The main objective of this study is to evaluate the performance of Islamic mutual funds in Indonesia. In addition, this study also presents a big picture about Islamic mutual funds in Indonesia which have the best performance during 2010. However, a higher return with a lower risk is still being the consideration for investors in choosing Islamic mutual funds. But, for Indonesian people who is generally Muslim, Islamic mutual funds is something that must be observed closely at, because it is not only talking about both terms. The evaluation also includes the best ranking of them and other qualitative arguments such as how the Islamic mutual funds can be accepted by Indonesian people. Thus, it is indirectly increasing the local investors’ interest. The methodology applied is an ex post facto approach by using the conceptual framework of Islamic mutual funds which is backed up with a set of reliable data. So far, the study has shown a good performance in both returns and risks of the Islamic mutual funds. Finally, the results of this study can give positive impact to the increases of local investors’ interest in choosing Islamic mutual funds in doing their retail financing investment.