From Zawya Dow Jones: Islamic equity funds have come a long way since their launch in the 1980s. While the first Islamic banks were established in the Middle East in the 1970s, it took about ten more years until the first Islamic equity funds arrived. And surprisingly the first products were launched in the U.S., Singapore and South Africa, followed by Malaysia and then finally the Middle East.

In 1996, there were approximately 40 Islamic equity funds globally, today there are more than 400. This impressive growth was paralleled by a surge in assets under management. From 2000 to 2008, assets under management in Islamic equity funds grew at an average annual rate of 30%………………………………….Full Article: Source