Malaysia is fast establishing itself as a global hub for dedicated Islamic fund management companies. The Securities Commission Malaysia, the securities regulator chaired by Zarinah Anwar, granted at the end of June 2010 the latest Islamic fund management licence to Saturna Capital Corp., an American fund manager with a good track record in managing Shariah-compliant funds. This brings the number of dedicated Islamic fund management companies licensed in Malaysia to 12.
Malaysia and Saudi Arabia are the two largest Islamic funds markets in the world. According to the latest data from the Capital Market Authority (CMA) in Saudi Arabia, there are 147 Islamic mutual funds in the Kingdom – with a total volume of just under $30 billion. NCB Capital is the largest with 24 funds under the Al-Ahli label. Similarly, according to the latest SC data, the number of Islamic unit trusts and mutual funds in Malaysia totalled 155 at the end of June 2010 with a total volume of about RM22.69 billion.