INDONESIA: The net asset value of funds under management of Shariah mutual fund investment products in the country has decreased by 1.53% to IDR5.61 trillion (US$621 million) in August 2011 compared to IDR5.69 trillion (US$630 million) in July.
Mohammed Touriq, the head of the Capital Market Supervisory Agency and Financial Institution Supervisory Agency (Bapepam-LK), attributed the decrease in net asset value to the lowered performance of Islamic mutual funds portfolios in the country as well as the Jakarta Stock Exchange’s composite index.