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Friday, 30 May 2008

GCC, Far East Shariah assets 'total $267bn'


Shariah-compliant investable assets in the GCC and Far East have reached $267 billion, said Ernst & Young in its Islamic Funds and Investments Report.
At the end of March 2008, there were more than 500 Shariah-compliant funds in the world, 153 of which were established in 2007 alone, it said.
According to the report, the total number of Islamic funds could reach 1,000 by 2010.
Commenting on the sovereign wealth funds (SWFs), the report estimated that SWFs in the GCC and Far East hold assets worth almost $1.3 trillion, while pension funds in the GCC have estimated assets of more than $46 billion.
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