200708 the performance analysis of islamic mutual funds

8/3/2019 200708 the Performance Analysis of Islamic Mutual Funds

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The Performance Analysis of Islamic Mutual Funds

A Comparative Study between Indonesia and Malaysia

Ilham Reza Ferdian

Kuliyyah of Economics and Management Sciences

International Islamic University Malaysia

Gombak Campus, 53100, Kuala Lumpur, Malaysia

Email: [email protected]

Phone: +60-17-20-90-186

Miranti Kartika Dewi

Management Centre

International Islamic University Malaysia

Email: [email protected]

ABSTRACT

The development of Islamic Capital Market has supported the spread of some Islamic

financial instruments like Islamic Mutual Funds. Those instruments are widely applicable

to be traded on the emerging Islamic Capital Market, such as Indonesia and Malaysia.

While the interests of Muslim Investors to invest on such funds on those two countries

are increasing, there are not many analyses done in comparing the performance of the

Islamic Mutual funds between the two countries. This paper is aimed to show the

comparative analysis of the Islamic Mutual Funds performance traded in Indonesia and

Malaysia using the tools, such as Sharpe, Treynor and Jensen Index.

Keywords: Islamic mutual funds, performance, Sharpe, Treynor, Jensen.


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I. INTRODUCTION

The Islamic Capital Market with its infrastructure ranging from products, stockbrokers,

mutual funds and debt securities (bonds) is growing rapidly nowadays. The wider

acceptance of equity investment by the Islamic Scholars starting from the early 1990s,

constructed the establishment of Islamic mutual funds as the alternative for the Muslim

Investors that concern with the Sharia compliance. The Islamic mutual funds are

fundamentally different from conventional one from the scope and nature of the

investment objects. In the funds screening process, the companies whose core activities

include pork related products, alcohol, gambling, pornography, conventional banking and

entertainment related products and services like music, cinema and hotels are excluded.

Moreover, Islamic mutual funds have to be clean from riba since Muslims are not

allowed to receive or pay riba, commonly interpreted as interest.

According to the Annual Report of the Security Commission, on the end of the year

2006, in Malaysia, the total Islamic mutual funds available in the market are amounting

100 mutual funds or 24.0% of the total of 416 approved funds. The proportion of these

funds are consist of 50 equity funds, 18 sukuk funds, 19 balanced funds and the

remaining 13 funds consists of money market funds, structured products, feeder funds

and fixed income funds. The demand of these products is strong which has been proven

with the NAV that grew at a compounded annual growth rate of 33.8% from 1997 to

2006; exceeding the industry growth rate of 15.4%. The summary of the growth in

proportion of both Malaysian Conventional and Islamic mutual funds showed as follow.

Table 1. Malaysian Shariah-based Islamic Mutual Funds

2006 2005

Number of approved funds

Shariah-based

Total Industry

100

416

83

340

Total approved fund size (billion units) 64.3 50.5

Units in circulation (billion units) 18.54 18.62


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NAV

Shariah-based (RM billion)

Total Industry (RM billion)

% of Shariah-based to total industry

9.17

121.77

7.5%

8.49

98.49

8.6%

Source: Annual Report Security Commission 2006

While in Indonesia, although the Islamic mutual funds are also growing year by year but

the increase is not as rapid as in Malaysia. As stated by a research conducted the

Indonesian Capital Market Controller (Bapepam Badan Pengawas Pasar Modal), on the

end of September 2004, the value of Islamic mutual funds are amounting 0.285 billion

Rupiahs or 0.3% of total value of the mutual fund industry.

Even though from the statistics, the Malaysian Islamic mutual funds seem to perform

better because of the growth compared to the Indonesian Islamic mutual funds, but we

are yet to see the empirical performance on both countries Islamic mutual funds. This

paper aims to compare that performance by using the Sharpe, Treynor and Jansen

method.

II. PERFORMANCE MEASUREMENT OF ISLAMIC MUTUAL FUNDS :THEORY

The study measuring about the performance of Islamic mutual funds is still lack

compared to the study on the conventional ones. The most possible reasons that can

describe this fact are the lack of sufficient data.

One of the initial studies on the Islamic mutual funds was conducted by Annuar,

Shamsher and Ngu (1997) that assessed about the performance of 31 Malaysian mutual

funds for the period 1990-1995 by using the Treynor and Mazuy model (1966). Although

most of the study objects are Islamic funds, they also incorporate some of the

conventional funds in their study, so that the results are biased. They concluded from the

study that there is evidence that the Malaysian funds used as objects of study did

outperform their benchmark, but were poor at timing the market.


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On 2005, Elfakhani and Hassan examine the performance of Islamic mutual funds by

using sample of 46 Islamic mutual funds which classified into eight sector-based

categories based on their regional or sector investment exposure. Those categories are

Global equity funds, American equity funds, European equity funds, Asian equity funds,

Malaysian equity funds, Emerging markets equity funds, Emerging markets-South Africa

and Small Cap/Technology funds. They compared the performance of those funds to two

benchmarks which are Islamic index and the conventional ones. The results are

somewhat consistent across the different measures and benchmarks. The Emerging

markets funds category shows the best performance among all other samples over the

whole study period, followed by the American and the Emerging markets-South Africa in

the next position, while the worst performer on this study is Asian equity funds. Of the

total samples, 29 funds are consistently over-perform the market, while 11 funds are

over-perform depending on the used performance measures and benchmark. Another

finding on their study is that the performance of the Islamic mutual funds compared to

both used benchmarks is better in the decline period compared to the booming one. This

implies that the performance of the Islamic mutual funds is improving with the time.

Hayat (2006) on his study about the empirical assessment of Islamic Equity Fund Returns

found that there is no significant difference when comparing the total returns of

conventional and Islamic benchmarks. Furthermore he concluded that the Islamic Equity

Funds have empirically outperformed their Islamic as well as conventional benchmarks

during 2002. The main possible reason for this out performance mainly lies in the fact

that the funds hold sizable amounts of cash and thus co vary little with the market, which

also seems to hold in bear market conditions.

III. DATA AND METHODOLOGY

III. 1. Data Sources

On this paper, the data used on measuring the performance of both Indonesian and

Malaysian Islamic mutual funds are obtained from Bloomberg Database. The filter used


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in the mutual funds selection is based on the asset allocation mutual funds, which consist

of debt as well as equity investments, whose monthly returns are available over a period

of no less than two years. The period covered in this study starts on October 1, 2005 and

ends on April 30, 2007. The starting date is chosen since some of the mutual funds

became available on the market around that time. With the selection process, 5

Indonesian Islamic mutual funds and 20 Malaysian Islamic mutual funds are collected.

This paper also incorporates two stock market indices, which are Jakarta Islamic Index

(JII) and Kuala Lumpur Syariah Index (KLSI) as benchmark of the study. The three-

month Malaysian Government Treasury Bills and BI rates with the same period,

respectively obtained from the website of Bank Negara Malaysia and Bank Indonesia, are

used in the study as the risk-free assets. Afterward, the daily returns based on NAV for

each mutual fund, as well as the daily returns for JII and KLSI, are calculated for

conducting this study.

III. 2. Methodology

Treynor (1965), Sharpe (1966), and Jensen measure (1968) are used in evaluating the

performance of each mutual fund that furthermore will be compared to the benchmark

indices.

Treynor ratio is also known as the Reward to Volatility Ratio. This ratio measures a

fund's average excess return to the fund's beta, so that the risk measured on this ratio is

only the systematic risk. The result generated from the Treynor formula, as shown below,

is simply the slope of the line between the RFR and the risk-return plot for the fund.

i

iRFRR

T

=

The greater slope indicates a better risk-return tradeoff. Thus, higher T generally

indicates better performance as illustrated on the Figure 1 below.


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Figure 1. Plot of Performance on SML (T Measure)

Source: Reilly/Brown.Investment Analysis and Portfolio Management. 2006

Sharpe ratio is similar to the above except it uses beta instead of standard deviation. This

ratio measures the return earned in excess of the risk free rate on a portfolio to the

portfolio's total risk as measured by the standard deviation in its returns over the

measurement period.

i

i RFRRS

=

The Sharpe ratio is an appropriate measure of performance for an overall portfolio

particularly when it is compared to another portfolio, or another index such as the S&P

500, KLSI, JII, etc. Compared to Treynor ratio which is appropriate to be used inmeasuring the individual assets, Sharpe ratio is more appropriate to be used in evaluating

the well diversified portfolios since the later ratio uses total risk as one component of its

calculation.

Figure 2. Plot of Performance on CML (S Measure)

Source: Reilly/Brown.Investment Analysis and Portfolio Management. 2006


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Jensen's Ratios, however, is a portfolio performance measure based upon the Capital

Asset Pricing Model (CAPM) which calculate the excess return on a portfolio over time.

The breakdown of the formula can be seen as follow.

( )

( )

( ) ][ jtMjjtjtj

jtMjjtjjt

jtMjjjtjt

eRFRRRFRR

eRFRRRFRR

eRFRRRFRR

++=

+++=

++=

This ratio also measures the ability of active management to increase returns above those

that are purely a reward for bearing market risk. Therefore, it also can be interpreted as a

measure of how much the portfolio beat the market. A portfolio with a consistently

positive excess return (adjusted for risk) will have a positive alpha, vice versa.

Figure 3. Plot of Performance on CML (S Measure)

Source: Corrado, C.J. Fundamental of Investment. 2002

IV. EMPIRICAL RESULTS

The Treynor ratio is calculated for each unit trust using the mean return, the beta of the

unit trust and the mean return of the risk-free rate asset corresponds to the same period.

Table 2 and 3 lists the result of the Treynor ratios of Indonesian and Malaysian Islamic

mutual funds where the higher the ratio, the better is the unit trust performance. On table

2, it can be observed that by using the Treynor ratio, all the Islamic mutual funds have the


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positive ratios, where AAAMANS with Treynor ratio of 8.8087 holds the first position

compared to other mutual funds. This is possibly caused by the low beta compared to the

market. However, in table 3, AIAISTI holds the first position with the ratio of 1.3131,

followed by MAAIGIF 1.1019 and PRLIDAR 0.5767.

Table 2. Performance of Indonesian MF Sort by using Treynor Ratio

No Islamic MF Ri Rm Rf Sharpe Treynor Jensen

1 AAAMANS 18.50% 52.80% 11.30% 14.15% 0.0082 0.5086 8.8087 0.0686

2 MANVEST 38.54% 52.80% 11.30% 12.74% 0.4512 2.1370 0.6036 0.0851

3 PNMSYAR 28.08% 52.80% 11.30% 9.58% 0.3288 1.7520 0.5103 0.0313

4 DANBERI 35.87% 52.80% 11.30% 18.46% 0.5411 1.3314 0.4541 0.0212

5 BNIPSYA 23.77% 52.80% 11.30% 12.20% 0.3611 1.0219 0.3452 (0.0252)

Table 3. Performance of Malaysian MF Sort by using Treynor Ratio


1 AIAISTI 33.80% 36.39% 3.21% 9.88% 0.2330 3.0951 1.3131 0.2286

2 MAAIGIF 18.24% 36.39% 3.21% 14.44% 0.1364 1.0404 1.1019 0.1050

3 PRLIDAR 31.15% 36.39% 3.21% 25.82% 0.4845 1.0820 0.5767 0.1187

4 BHALMIZ 20.42% 36.39% 3.21% 8.38% 0.3203 2.0537 0.5374 0.0659

5 SBBDAIF 18.98% 36.39% 3.21% 5.24% 0.3384 3.0087 0.4661 0.0455

6 ALCONGP 8.88% 36.39% 3.21% 5.26% 0.1221 1.0777 0.4641 0.0162

7 PRUDMIK 33.38% 36.39% 3.21% 11.28% 0.6614 2.6751 0.4562 0.0823

8 BIMPERS 18.29% 36.39% 3.21% 11.88% 0.3657 1.2696 0.4125 0.0295

9 HWAFAIM 17.64% 36.39% 3.21% 10.21% 0.3511 1.4139 0.4110 0.0278

10 AMATEGU 27.58% 36.39% 3.21% 8.70% 0.6002 2.8015 0.4060 0.0445

11 PUBISBF 23.91% 36.39% 3.21% 8.74% 0.5235 2.3693 0.3955 0.0334

12 APXISBF 37.95% 36.39% 3.21% 14.70% 0.8985 2.3634 0.3867 0.0493

13 HLAITZA 25.46% 36.39% 3.21% 9.66% 0.5820 2.3022 0.3822 0.0294

14 TADOPTI 32.67% 36.39% 3.21% 13.16% 0.7958 0.3702


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2.2397 0.0306

15 HLGDMAR 26.78% 36.39% 3.21% 13.72% 0.7041 1.7182 0.3348 0.0021

16 PHEDAMA 20.88% 36.39% 3.21% 13.33% 0.6572 1.3257 0.2689 (0.0413)

17 RHBMDFI 18.56% 36.39% 3.21% 10.01% 0.6031 1.5333 0.2545 (0.0466)

18 COMDBAR 17.02% 36.39% 3.21% 12.47% 0.7538 1.1080 0.1833 (0.1119)

19 MCISSYA 6.84% 36.39% 3.21% 14.03% 0.2630 0.2587 0.1380 (0.0510)

20 MBF 8.46% 36.39% 3.21% 105.45% 1.6730 0.0498 0.0314 (0.5025)

The Sharpe measure, as already mentioned above, has almost the same formula with the

Treynor measure, but using standard deviation instead of beta as the denumerator. Table

4 and 5 shows the result of the Sharpe ratios of Indonesian and Malaysian Islamic mutual

funds that implied the excess return per unit of total risk of a unit trust. The higher the

ratio, the better is the unit trust performance. By using this ratio, all the funds have

positive ratios which reflect that the funds performances are good relative to the market.

However, the results are slightly different compared to when using Treynor ratio.

AAAMANS which took the first position in Treynor ratio calculation, now down ranked

to the last position because of its lowest return compared to other mutual funds. On the

other hand, MANVEST, PNMSYAR, DANBERI and BNIPSYA held the same

chronological positions as when calculated using Treynor ratio. The Malaysian mutual

funds top performer analyzed by using Sharpe ratio is AIAISTI, the same resulted by

Treynor ratio, while the next positions are relatively different, which are SBBDAIF and

AMATEGU which were in the fifth and tenth rank in the Treynor shorting. In over all,

Sharpe measures results show stronger Islamic mutual funds performance compared to

Treynor results.

Table 4. Performance of Indonesian MF Sort by using Sharpe Ratio


1 MANVEST 38.54% 52.80% 11.30% 12.74% 0.4512 2.1370 0.6036 0.0851

2 PNMSYAR 28.08% 52.80% 11.30% 9.58% 0.3288 1.7520 0.5103 0.0313

3 DANBERI 35.87% 52.80% 11.30% 18.46% 0.5411 1.3314 0.4541 0.0212


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4 BNIPSYA 23.77% 52.80% 11.30% 12.20% 0.3611 1.0219 0.3452 (0.0252)

5 AAAMANS 18.50% 52.80% 11.30% 14.15% 0.0082 0.5086 8.8087 0.0686

Table 5. Performance of Malaysian MF Sort by using Sharpe RatioNo Islamic MF Ri Rm Rf Sharpe Treynor Jensen

1 AIAISTI 33.80% 36.39% 3.21% 9.88% 0.2330 3.0951 1.3131 0.2286

2 SBBDAIF 18.98% 36.39% 3.21% 5.24% 0.3384 3.0087 0.4661 0.0455

3 AMATEGU 27.58% 36.39% 3.21% 8.70% 0.6002 2.8015 0.4060 0.0445

4 PRUDMIK 33.38% 36.39% 3.21% 11.28% 0.6614 2.6751 0.4562 0.0823

5 PUBISBF 23.91% 36.39% 3.21% 8.74% 0.5235 2.3693 0.3955 0.0334

6 APXISBF 37.95% 36.39% 3.21% 14.70% 0.8985 2.3634 0.3867 0.0493

7 HLAITZA 25.46% 36.39% 3.21% 9.66% 0.5820 2.3022 0.3822 0.0294

8 TADOPTI 32.67% 36.39% 3.21% 13.16% 0.7958 2.2397 0.3702 0.0306

9 BHALMIZ 20.42% 36.39% 3.21% 8.38% 0.3203 2.0537 0.5374 0.0659

10 HLGDMAR 26.78% 36.39% 3.21% 13.72% 0.7041 1.7182 0.3348 0.0021

11 RHBMDFI 18.56% 36.39% 3.21% 10.01% 0.6031 1.5333 0.2545 (0.0466)

12 HWAFAIM 17.64% 36.39% 3.21% 10.21% 0.3511 1.4139 0.4110 0.0278

13 PHEDAMA 20.88% 36.39% 3.21% 13.33% 0.6572 1.3257 0.2689 (0.0413)

14 BIMPERS 18.29% 36.39% 3.21% 11.88% 0.3657 1.2696 0.4125 0.0295

15 COMDBAR 17.02% 36.39% 3.21% 12.47% 0.7538 1.1080 0.1833 (0.1119)

16 PRLIDAR 31.15% 36.39% 3.21% 25.82% 0.4845 1.0820 0.5767 0.1187

17 ALCONGP 8.88% 36.39% 3.21% 5.26% 0.1221 1.0777 0.4641 0.0162

18 MAAIGIF 18.24% 36.39% 3.21% 14.44% 0.1364 1.0404 1.1019 0.1050

19 MCISSYA 6.84% 36.39% 3.21% 14.03% 0.2630 0.2587 0.1380 (0.0510)

20 MBF 8.46% 36.39% 3.21% 105.45% 1.6730 0.0498 0.0314 (0.5025)

Afterward, when Jensen Alpha are calculated by using the formula stated on the

methodology part above, we get the result, as presented on the Table 4, that four of five


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Indonesian Islamic mutual funds have positive alpha, which are MANVEST 0.0851,

AAAMANS 0.0686, PNMSYAR 0.0313. While, fifteen of twenty Malaysian Islamic

Mutual funds have positive alpha, with the top three performers AIAISTI 0.2286,

PRLIDAR 0.1187, MAAIGIF 0.1050.

Table 6. Performance of Indonesian MF Sort by using Jensen Alpha


1 MANVEST 38.54% 52.80% 11.30% 12.74% 0.4512 2.1370 0.6036 0.0851

2 AAAMANS 18.50% 52.80% 11.30% 14.15% 0.0082 0.5086 8.8087 0.0686

3 PNMSYAR 28.08% 52.80% 11.30% 9.58% 0.3288 1.7520 0.5103 0.0313

4 DANBERI 35.87% 52.80% 11.30% 18.46% 0.5411 1.3314 0.4541 0.0212

5 BNIPSYA 23.77% 52.80% 11.30% 12.20% 0.3611 1.0219 0.3452 (0.0252)

Table 7. Performance of Malaysian MF Sort by using Jensen Alpha


1 AIAISTI 33.80% 36.39% 3.21% 9.88% 0.2330 3.0951 1.3131 0.2286

2 PRLIDAR 31.15% 36.39% 3.21% 25.82% 0.4845 1.0820 0.5767 0.1187

3 MAAIGIF 18.24% 36.39% 3.21% 14.44% 0.1364 1.0404 1.1019 0.1050

4 PRUDMIK 33.38% 36.39% 3.21% 11.28% 0.6614 2.6751 0.4562 0.0823

5 BHALMIZ 20.42% 36.39% 3.21% 8.38% 0.3203 2.0537 0.5374 0.0659

6 APXISBF 37.95% 36.39% 3.21% 14.70% 0.8985 2.3634 0.3867 0.0493

7 SBBDAIF 18.98% 36.39% 3.21% 5.24% 0.3384 3.0087 0.4661 0.0455

8 AMATEGU 27.58% 36.39% 3.21% 8.70% 0.6002 2.8015 0.4060 0.0445

9 PUBISBF 23.91% 36.39% 3.21% 8.74% 0.5235 2.3693 0.3955 0.0334

10 TADOPTI 32.67% 36.39% 3.21% 13.16% 0.7958 2.2397 0.3702 0.0306

11 BIMPERS 18.29% 36.39% 3.21% 11.88% 0.3657 1.2696 0.4125 0.0295

12 HLAITZA 25.46% 36.39% 3.21% 9.66% 0.5820 2.3022 0.3822 0.0294

13 HWAFAIM 17.64% 36.39% 3.21% 10.21% 0.3511 1.4139 0.4110 0.0278


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14 ALCONGP 8.88% 36.39% 3.21% 5.26% 0.1221 1.0777 0.4641 0.0162

15 HLGDMAR 26.78% 36.39% 3.21% 13.72% 0.7041 1.7182 0.3348 0.0021

16 PHEDAMA 20.88% 36.39% 3.21% 13.33% 0.6572 1.3257 0.2689 (0.0413)

17 RHBMDFI 18.56% 36.39% 3.21% 10.01% 0.6031 1.5333 0.2545 (0.0466)

18 MCISSYA 6.84% 36.39% 3.21% 14.03% 0.2630 0.2587 0.1380 (0.0510)

19 COMDBAR 17.02% 36.39% 3.21% 12.47% 0.7538 1.1080 0.1833 (0.1119)

20 MBF 8.46% 36.39% 3.21% 105.45% 1.6730 0.0498 0.0314 (0.5025)

V. CONCLUSION

This study asses the comparative performance of Indonesian and Malaysian Islamic

mutual funds over the period of October 2005 to April 2007 by using the daily funds

returns. The results are relatively consistent across the different used measurement tools,

while the slight differences are somehow happen because of the specific mutual funds

position compared to the market which is reflected by beta, the fluctuation of returns

which is reflected by standard deviation, and also the average daily returns of the Islamic

mutual funds themselves.

Between the two countries, the empirical result obtained from the study may come to the

conclusion that Malaysian Islamic mutual funds seem to be outperformed the Indonesian

Islamic mutual funds. This phenomenon can be happened due to the fact that the

Malaysian Islamic Capital Market is relatively more established than the Indonesian one.

The total amount of funds, number of players and the huge demand on the Malaysian

Islamic Mutual Funds also can be the strength that causes this better position. On the

other hand, Indonesian Islamic Capital Market is relatively new, and besides that some

other factors also trigger the development of this market, such as the lack understanding

of capital market players about Islamic capital market, the availability of information

regarding Islamic capital market, the investors interest on the products of Islamic capital

market, the regulation framework, the sharia supervisory on the related institutions, and


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also the regulator of the Islamic capital market. Therefore, it is needed for the Indonesian

Government as well as Capital Market Regulator and Players to support the development

of this Islamic Capital Market.

As overall conclusion, since the study found that the Islamic mutual funds are relatively

outperform the market; these instruments can be taken to consideration by both

Conventional and Islamic investors as the part of their portfolio selection.


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REFERENCE

Annual Report 2006. Retrieved July 3, 2007, from Security Commission. Web site:

http://www.sc.com.my/eng/html/resources/annual/ar2006_eng/pdf/part6.pdf

Annuar, M.N., S. Mohamed and M.H. Ngu, (1997) Selectivity and Timing: Evidence

from the Performance of Malaysian Unit Trusts, Pertanika 5(1), 45-57.

BI Rates. Retrieved June 29, 2007, from Bank Indonesia. Web site: http://www.bi.go.id

Corrado, C.J. & Jordan, B.D. (2005). Fundamentals of Investments: Valuation and

Management. Boston, Mass.: McGraw-Hill/Irwin.

Elfakhani, S.& Hassan, M. K. (2005). Performance of Islamic Mutual Fund. 12th

Economic Research Forum Conference Paper

Hayat, R. (2006).An Empirical Assessment of Islamic Equity Fund Returns. Amsterdam:

Free University. Master Thesis

Malaysian Government Treasury Bill Rates. Retrieved June 29, 2007, from Bank Negara

Malaysia. Web site: http://www.bnm.gov

Ngapon, Semarak Pasar Modal Syariah. Retrieved July 3, 2007, from Bapepam. Web

site:http://www.bapepamlk.depkeu.go.id/old/layanan/warta/2005_april/semarak_s

yariah.pdf

Reilly, F.K. & Brown, K.C.(2006). Investment Analysis and Portfolio Management. 8th.

Ohio: Thomson, South-Western.

Tim Studi Tentang Investasi Syariah di Pasar Modal Indonesia. Studi Tentang Investasi

Syariah di Pasar Modal Indonesia.Retrieved July 4, 2007, from Bapepam. Web

site:http://www.bapepamlk.depkeu.go.id


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Appendix 1. List of Indonesian and Malaysian Balance Islamic Mutual Funds

Indonesian Islamic Mutual Funds

No Ticker Name

1 DANBERI Danareksa Syariah Berimbang

2 BNIPSYA BNI Dana Plus Syariah

3 AAAMANS AAA Amanah Syariah Fund

4 PNMSYAR PNM Syariah

5 MANVEST BSM Investa Berimbang

Malaysian Islamic Mutual Funds

No Ticker Name

1 PUBISBF Public Islamic Balanced Fund

2 RHBMDFI RHB Mudharabah Fund

3 COMDBAR Commerce Trust Dana Barakah

4 APXISBFI Apex Dana Al-Faiz I

5 BHALMIZ SBB Dana Al-Mizan

6 SBBDAIF SBB Dana Al-ITidal Fund

7 TADOPTI TA Dana Optimix

8 BIMPERS BIMB Asri Dana Al Munsif

9 HLGDMAR HLG Dana Maarof

10 AFFDANA Dana Islamiah Affin

11 HLAITZA HLA Venture Dana Putra

12 PRLIDAR Prulink Dana Urus

13 PRLIDA2 Prulink Dana Urus 2

14 HWAFAIM Hwang-DBS Dana Fahim

15 PRUDMIK Prudential Dana Dinamik

16 PHEDAMA Pheim MT Dana Makmur

17 MCISSYA MCIS Zurich Jati

18 AIAISTI AIA Dana Progresif

19 AMATEGU Amassurance Dana Teguh

20 MAAIGIF MAA US$ Global Islamic Fund


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200708 the performance analysis of islamic mutual funds

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