igh regional exposure to America. Before 9/11 and the bursting of the Internet bubble, many IEFs were overweight in information technology stocks (Siddiqi 2002, Visser 2004, failaka 2002). This was because it was an attractive sector to be in and one, which included companies that passed the Islamic criter

the most IEFs have minimum investment thresholds between $200045000, which is sufficiently modest to attract a substantial middle- class clientele (Siddiqi 2002). In fact the IEF industry has already been focussing on this segment. Failaka'2 for example states that of the 15 largest IEFs (in terms of asAPts)