IRs are all negative although the Malaysian average IR is the lowest (-0.29). The top 3 funds based on their Islamic IR are FGPUREQ, GEBRAICAH and INGSYAR, who's IRs are 1.35, 1.31 and 1.25 respectively52. These are indeed exceptionally high IRs. Grinold and Kahn (2005) for example state that an IR of