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Globally, Islamic asset management has grown over time and its assets under management stood at US$110 billion in 2017 as per the Islamic Finance Development Report 2018. The major players in Islamic asset management consist of Iran, Malaysia and Saudi Arabia, accounting for 87% of the total Islamic mutual funds globally. Although Indonesia ranked third in terms of mutual funds launched in 2017, it is still not among the top five markets for Islamic funds since its funds are not that big. It is reported that most of the funds are invested in equity (42%), the money market (26%) and the commodity market (14%).