There is much global economic uncertainty, with the IMF downgrading its growth forecasts because of stagnation in the Eurozone, weak recovery in the US and slowing growth in the BRIC countries. Although the performance of financial markets is often poorly correlated with economic growth, Islamic wealth managers face challenging conditions. Most high net-worth investors would be well advised to adopt a defensive strategy, a sensible aim being to preserve wealth rather than increase it for the next two years. Equity....