08.03.2013 - Islamic fund managers in Gulf opt for foreign domiciles
Islamic fund managers in the Gulf are increasingly choosing foreign domiciles for their products, favouring their cost-efficiency and reputation for strong regulation as investors seek to avoid any suspicion of money laundering or tax evasion. The last few years have been difficult for the Gulf's Islamic fund industry as a whole; Western firms pulled out as they were hurt by the global financial crisis, and as slumping equity markets reduced investor interest. The fund arms of UBS, Citigroup, Allianz, Deutsche Bank, Credit Suisse and HSBC have liquidated some or all of their Islamic funds. In total, 88 funds have been liquidated globally in the last two years...............................................Full Article: Source
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