the market. Unlike Chen et aL, Annuar, Shamsher and Ngu found a positive correlation between market timing ability and security selection ability. Shamsher, Annuar and Taufeeq (2000) conducted a study on the performance of passive and active Malaysian funds for the period 1995-1999 using various perform

will give an overview of the available literature on IEF performance. One of the earliest studies on Islamic Funds was not until 1997 when Annuar, Shamsher and Ngu (1997) used the model developed by Treynor and Mazuy (1966) to examine the performance of 31 Malaysian mutual funds for the period 1990-199