: Example 2 of an Investment Process .................................................................................................... 58 Figure 3.12: Key Investor Profiles in Islamic Finance ............................................................................................. 61 Figure 3.13: Geographical Distribution of Islamic AuM against Muslim Population................................. 62 Figure 4.1: Malaysia's Islamic Financial Market ........................................................................................................ 73 Figure 4.2: SC’s Shariah Screening Methodology....................................................................................................... 81 Figure 4.3: Structure of Al-Aqar KPJ REIT .................................................................................................................... 83 Figure 4.4: Structure of Al-Hadharah Boustead REIT.............................................................................................. 83 Figure 4.5: Basic Structure of an Islamic ETF in Malaysia..................................................................................... 84 Figure 4.6: Concept and Regulation of Islamic ETFs in Malaysia ....................................................................... 86 Figure 4.7: Lessons from Malaysia’s Experience ....................................................................................................... 90 Figure 4.8: Overview of Pakistan's Financial Sector ................................................................................................ 94 Figure 4.9: Broad Categories of NBFCs in Pakistan .................................................................................................. 95 Figure 4.10: Structure of VPS .......................................................................................................................................... 106 Figure 4.11: Structure of Islamic REITs in Pakistan.............................................................................................. 107 Figure 4.12: Process Flow of Fund Development in Pakistan........................................................................... 109 Figure 4.13: Morocco's Economic and Financial Fundamentals...................................................................... 125 Figure 4.14: Development of a Shariah-Compliant Financial Ecosystem in Morocco ........................... 126 Figure 4.15: Participation Banks in Morocco – 5 Full-Fledged Banks and 3 Windows ......................... 127 Figure 4.16: Global Market Shares of Islamic Finance and Outlook for Morocco .................................... 129 Figure 4.17: Key Milestones of Morocco’s Islamic Finance Industry............................................................. 130 Figure 4.18: Investment and Commercial Considerations in Developing Morocco’s Islamic Funds132 Figure 4.19: One Centralised Entity for Shariah Standards ............................................................................... 134 Figure 4.20: Process Flow of Fund Development in South Africa ................................................................... 148 Figure 5.1: Ecosystem of the Islamic Fund Management Industry................................................................. 155 Figure 6.1: Development Cycle of Islamic Fund Management.......................................................................... 163