Failaka releases 2006 Islamic Fund Report at 2nd Annual Failaka Islamic Fund Awards

The Report compiles information from a detailed database on the world's Shari'a-compliant equity funds, used by fund managers, rating agencies, and universities.

"2007 marks the year when we begin to include Asian funds in our coverage," said Mark Smyth, MD, Failaka Advisors. "Taken together, Asian funds represent roughly a third of global market for Islamic equity funds. The 2006 year-end review contains detailed profiles of over 100 Shari'a-compliant equity funds and lists the full 218 that exist globally. We have also given the report a new look and feel after 10 years."

Failaka's fund profiles contain information on Inception date, Assets under Management, Top Holdings, Jurisdiction, Performance History, Fee structure, as well as a listing of each fund's Shari'a Board Members. Failaka releases four quarterly reports during the course of the year with one end-of-the-year annual report.

"Islamic equity funds represent a growing market segment estimated at $14 billion worldwide and we hope that through our quarterly reports, we can create a higher-level of transparency and a greater quantity of meaningful information about this fast-growing sector," continued Smyth. "We (Failaka) believe that greater transparency will lead to faster growth in the industry."

Failaka Advisors was the first organization to track and publish performance results for Islamic equity funds. Reports are updated and published quarterly. Its first report, published in March of 1998, profiled 13 equity funds, while the current report profiles over 100 and lists the full 218 Islamic-compliant equity funds that presently exist. Each year, Failaka reaches out to and solicits information from new funds across the industry, which details are added to subsequent reports.

The first quarterly report for 2007 is expected to be released at the end of April 2007.