Praise for Investing in Islamic Funds
“When you start reading this impressive book you know instantly what Islamic finance is all about: It’s a different approach to banking and finance where profit is important but not overriding. For a westerner like myself it means: Forget about long-nurtured prejudices and be open to new ideas, which perhaps are not even that new because you can find them in both the Qur’an and the Bible (and in the Torah for that matter). It is one of the many virtues of Dr. Kamso’s book to explain to the investor who looks for a real alternative to conventional investments that Islamic Funds are one such alternative.”
—Dr. Rüdiger Litten LL.M., Rechtsanwalt, Partner, Norton Rose LLP
“Islamic asset managers have long faced the challenge of delivering a like-for-like return to that achieved by their counterparts in conventional asset management. The lack of adequate availability of all asset classes and Shariah restrictions on investment in many classes are cited as reasons for the lackluster performance of Islamic asset managers. Drawing on her remarkable experience of switching from conventional asset management to exclusively Islamic asset management, Noripah Kamso sets out to challenge this received wisdom in the industry. Noripah Kamso and her coauthors show convincingly that for managing the equity class, in particular, there is certainly no Shariah penalty. Indeed, recent evidence tends to show consistent outperformance by Shariah-screened funds. The authors also show that a similar story is gradually unfolding in the management of other asset classes. I have had the privilege of working closely with Noripah Kamso during her journey towards successful Islamic asset management from being one of Malaysia’s top asset managers. With this book, Noripah Kamso and her coauthors have left few excuses for Islamic asset managers to offer anything less than comparable returns to their conventional counterparts. They will now be challenged by conventional asset managers emboldened by the findings of this study to enter the Shariah-compliant asset management space. Noripah Kamso is to be congratulated for having produced a study which is likely to become a must read for asset managers and Islamic finance professionals.”
—M. Iqbal Asaria, Associate, Afkar Consulting Ltd; Teaching Fellow in Islamic Finance, Aston Business School
“Much has been written on the subject of Islamic banking, finance and investment. But Investing in Islamic Funds: A Practitioner’s Perspective is the first ever written on Islamic Funds from a practitioner’s point of view. As an Islamic asset management icon and leader, Noripah Kamso has been able to draw on her years of experience and impart her deep knowledge to the readers. She has ably covered a field which is fast growing in importance and relevance in contemporary times. This wonderful new book is relevant for the beginners who wish to have an understanding of Islamic Funds as well as the industry experts who will undoubtedly benefit from an inside view on this field.”
—Lim Say Cheong, Executive Vice President, Al Hilal Bank, UAE
“This is a Valuable contribution to Islamic finance literature. Written by one of the most successful practitioners in the field, the book makes accessible to market participants Islamic finance concepts. The hands-on experience of its author combined with the ease with which she demystifies Islamic finance and its investment strategies and portfolio formation recommends this book for students of finance in general and international investors in particular. The book should be of interest also to the students of capital markets, fund managers, and scholars in that it describes in familiar language a new, stable, and dynamic asset class that no international investor strategist could afford to ignore.”
—Abbas Mirakhor, Holder of INCEIF Chair in Islamic Finance
“During the last decade there was hardly any major investment market that was not confronted with the extraordinary charm with which Noripah acted as an ambassador and promoter of her most beloved Islamic funds. Noripah makes it very clear that from her point of view Shariah-compliant investing is growing rapidly as an alternative investment class for all investors, both Muslims and non-Muslims, mainly for its foundation in ethical business practice, social responsibility, and fiscal conservatism. And indeed she presents the Shariah funds not to be seen primarily from an ideological point of view than rather from their technical features. Those features form the new investment class and those features are the appealing factors to potential investors overall and not only Muslim investors. In order to support her case she has a whole chapter on mitigating the myths followed by empirical evidence that Shariah-compliant funds are not by definition second-best solutions. Overall a book providing critical knowledge about Shariah-compliant funds wrapped with a language of female charm combined with high levels of analytical skills and indeed the application experience of a world-class practitioner. A book to be read from the beginning to the end or in selective steps—both ways intellectually stimulating and pure fun.”
—Dr. Manfred Dirrheimer, Founding Chairman of the board of directors, FWU AG
“A fulsome guide to Shariah financial services from a practitioner at the heart of the industry.”
—Rory Tapner, CEO, Coutts
“Datuk Noripah’s perspectives on Islamic funds provide insights into the opportunity that exists for their growth within the global market. The practical approach that her book describes, alongside the vast experience, is a helpful contribution to understanding a sector that is evolving and developing at a constantly rapid pace. The development of UCITS and other fund platforms is an important step in the globalization process.”
—Neil Ryan, Assistant Secretary General, Department of Finance, Ireland
“As an academician as well as a practitioner, I find this book significantly different from other similar books in the market. Investing in Islamic Funds offers a useful guide on understanding the salient features of Islamic investment imbued with practical insights and analysis. The author has demonstrated her excellent degree of knowledge in this young but promising industry. The book also reflects her practical experience in various forms of Islamic investment which cut across many Islamic investment assets and their inherent issues from a fund manager perspective. The book is ideal for those who are keen to have a comprehensive and working knowledge on Islamic investment but having little time to read relevant literature. The journey of the book is both cohesive and coherent offering both industry and academic-driven knowledge. Both aspects of the knowledge have been presented in an interwoven manner which makes this book easy reading. Undoubtedly, the book is a new contribution in the field of Islamic investment which has been long overdue. For all intents and purposes, the author has succeeded to articulate many different aspects of Islamic investment industry, namely Shariah principles, investment methodologies and strategies, investment asset classes, and contemporary issues of Islamic investment, in a simple language to benefit the wider audience and readers.”
—Dr. Mohd Daud Bakar, Shariah Scholar/Group Chairman, Amanie Advisors
“A brilliant piece of work. The book is all-in-one learning package for anyone interested in Islamic Investment. Topics rarely attempted are included such as myths of Sharia investing, comparative analyses with conventional investing, and Sharia-compliant UCITS. Finally, if Islamic investing has always baffled you, this book is the key to unlock its mysteries.”
—Naseeruddin Ahmad Khan, CEO, Rusd Investment Bank Inc.