An International Conference on Islamic Funds and Investment opened this week in Karachi, Pakistan. According to the Pakistan Observer, among the large number of attendees were investors from the USA and Canada.

The report indicated that some $1.3 trillion is invested in 650 Shariah-Compliant funds worldwide, including  230 in Saudi Arabia, 172 in Malaysia, 59 in the Cayman Islands, 46 in Bahrain, 29 in Luxembourg, 16 in Dubai and 11 in Singapore. (Notice that there is no mention of Iran here, which has more Shariah-compliant assets than any other nation and by far the most large Shariah-compliant financial institutions.)

Among the US attendees was Kavilash Chawla, MD, Nur Global Strategies, Chicago. Two Shariah scholars attended: Mufti Muhammad Najeeb Khan, Shariah Advisor, Habib Metropolitan Bank Limited, Pakistan; Qazi Abdul Samad, Shariah Advisor, The Bank of Khyber, Pakistan.



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