| From Business24-7.ae: As many as 25 Islamic funds were liquidated in 2008 and the first quarter of 2009, while 18 were liquidated in all of 2006 and 2007 combined, Ernst & Young yesterday said.
The number of new funds launched dropped from 271 in 2006 and 2007 to 89 in 2008 and the first quarter of 2009. The decline mirrored the severe market correction shown by a 50 per cent decline in the MSCI Index during the period of November 2007 to March 2009 compared to a 40 per cent return in the period May 2005 to November 2007, it said.......Full Article: Source
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