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Islamic asset management.

Wilson, R. J. A. (2007) 'Islamic asset management.', Working Paper. Durham University, Durham.

Abstract

The last decade has seen increasing demand for shariah compliant asset management from institutional and private clients in the GCC, partly driven by the rapid rise in the region’s wealth, but also by the increasing number and breadth of asset classes now available for Islamic investors. International banks, notably HSBC, Citigroup, Deutsche Bank, UBS and Standard Chartered have seized the opportunity to adapt their existing asset management services to the needs of Islamic investors, and have appointed their own boards of shariah scholars to assure their clients that they are indeed Shariah compliant. This has been a learning experience for the banks themselves as well as the Islamic investors, the former learning about shariah principles, while the latter have learnt about asset management options and the implications for portfolios of the trade-off between risk and returns. Asset management encompasses both fund management and discretionary portfolio services for institutions and individuals of high net worth. For private banking clients, this may involve the management of trusts, established for tax or inheritance reasons. Shariah compliance in all of these areas poses interesting, but usually solvable, challenges. Fund management is a good starting point, as over 100 shariah compliant funds are available for retail investors in the Gulf, but treasury, wealth management and investment portfolio services, including the holding of Islamic sukuk securities, will also be reviewed in this chapter, as these are crucial for both private and corporate clients in the GCC.

Item Type:Monograph (Working Paper)
Full text:PDF - Published Version (354Kb)
Status:Public
Publisher Web site:http://www.dur.ac.uk/sgia/working/
Record Created:01 Sep 2008
Last Modified:05 Nov 2010 16:51

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