IFN Investor Data – Annual Report 2025

Global

The global Islamic funds market, excluding Iran, recorded an expansion over the past year, with total AuM rising 25.87% to US$383.62 billion in Q3 2025. Across all regions, the global market now comprises 2,074 Islamic funds managed by 343 asset management firms, supported by 119 new fund launches between October 2024 and September 2025. The combined figures reflect broad-based growth in Shariah compliant investments worldwide, underpinned by rising product issuance, expanding investor participation and continued diversification across asset classes and domiciles.

Top 20 Islamic funds globally by one-year return (30-Sept-2025)
Rank	Fund name	Fund manager	Asset class	Returns (%)
1	Kuveyt Turk Portfoy KMA Participation Free (Foreign Exchange) Special Fund	Kuveyt Turk Portfoy	Money market	284.1
2	Foneria Portfolio Participation Stock Free Fund (Stock Intensive Fund)	Foneria Portfoy	Equities	221
3	Kuveyt Turk Portfoy KFZ Participation Free Special Fund	Kuveyt Turk Portfoy	Mixed assets	175.3
4	Al-Ameen Islamic Retirement Savings Fund – Equity	UBL Funds	Equities	125.2
5	Al-Ameen Islamic Energy Fund	UBL Funds	Equities	123.8
6	Qinvest Portfolio Third Participation Free Fund	QInvest Portfoy	Equities	116.7
7	Al-Ameen Shariah Stock Fund	UBL Funds	Equities	115.2
8	Meezan Tahaffuz Pension Fund (Equity)	Al Meezan Investment Management	Equities	108.9
9	NAFA Islamic Pension Fund (Equity)	NBP Fund Management	Equities	107.6
10	Al Meezan Mutual Fund	Al Meezan Investment Management	Equities	107.4
11	NBP Islamic Stock Fund	NBP Fund Management	Equities	105.9
12	Meezan Dedicated Equity Fund	Al Meezan Investment Management	Equities	105.6
13	Bereket Retirement And Life Gold Participation Retirement Investment Fund	Bereket Emeklilik ve Hayat	Commodities	104.3
14	NBP Islamic Energy Fund	NBP Fund Management	Equities	103.3
15	HBL Islamic Pension Fund (Equity Sub Fund)	HBL Asset Management	Equities	103.3
16	ABL Islamic Pension Fund (Equity Sub Fund)	ABL Asset Management	Equities	102.4
17	Atlas Islamic Stock Fund	Atlas Asset Management	Equities	101.8
18	AKD Islamic Stock Fund	AKD Investment Management	Equities	101.3
19	AWT Islamic Stock Fund	AWT Investment	Equities	101.3
20	Meezan Islamic Fund	Al Meezan Investment Management	Equities	101

Top 20 Islamic funds globally by AuM (30-Sept-2025)
Rank	Fund name	Fund manager	Asset class	AuM (US$ billion)
1	SPDR Gold Shares ETF	State Street Global Advisors	Commodities	129,962.82
2	Invesco Physical Gold ETC	Invesco Capital Management	Commodities	28,114.61
3	SPDR Gold MiniShares Trust	State Street Global Advisors	Commodities	22,217.96
4	Participation Retirement And Life Youth-Oriented Atak Participation Variable Retirement Investment Fund	Katilim Emeklilik ve Hayat	Others	8,512.06
5	WisdomTree Physical Gold	WisdomTree Metal Securities	Commodities	7,163.92
6	SNB Capital Al Sunbullah SAR	SNB Capital	Money market	5,345.46
7	Al Rajhi Awaeed Fund	Al Rajhi Capital	Money market	5,071.79
8	Turkiye Life And Retirement Gold Participation Retirement Investment Fund	Turkiye Hayat Ve Emeklilik	Commodities	5,027.99
9	HSBC UCITS Common Contractual Fund – Islamic Global Equity Index Fund – Class A2CGBP	HSBC Asset Management	Equities	4,624.37
10	KLCC REIT	KLCC Property Holdings	Real estate	4,487.51
11	Dubai Residential REIT	DHAM REIT Management	Real estate	4,389.48
12	Agesa Life And Retirement Gold Participation Retirement Investment Fund	AgeSA Hayat ve Emeklilik	Commodities	3,477.23
13	Amana Growth Institutional Fund	Saturna Capital	Equities	3,330
14	SNB Capital Saudi Riyal Trade Fund	SNB Capital	Money market	3,299.29
15	AHAM Aiiman Money Market Fund	AHAM Capital Asset Management	Money market	3,297.68
16	Amana Growth Investor Fund	Saturna Capital	Equities	2,750
17	Garanti Retirement And Life Gold Participation Retirement Investment Fund	Garanti Emeklilik Ve Hayat	Commodities	2,457.42
18	Al Rajhi Growth Fund	Al Rajhi Capital	Mixed assets	2,224.04
19	NewGold ETF	Absa Bank	Commodities	2,168.37
20	Anadolu Life Retirement Gold Participation Retirement Investment Fund	Anadolu Hayat Emeklilik	Commodities	1,866.23

Top 20 Islamic fund managers globally by AuM (30-Sept-2025)
Rank	Fund manager	Country	AuM (US$ billion)
1	State Street Global Advisors	United States	152,180.78
2	Invesco Capital Management	United Kingdom	30,053.08
3	Al Rajhi Capital	Saudi Arabia	14,016.48
4	SNB Capital	Saudi Arabia	13,652.9
5	Public Mutual	Malaysia	11,493.78
6	Katilim Emeklilik ve Hayat	Turkiye	9,710.18
7	HSBC Asset Management	United Kingdom	9,409.66
8	Saturna Capital	United States	8,649.29
9	Kuveyt Turk Portfoy	Turkiye	7,330.93
10	WisdomTree Metal Securities	United Kingdom	7,163.92
11	Turkiye Hayat Ve Emeklilik	Turkiye	6,631.01
12	Principal Asset Management	Malaysia	6,243.65
13	Ziraat Portfoy	Turkiye	5,590.78
14	AHAM Capital Asset Management	Malaysia	5,470
15	KLCC Property Holdings	Malaysia	4,487.51
16	DHAM REIT Management	United Arab Emirates	4,389.48
17	Jadwa Investment	Saudi Arabia	4,331.61
18	AgeSA Hayat ve Emeklilik	Turkiye	3,558.63
19	Riyad Capital	Saudi Arabia	3,553.75
20	Albaraka Portfoy	Turkiye	3,001.02

Africa

Africa recorded strong annual growth, with regional AuM rising 31.76% to US$6.69 billion. The region now hosts 90 Islamic funds in total, supported by two new fund launches over the past 12 months, reflecting steady but selective expansion in Africa’s Shariah compliant investment ecosystem.

Top 20 Islamic funds in Africa by one-year return (30-Sep-2025)
Rank	Fund name	Fund manager	Asset class	Returns (%)
1	NewPlat ETF	Absa Bank	Commodities	59.39
2	Satrix Shari’ah Top 40 ETF	Satrix	Equities	57.04
3	NewGold ETF	Absa Bank	Commodities	53.33
4	Sanabel Islamic Fund	CI Capital Asset Management	Equities	34.44
5	CIB Aman Fund	CI Capital Asset Management	Equities	29.17
6	NewPalladium ETF	Absa Bank	Commodities	23.66
7	Sentio Sanlam Collective Investment Hikma Shariah General Equity Fund – B1	Sentio Capital Management	Equities	18.51
8	Islamic Equity Fund	Camissa Asset Management	Equities	18.3
9	Visio BCI Shariah Equity Fund	Visio Fund Management	Equities	17.98
10	Banque Misr Fund IV	CI Capital Asset Management	Equities	17.7
11	FBN Halal Fund	FBN Quest Asset Management	Fixed income instruments	16.69
12	FSDH Halal Fund	FSDH Asset Management	Sukuk	15.57
13	Islamic Global Equity Fund	Camissa Asset Management	Equities	14.9
14	Old Mutual Albaraka Equity Fund	Old Mutual Unit Trust	Equities	14.9
15	Islamic Balanced Fund	Camissa Asset Management	Mixed assets	13.9
16	Stanlib Multi-Manager Shariah Balanced Fund of Funds – Class B1	Stanlib Multi-Manager	Equities	13.89
17	Sentio Sanlam Collective Investments Hikma Shariah Balanced Fund – B1	Sentio Capital Management	Mixed assets	13.87
18	27four Shariah Wealth Builder Fund	27 Four Investment Managers	Equities	13.75
19	Element Islamic Global Equity SCI Fund	Element Investment Managers	Equities	13.3
20	27four Shariah Multi-Managed Balanced Fund	27 Four Investment Managers	Mixed assets	13.12

Top 20 Islamic funds in Africa by AuM (30-Sep-2025)
Rank	Fund name	Fund manager	Asset class	AuM (US$ million)
1	NewGold ETF	Absa Bank	Commodities	2,168.37
2	Lapfund Amal Fund	Lapfund	Mixed assets	508.27
3	NewPlat ETF	Absa Bank	Commodities	473.42
4	Old Mutual Albaraka Balanced Fund	Old Mutual Unit Trust	Equities	360.96
5	Oasis Crescent Preservation Pension Fund (High Equity)	Oasis Crescent	Equities	350
6	Oasis Crescent Equity Fund	Oasis Crescent	Equities	331.85
7	Islamic Balanced Fund	Camissa Asset Management	Mixed assets	287.61
8	Old Mutual Global Islamic Equity Portfolio	Old Mutual Unit Trust	Equities	207
9	Oasis Crescent Income Fund	Oasis Crescent	Mixed assets	186.3
10	Old Mutual Albaraka Equity Fund	Old Mutual Unit Trust	Equities	174.66
11	Islamic Equity Fund	Camissa Asset Management	Equities	167.09
12	Islamic Global Equity Fund	Camissa Asset Management	Equities	161.73
13	Stanlib Multi-Manager Shariah Balanced Fund of Funds – Class B1	Stanlib Multi-Manager	Equities	157.78
14	Islamic High Yield Fund	Camissa Asset Management	Mixed assets	118.19
15	Old Mutual Albaraka Income Fund	Old Mutual Unit Trust	Sukuk	110.62
16	Oasis Crescent International Feeder Fund	Oasis Crescent	Others	104.8
17	Oasis Crescent Retirement Annuity Fund (High Equity)	Oasis Crescent	Equities	75.69
18	Islamic Global Equity Feeder Fund	Camissa Asset Management	Others	75.1
19	Oasis Crescent Balanced Progressive Fund Of Funds	Oasis Crescent	Equities	69.86
20	27four Shariah Active Equity Fund	27 Four Investment Managers	Equities	40.62

Top 20 Islamic fund managers in Africa by AuM (30-Sep-2025)
Rank	Fund manager	Country	AuM (US$ million)
1	Absa Bank Limited	South Africa	2,655.17
2	Oasis Crescent	South Africa	1,226.6
3	Old Mutual Unit Trust	South Africa	873.44
4	Camissa Asset Management	South Africa	809.72
5	Lapfund	Kenya	508.27
6	Stanlib Multi-Manager	South Africa	157.78
7	27 Four Investment Managers	South Africa	110.98
8	Azimut Egypt Asset Management	Egypt	53.38
9	Sentio Capital Management	South Africa	51.15
10	Chapel Hill Denham Management	Nigeria	39.43
11	Visio Fund Management	South Africa	30.76
12	Lotus Capital Limited	Nigeria	30.06
13	Element Investment Managers	South Africa	26.9
14	Standard Investment Bank	Kenya	17.03
15	Hermes Fund Management (EFG Holdings)	Egypt	16.5
16	Satrix	South Africa	10.71
17	NI Capital	Egypt	10.45
18	FNB Multi Management	South Africa	10.02
19	Stanbic IBTC Asset Management	Nigeria	5.67
20	FBN Quest Asset Management	Nigeria	3.6

Americas

The Americas saw an AuM increase of 23.02% year-on-year (y-o-y) to US$14.7 billion, driven by a relatively small but growing Islamic fund base. The region comprises 37 funds.

Top 20 Islamic funds in Americas by one-year return (30-Sep-2025)
Rank	Fund name	Fund manager	Asset class	Returns (%)
1	Invesco Physical Silver ETC	Invesco Capital Management	Commodities	48.31
2	SPDR Gold MiniShares Trust	State Street Global Advisors	Commodities	45.31
3	Invesco Physical Gold ETC	Invesco Capital Management	Commodities	45.28
4	SPDR Gold Shares ETF	State Street Global Advisors	Commodities	44.89
5	SP Funds S&P Global Technology ETF	ShariaPortfolio	Equities	27.38
6	SP Funds S&P 500 Sharia Industry Exclusions ETF	ShariaPortfolio	Equities	26.61
7	Mackenzie Shariah Global Equity Fund	Mackenzie Investments	Equities	25.5
8	Mackenzie FuturePath Shariah Global Equity Fund	Mackenzie Investments	Equities	24.3
9	SP Funds 2040 Target Date Fund – Institutional	ShariaPortfolio	Mixed assets	24.2
10	SP Funds 2040 Target Date Fund – Investor	ShariaPortfolio	Mixed assets	23.59
11	SP Funds 2050 Target Date Fund – Investor	ShariaPortfolio	Equities	22.72
12	Global Iman Fund Series F	Global Growth Assets	Equities	18.94
13	Global Iman Fund Series A	Global Growth Assets	Equities	17.62
14	SP Funds S&P World ETF	ShariaPortfolio	Equities	15.51
15	Sands Capital Global Shariah A US Dollar Accumulating Class	Sands Capital	Equities	15.5
16	Wahed FTSE USA Shariah ETF	Wahed Invest	Equities	14.1
17	Invesco Dow Jones Islamic Global Developed Markets UCITS ETF Acc	Invesco Capital Management	Equities	13.99
18	Iman Fund	Allied Asset Advisors	Equities	13.19
19	Amana Growth Institutional Fund	Saturna Capital	Equities	12.75
20	SP Funds 2030 Target Date Fund – Institutional	ShariaPortfolio	Mixed assets	12.59

Top 20 Islamic funds in Americas by AuM (30-Sep-2025)
Rank	Fund name	Fund manager	Asset class	AuM (US$ million)
1	SPDR Gold Shares ETF	State Street Global Advisors	Commodities	129,962.82
2	Invesco Physical Gold ETC	Invesco Capital Management	Commodities	28,114.61
3	SPDR Gold MiniShares Trust	State Street Global Advisors	Commodities	22,217.96
4	Amana Growth Institutional Fund	Saturna Capital	Equities	3,330
5	Amana Growth Investor Fund	Saturna Capital	Equities	2,750
6	SP Funds S&P 500 Sharia Industry Exclusions ETF	ShariaPortfolio	Equities	1,809.95
7	Amana Income Institutional Fund	Saturna Capital	Equities	1,270
8	Invesco Dow Jones Islamic Global Developed Markets UCITS ETF Acc	Invesco Capital Management	Equities	1,051.98
9	Invesco Physical Silver ETC	Invesco Capital Management	Commodities	886.48
10	Amana Income Investor Fund	Saturna Capital	Equities	846.08
11	Wahed FTSE USA Shariah ETF	Wahed Invest	Equities	691
12	SP Funds Dow Jones Global Sukuk ETF	ShariaPortfolio	Sukuk	402.8
13	Azzad Wise Capital Fund	Azzad Asset Management	Money market	348.22
14	Wealthsimple Shariah World Equity Index ETF	Mackenzie Investments	Equities	277.73
15	Amana Participation Institutional Fund	Saturna Capital	Fixed income instruments	259.49
16	Global Iman Fund Series A	Global Growth Assets Inc	Equities	231
17	Global Iman Fund Series F	Global Growth Assets Inc	Equities	231
18	Iman Fund	Allied Asset Advisors	Equities	220.6
19	SP Funds S&P Global REIT Sharia ETF	ShariaPortfolio	Real estate	170.33
20	Wahed Dow Jones Islamic World ETF	Wahed Invest	Equities	159

Top 20 Islamic fund managers in Americas by AuM (30-Sep-2025)
Rank	Fund manager	Country	AuM (US$ million)
1	State Street Global Advisors	United States	152,180.78
2	Invesco Capital Management	United Kingdom	30,053.08
3	Saturna Capital	United States	8,649.29
4	ShariaPortfolio	United States	2,562.55
5	Wahed Invest	United States	850
6	Azzad Asset Management	United States	496.17
7	Global Growth Assets Inc	Canada	462
8	Mackenzie Investments	Canada	333.92
9	Allied Asset Advisors	United States	220.6
10	Manzil	Canada	58.13
11	Sands Capital	United States	20.3
12	OneVest Management Inc	Canada	7.65
13	KraneShares	United States	2.5

Asia Pacific

The Asia Pacific region – home to the largest number of Islamic funds globally with 1,130 funds – posted 15.64% asset growth over the year, reaching US$58.46 billion. The region also led in new product activity, with 58 new funds launched, underscoring its position as the core driver of global Islamic fund expansion.

Top 20 Islamic funds in Asia Pacific by one-year return (30-Sep-2025)
Rank	Fund name	Fund manager	Asset class	Returns (%)
1	Al-Ameen Islamic Retirement Savings Fund – Equity	UBL Funds	Equities	125.17
2	Al-Ameen Islamic Energy Fund	UBL Funds	Equities	123.79
3	Al-Ameen Shariah Stock Fund	UBL Funds	Equities	115.21
4	Meezan Tahaffuz Pension Fund (Equity)	Al Meezan Investment Management	Equities	108.86
5	NAFA Islamic Pension Fund (Equity)	NBP Fund Management	Equities	107.6
6	Al Meezan Mutual Fund	Al Meezan Investment Management	Equities	107.4
7	NBP Islamic Stock Fund	NBP Fund Management	Equities	105.9
8	Meezan Dedicated Equity Fund	Al Meezan Investment Management	Equities	105.55
9	NBP Islamic Energy Fund	NBP Fund Management	Equities	103.3
10	HBL Islamic Pension Fund (Equity Sub Fund)	HBL Asset Management	Equities	103.28
11	ABL Islamic Pension Fund (Equity Sub Fund)	ABL Asset Management	Equities	102.38
12	Atlas Islamic Stock Fund	Atlas Asset Management	Equities	101.81
13	AKD Islamic Stock Fund	AKD Investment Management	Equities	101.33
14	AWT Islamic Stock Fund	AWT Investment	Equities	101.32
15	Meezan Islamic Fund	Al Meezan Investment Management	Equities	101.02
16	Meezan Energy Fund	Al Meezan Investment Management	Equities	100.73
17	Atlas Islamic Dedicated Stock Fund	Atlas Asset Management	Equities	100.06
18	Alfalah GHP Islamic Pension – Equity Sub Fund	Alfalah Asset Management	Equities	99.84
19	Faysal Islamic Pension Fund – Equity	Faysal Asset Management	Equities	99.01
20	JS Islamic Fund	JS Investments	Equities	96.65

Top 20 Islamic funds in Asia Pacific (ex-Pakistan) by one-year return (30-Sep-2025)
Rank	Fund name	Fund manager	Asset class	AuM (US$ million)
1	Halogen Shariah Bitcoin Fund	Halogen Capital	Cryptocurrencies	77.93
2	Precious Metals Securities	AmIslamic Funds Management	Others	76.39
3	Halogen Shariah Crypto Titan Fund	Halogen Capital	Cryptocurrencies	61.59
4	Halogen Shariah Ethereum Fund	Halogen Capital	Cryptocurrencies	61.4
5	Manulife Shariah China Equity Fund – Class A RM	Manulife Investment Management	Equities	53.53
6	Manulife Shariah China Equity Fund – Class A USD	Manulife Investment Management	Equities	50.48
7	Pacific Saham Syariah II	Pacific Capital Investment	Equities	47.76
8	Pacific Saham Syariah	Pacific Capital Investment	Equities	46.45
9	AHAM Shariah Gold Tracker Fund	AHAM Capital Asset Management	Commodities	44.9
10	TradePlus Shariah Gold Tracker ETF	AHAM Capital Asset Management	Commodities	42.1
11	Eastspring Syariah Equity Islamic Asia Pacific USD Kelas A	Eastspring Investments	Equities	40.98
12	Eastspring Investments Islamic China A-Shares Fund	Eastspring Investments	Equities	40.92
13	PMB Shariah Greater China Equity Fund	PMB Investment	Equities	36.45
14	RHB Shariah China Focus Fund – RM	RHB Asset Management	Equities	36.27
15	Aurora Sharia Equity	Aurora Asset Management	Equities	34.04
16	RHB Shariah China Focus Fund – USD	RHB Asset Management	Equities	33.48
17	Pacific Saham Syariah III	Pacific Capital Investment	Equities	32.71
18	Tata Indian Sharia Equity Fund – Class B	Tata Asset Management	Equities	32.45
19	VP-DJ Shariah China A-Shares 100 ETF	Value Partners Asset Management	Equities	31.76
20	Public Islamic Global Equity Fund	Public Mutual	Equities	30.41

Top 20 Islamic funds in Asia Pacific by AuM (30-Sep-2025)
Rank	Fund name	Fund manager	Asset class	AuM (US$ million)
1	KLCC REIT	KLCC Property Holdings	Real estate	4,487.51
2	AHAM Aiiman Money Market Fund	AHAM Capital Asset Management	Money market	3,297.68
3	Principal Islamic Deposit Fund – Class AI	Principal Asset Management	Money market	1,761.58
4	AHAM Aiiman Income Fund	AHAM Capital Asset Management	Fixed income instruments	1,326.43
5	Axis-REIT	Axis-REIT Managers	Real estate	1,264.09
6	Amanah Hartanah Bumiputera	Pelaburan Hartanah	Real estate	1,208.95
7	Bahana Global Healthcare Sharia USD Equity Fund	Bahana TCW Investment Management	Equities	1,060.59
8	Public Ittikal Sequel Fund	Public Mutual	Equities	1,048.06
9	Public Asia Ittikal Fund	Public Mutual	Equities	1,044.12
10	Public Ittikal Fund	Public Mutual	Equities	1,002.7
11	Public Islamic Dividend Fund	Public Mutual	Equities	837.53
12	Meezan Cash Fund	Al Meezan Investment Management	Money market	809.02
13	RHB Islamic Cash Management Fund	RHB Asset Management	Money market	774.92
14	Principal Islamic Asia Pacific Dynamic Equity Fund	Principal Asset Management	Equities	702.87
15	Maybank Retail Money Market-I Fund	Maybank Asset Management	Money market	687.39
16	Takafulink Dana Ekuiti	Prudential BSN Takaful	Mixed assets	662.38
17	Aiiman Income Extra Fund	AIIMAN Asset Management	Fixed income instruments	621.17
18	Public Islamic Asia Tactical Allocation Fund	Public Mutual	Mixed assets	591.26
19	Trimegah Dana Tetap Syariah Kelas A	Trimegah Asset Management	Sukuk	553.7
20	Principal Islamic Institutional Sukuk Fund	Principal Asset Management	Sukuk	477.55

Top 20 Islamic fund managers in Asia Pacific by AuM (30-Sep-2025)
Rank	Fund manager	Country	AuM (US$ million)
1	Public Mutual	Malaysia	11,493.78
2	Principal Asset Management	Malaysia	6,243.65
3	AHAM Capital Asset Management	Malaysia	5,470
4	KLCC Property Holdings	Malaysia	4,487.51
5	Maybank Asset Management	Malaysia	2,566.07
6	Al Meezan Investment Management	Pakistan	1,947.47
7	Bahana TCW Investment Management	Indonesia	1,269.95
8	Axis-REIT Managers	Malaysia	1,264.09
9	Kenanga Investors	Malaysia	1,234.23
10	Pelaburan Hartanah	Malaysia	1,208.95
11	RHB Asset Management	Malaysia	1,123.28
12	Prudential BSN Takaful	Malaysia	1,080.35
13	Faysal Asset Management	Pakistan	939.09
14	Eastspring Investments	Malaysia	852.87
15	Sucorinvest Asset Management	Indonesia	832.68
16	AIA Public Takaful	Malaysia	775.34
17	Trimegah Asset Management	Indonesia	725.19
18	AIIMAN Asset Management	Malaysia	704.18
19	Manulife Investment Management	Malaysia	689.86
20	AmIslamic Funds Management	Malaysia	533.44

Europe

Europe recorded the fastest asset growth globally, with AuM climbing 39.91% to US$60.04 billion. The region hosts 370 funds and added seven new funds over the past year.

Top 20 Islamic funds in Europe by one-year return (30-Sep-2025)
Rank	Fund name	Fund manager	Asset class	Returns (%)
1	Kuveyt Turk Portfoy KMA Participation Free (Foreign Exchange) Special Fund	Kuveyt Turk Portfoy	Money market	284.1
2	Foneria Portfolio Participation Stock Free Fund (Stock Intensive Fund)	Foneria Portfoy	Equities	221
3	Kuveyt Turk Portfoy KFZ Participation Free Special Fund	Kuveyt Turk Portfoy	Mixed assets	175.3
4	Qinvest Portfolio Third Participation Free Fund	QInvest Portfoy	Equities	116.7
5	Bereket Retirement And Life Gold Participation Retirement Investment Fund	Bereket Emeklilik ve Hayat	Commodities	104.3
6	Kuveyt Turk Portfoy Gold Participation Fund	Kuveyt Turk Portfoy	Commodities	93.3
7	Re-Pie Portfolio Gold Participation Fund	Re-Pie Portfoy	Commodities	92.1
8	Turkiye Life And Retirement Precious Metals Participation Retirement Investment Fund	Turkiye Hayat Ve Emeklilik	Commodities	90.4
9	Nurol Portfolio Gold Participation Fund	Nurol Portfoy	Commodities	90.1
10	Turkiye Life And Retirement Gold Participation Retirement Investment Fund	Turkiye Hayat Ve Emeklilik	Commodities	90
11	Participation Retirement And Life Precious Metals Participation Retirement Investment Fund	Katilim Emeklilik ve Hayat	Commodities	89.7
12	Ziraat Portfolio Gold Participation Exchange Investment Fund	Ziraat Portfoy	Commodities	88.7
13	Ziraat Portfolio Gold Participation Fund	Ziraat Portfoy	Commodities	88.4
14	QNB Finance Portfolio Gold Participation Exchange Investment Fund	QNB Finans Portfoy	Equities	87.9
15	Kuveyt Turk Portfoy Precious Metals Participation Fund	Kuveyt Turk Portfoy	Others	87.8
16	Participation Retirement And Life Gold Participation Retirement Investment Fund	Katilim Emeklilik ve Hayat	Commodities	87.6
17	Agesa Life And Retirement Gold Participation Retirement Investment Fund	AgeSA Hayat ve Emeklilik	Commodities	86.6
18	Silver Participation Exchange Traded Fund	QNB Finans Portfoy	Commodities	86
19	Garanti Retirement And Life Gold Participation Retirement Investment Fund	Garanti Emeklilik Ve Hayat	Commodities	85.4
20	MetLife Retirement Gold Participation Fund	MetLife Emeklilik ve Hayat	Commodities	84.8

Top 20 Islamic funds in Europe (ex-Turkiye) by one-year return (30-Sep-2025)
Rank	Fund name	Fund manager	Asset class	AuM (US$ million)
1	Aviva Pension HSBC Islamic Global Equity Index EP	Aviva	Equities	64.28
2	WisdomTree Physical Gold	WisdomTree Metal Securities	Commodities	50.08
3	The Royal Mint Responsibly Sourced Physical Gold ETC	HANetf Management	Commodities	45.06
4	Franklin Shariah Technology Fund	Franklin Templeton	Equities	24.48
5	HSBC UCITS Common Contractual Fund – Islamic Global Equity Index Fund – Class A1CGBP	HSBC Asset Management	Equities	23.96
6	HSBC Islamic Global Equity Index Fund – Class WD	HSBC Asset Management	Equities	16.79
7	HSBC UCITS Common Contractual Fund – Islamic Global Equity Index Fund – Class D3CGBP	HSBC Asset Management	Equities	16.74
8	HSBC Islamic Global Equity Index Fund – Class ZC	HSBC Asset Management	Equities	16.66
9	HSBC Islamic Global Equity Index Fund – Class YD	HSBC Asset Management	Equities	16.45
10	HSBC Islamic Equity Index Sub-Fund	HSBC Asset Management	Equities	16.44
11	HSBC UCITS Common Contractual Fund – Islamic Global Equity Index Fund – Class A2CGBP	HSBC Asset Management	Equities	16.43
12	HSBC UCITS Common Contractual Fund – Islamic Global Equity Index Fund – Class A3CGBP	HSBC Asset Management	Equities	16.42
13	Aegon HSBC Life Islamic Global Equity Index (BLK)	Aegon Asset Management	Equities	16.4
14	Aviva SPS HSBC Islamic Global Equity Index	Aviva	Equities	16.33
15	RAC Staff Pension Scheme HSBC Islamic Global Equity Index	Aviva	Equities	16.32
16	Baillie Gifford Worldwide Islamic Global Equities Fund B GBP Acc	Baillie Gifford & Co	Equities	16.27
17	HSBC Islamic Global Equity Index Fund – Class IC	HSBC Asset Management	Equities	16.23
18	HSBC Islamic Global Equity Index Fund – Class ID	HSBC Asset Management	Equities	16.22
19	HSBC Islamic Global Equity Index Fund – Class BD	HSBC Asset Management	Equities	16.17
20	HSBC Islamic Global Equity Index Fund – Class BC	HSBC Asset Management	Equities	16.15

Top 20 Islamic funds in Europe by AuM (30-Sep-2025)
Rank	Fund name	Fund manager	Asset class	AuM (US$ million)
1	Participation Retirement And Life Youth-Oriented Atak Participation Variable Retirement Investment Fund	Katilim Emeklilik ve Hayat	Others	8,512.06
2	WisdomTree Physical Gold	WisdomTree Metal Securities	Commodities	7,163.92
3	Turkiye Life And Retirement Gold Participation Retirement Investment Fund	Turkiye Hayat Ve Emeklilik	Commodities	5,027.99
4	HSBC UCITS Common Contractual Fund – Islamic Global Equity Index Fund – Class A2CGBP	HSBC Asset Management	Equities	4,624.37
5	Agesa Life And Retirement Gold Participation Retirement Investment Fund	AgeSA Hayat ve Emeklilik	Commodities	3,477.23
6	Garanti Retirement And Life Gold Participation Retirement Investment Fund	Garanti Emeklilik Ve Hayat	Commodities	2,457.42
7	Anadolu Life Retirement Gold Participation Retirement Investment Fund	Anadolu Hayat Emeklilik	Commodities	1,866.23
8	Ziraat Portfolio Gold Participation Exchange Investment Fund	Ziraat Portfoy	Commodities	1,629.14
9	The Royal Mint Responsibly Sourced Physical Gold ETC	HANetf Management	Commodities	1,576.82
10	Ziraat Portfolio Amber Money Market Participation Free (TL) Fund	Ziraat Portfoy	Fixed income instruments	1,545.44
11	Kuveyt Turk Portfoy Gold Participation Fund	Kuveyt Turk Portfoy	Commodities	1,421.43
12	Ziraat Portfolio Gold Participation Fund	Ziraat Portfoy	Commodities	1,297.88
13	Kuveyt Turk Portfoy Money Market Participation (TL) Fund	Kuveyt Turk Portfoy	Money market	991.8
14	Kuveyt Turk Portfoy Seventh Participation Free (Foreign Exchange) Fund	Kuveyt Turk Portfoy	Others	969.92
15	Kuveyt Turk Portfoy Short-Term Participation Free (TL) Fund	Kuveyt Turk Portfoy	Money market	950.71
16	Franklin Global Sukuk Fund – A	Franklin Templeton	Sukuk	922.19
17	HSBC UCITS Common Contractual Fund – Islamic Global Equity Index Fund – Class D3CGBP	HSBC Asset Management	Equities	880.58
18	HSBC Islamic Global Equity Index Fund – Class IC	HSBC Asset Management	Equities	879.96
19	iShares MSCI World Islamic UCITS ETF	Blackrock Asset Management Ireland	Equities	836.72
20	Albaraka Portfolio Short-Term Participation Free (TL) Fund	Albaraka Portfoy	Money market	773.81

Top 20 Islamic fund managers in Europe by AuM (30-Sep-2025)
Rank	Fund manager	Country	AuM (US$ million)
1	Katilim Emeklilik ve Hayat	Turkiye	9,710.18
2	HSBC Asset Management	United Kingdom	9,409.66
3	Kuveyt Turk Portfoy	Turkiye	7,330.93
4	WisdomTree Metal Securities	United Kingdom	7,163.92
5	Turkiye Hayat Ve Emeklilik	Turkiye	6,631.01
6	Ziraat Portfoy	Turkiye	5,590.78
7	AgeSA Hayat ve Emeklilik	Turkiye	3,558.63
8	Albaraka Portfoy	Turkiye	3,001.02
9	Garanti Emeklilik Ve Hayat	Turkiye	2,917.12
10	Anadolu Hayat Emeklilik	Turkiye	2,085.73
11	Blackrock Asset Management Ireland	United Kingdom	1,657.74
12	HANetf Management	United Kingdom	1,593.5
13	Franklin Templeton	Luxembourg	1,188.69
14	QNB Finans Portfoy	Turkiye	1,170.33
15	Azimut Investment	Luxembourg	645
16	Aegon Asset Management	United Kingdom	498.32
17	The People Pension	United Kingdom	371.53
18	Garanti Portfoy	Turkiye	345.8
19	Aviva	United Kingdom	286.21
20	Bereket Emeklilik ve Hayat	Turkiye	280.3

Middle East

The Middle East, one of the largest markets by size, saw an AuM rise of 25.55% to US$70.83 billion. The region is home to 446 Islamic funds and saw 52 new launches between October 2024 and September 2025 – reflecting ongoing product diversification and continued investor appetite across Gulf markets.

Top 20 Islamic funds in Middle East by one-year return (30-Sep-2025)
Rank	Fund name	Fund manager	Asset class	Returns (%)
1	SC China Equity Fund – Class R	Sedco Capital	Equities	45.64
2	SC China Equity Fund – Class D	Sedco Capital	Equities	44.57
3	Albilad Gold ETF	Albilad Capital	Commodities	43.13
4	Chimera S&P Turkey Shariah ETF – Income	Lunate Capital	Equities	37.9
5	Yaqeen Gold Fund	Yaqeen Capital	Commodities	37.57
6	BMK Saudi Freestyle Equity Fund	Bait Al Mal Al Khaleeji	Equities	37.48
7	Chimera S&P China HK Shariah ETF – Income	Lunate Capital	Equities	30.46
8	Albilad MSCI US Tech ETF	Albilad Capital	Equities	30.36
9	SC Global Technology Equity Passive Fund – Class R	Sedco Capital	Equities	29.61
10	KAMCO Islamic Fund	Kamco Invest	Equities	29.1
11	SC Global Technology Equity Passive Fund – Class D	Sedco Capital	Equities	28.53
12	Chimera S&P Kuwait Shariah ETF – Income	Lunate Capital	Equities	27.7
13	Miyar Saudi Equity Fund	Miyar Capital	Equities	27.57
14	Chimera S&P UAE Shariah ETF – Accumulating	Lunate Capital	Equities	25.18
15	Chimera S&P US Shariah Growth ETF – Accumulating	Lunate Capital	Equities	21.19
16	Chimera S&P UAE Shariah ETF – Income	Lunate Capital	Equities	20.85
17	Riyad Gulf Equity Fund	Riyad Capital	Equities	19.41
18	Alinma Emerging Market Equity Fund	Alinma Investment	Equities	18.03
19	Emirates World Opportunities Fund (Luxembourg)	Emirates NBD Asset Management	Equities	17.44
20	SC LO Global ESG Equities Fund – Class R	Sedco Capital	Equities	16.93

Top 20 Islamic funds in Middle East by AuM (30-Sep-2025)
Rank	Fund name	Fund manager	Asset class	AuM (US$ million)
1	SNB Capital Al Sunbullah SAR	SNB Capital	Money market	5,345.46
2	Al Rajhi Awaeed Fund	Al Rajhi Capital	Money market	5,071.79
3	Dubai Residential REIT	DHAM REIT Management	Real estate	4,389.48
4	SNB Capital Saudi Riyal Trade Fund	SNB Capital	Money market	3,299.29
5	Al Rajhi Growth Fund	Al Rajhi Capital	Mixed assets	2,224.04
6	Albilad CSOP MSCI Hong Kong China Equity ETF	Albilad Capital	Equities	1,551.21
7	Alpha Murabaha Fund	Alpha Capital	Money market	1,493.39
8	Riyad SAR Diversified Trade Fund	Riyad Capital	Fixed income instruments	1,286.15
9	Watani KD Money Market Fund II	NBK Wealth	Money market	1,209.18
10	Riyad SAR Liquidity Fund	Riyad Capital	Money market	1,094.57
11	Emirates REIT	Equitativa Group	Real estate	886
12	Al Rajhi Freestyle Saudi Equity Fund	Al Rajhi Capital	Equities	881.42
13	Boubyan KD Money Market Fund II	Boubyan Capital	Money market	870.97
14	Al Rajhi REIT Fund	Al Rajhi Capital	Real estate	853.77
15	ANB Capital SAR Trade Fund	ANB Capital	Money market	849.04
16	Al Rajhi Saving and Liquidity Fund – SAR	Al Rajhi Capital	Money market	841.57
17	SNB Capital North America Index Fund	SNB Capital	Equities	824.36
18	Alinma Saudi Riyal Liquidity Fund	Alinma Investment	Money market	803.91
19	SC US Equities Passive Fund – Class D USD	Sedco Capital	Equities	745.96
20	Jadwa REIT Saudi fund	Jadwa Investment	Real estate	744.88

Top 20 Islamic fund managers in Middle East by AuM (30-Sep-2025)
Rank	Fund manager	Country	AuM (US$ million)
1	Al Rajhi Capital	Saudi Arabia	14,016.48
2	SNB Capital	Saudi Arabia	13,652.9
3	DHAM REIT Management	United Arab Emirates	4,389.48
4	Jadwa Investment	Saudi Arabia	4,331.61
5	Riyad Capital	Saudi Arabia	3,553.75
6	Albilad Capital	Saudi Arabia	2,722.9
7	Sedco Capital	Saudi Arabia	2,488.72
8	SAB Invest	Saudi Arabia	2,174.61
9	Alpha Capital	Saudi Arabia	1,927.26
10	Alinma Investment	Saudi Arabia	1,793.86
11	Emirates NBD Asset Management	United Arab Emirates	1,777.05
12	BSF Capital	Saudi Arabia	1,687.29
13	Derayah Financial	Saudi Arabia	1,601.23
14	NBK Wealth	Kuwait	1,547.35
15	Aljazira Capital	Saudi Arabia	1,272.75
16	ANB Capital	Saudi Arabia	1,107.51
17	Boubyan Capital	Kuwait	959.05
18	Alkhabeer Capital	Saudi Arabia	919.02
19	Equitativa Group	United Arab Emirates	886
20	Alistithmar Capital	Saudi Arabia	846.47

Commodities

Commodity funds recorded the strongest performance of the year, with AuM surging 109.27% from Q3 2024 to Q3 2025. The segment remains relatively small in terms of fund count compared with other categories, comprising 40 funds globally, with one new fund launched over the past 12 months. The AuM of this category, however, stands out as the largest asset class in the Islamic funds space with a staggering US$212.4 billion.

Top 20 Islamic commodity funds globally by one-year return (30-Sep-2025)
Rank	Fund name	Fund manager	Domicile	Returns (%)
1	Bereket Retirement And Life Gold Participation Retirement Investment Fund	Bereket Emeklilik ve Hayat	Turkiye	104.31
2	Kuveyt Turk Portfoy Gold Participation Fund	Kuveyt Turk Portfoy	Turkiye	93.33
3	Re-Pie Portfolio Gold Participation Fund	Re-Pie Portfoy	Turkiye	92.14
4	Turkiye Life And Retirement Precious Metals Participation Retirement Investment Fund	Turkiye Hayat Ve Emeklilik	Turkiye	90.36
5	Nurol Portfolio Gold Participation Fund	Nurol Portfoy	Turkiye	90.14
6	Turkiye Life And Retirement Gold Participation Retirement Investment Fund	Turkiye Hayat Ve Emeklilik	Turkiye	90.03
7	Participation Retirement And Life Precious Metals Participation Retirement Investment Fund	Katilim Emeklilik ve Hayat	Turkiye	89.66
8	Ziraat Portfolio Gold Participation Exchange Investment Fund	Ziraat Portfoy	Turkiye	88.68
9	Ziraat Portfolio Gold Participation Fund	Ziraat Portfoy	Turkiye	88.44
10	Participation Retirement And Life Gold Participation Retirement Investment Fund	Katilim Emeklilik ve Hayat	Turkiye	87.56
11	Agesa Life And Retirement Gold Participation Retirement Investment Fund	AgeSA Hayat ve Emeklilik	Turkiye	86.64
12	Silver Participation Exchange Traded Fund	QNB Finans Portfoy	Turkiye	86.03
13	Garanti Retirement And Life Gold Participation Retirement Investment Fund	Garanti Emeklilik Ve Hayat	Turkiye	85.43
14	MetLife Retirement Gold Participation Fund	MetLife Emeklilik ve Hayat	Turkiye	84.84
15	Oyak Portfolio Gold Participation Fund	OYAK Portfoy	Turkiye	83.39
16	Garanti Portfolio Gold Participation Fund	Garanti Portfoy	Turkiye	82.94
17	Anadolu Life Retirement Gold Participation Retirement Investment Fund	Anadolu Hayat Emeklilik	Turkiye	80.91
18	Azimut Portfolio Precious Metals Participation Fund	Azimut Portfoy	Turkiye	80.44
19	Albaraka Portfolio Bereket Foundation Support Gold Participation Fund	Albaraka Portfoy	Turkiye	79.03
20	ATA Portfolio Gold Participation Fund	ATA Portfoy	Turkiye	78.81

Top 20 Islamic commodity funds globally (ex-Turkiye) by one-year return (30-Sep-2025)
Rank	Fund name	Fund manager	Domicile	Returns (%)
1	NewPlat ETF	Absa Bank	South Africa	59.39
2	NewGold ETF	Absa Bank	South Africa	53.33
3	WisdomTree Physical Gold	WisdomTree Metal Securities	Jersey	50.08
4	Invesco Physical Silver ETC	Invesco Capital Management	Republic of Ireland	48.31
5	SPDR Gold MiniShares Trust	State Street Global Advisors	United States	45.31
6	Invesco Physical Gold ETC	Invesco Capital Management	Republic of Ireland	45.28
7	The Royal Mint Responsibly Sourced Physical Gold ETC	HANetf Management	Republic of Ireland	45.06
8	AHAM Shariah Gold Tracker Fund	AHAM Capital Asset Management	Malaysia	44.9
9	SPDR Gold Shares ETF	State Street Global Advisors	United States	44.89
10	Albilad Gold ETF	Albilad Capital	Saudi Arabia	43.13
11	TradePlus Shariah Gold Tracker ETF	AHAM Capital Asset Management	Malaysia	42.1
12	Yaqeen Gold Fund	Yaqeen Capital	Saudi Arabia	37.57
13	Meezan Gold Fund	Al Meezan Investment Management	Pakistan	37.44
14	Meezan Tahaffuz Pension Fund (Gold)	Al Meezan Investment Management	Pakistan	34.62
15	NewPalladium ETF	Absa Bank	South Africa	23.66
16	Horizon Capital Shariah Global Trade Finance Fund	Horizon Capital	Luxembourg	8.56

Top 20 Islamic commodity funds by AuM (30-Sep-2025)
Rank	Fund name	Fund manager	Domicile	AuM (US$ million)
1	SPDR Gold Shares ETF	State Street Global Advisors	United States	129,962.82
2	Invesco Physical Gold ETC	Invesco Capital Management	Republic of Ireland	28,114.61
3	SPDR Gold MiniShares Trust	State Street Global Advisors	United States	22,217.96
4	WisdomTree Physical Gold	WisdomTree Metal Securities	Jersey	7,163.92
5	Turkiye Life And Retirement Gold Participation Retirement Investment Fund	Turkiye Hayat Ve Emeklilik	Turkiye	5,027.99
6	Agesa Life And Retirement Gold Participation Retirement Investment Fund	AgeSA Hayat ve Emeklilik	Turkiye	3,477.23
7	Garanti Retirement And Life Gold Participation Retirement Investment Fund	Garanti Emeklilik Ve Hayat	Turkiye	2,457.42
8	NewGold ETF	Absa Bank Limited	South Africa	2,168.37
9	Anadolu Life Retirement Gold Participation Retirement Investment Fund	Anadolu Hayat Emeklilik	Turkiye	1,866.23
10	Ziraat Portfolio Gold Participation Exchange Investment Fund	Ziraat Portfoy	Turkiye	1,629.14
11	The Royal Mint Responsibly Sourced Physical Gold ETC	HANetf Management	Republic of Ireland	1,576.82
12	Kuveyt Turk Portfoy Gold Participation Fund	Kuveyt Turk Portfoy	Turkiye	1,421.43
13	Ziraat Portfolio Gold Participation Fund	Ziraat Portfoy	Turkiye	1,297.88
14	Invesco Physical Silver ETC	Invesco Capital Management	Republic of Ireland	886.48
15	Silver Participation Exchange Traded Fund	QNB Finans Portfoy	Turkiye	707.6
16	Participation Retirement And Life Gold Participation Retirement Investment Fund	Katilim Emeklilik ve Hayat	Turkiye	621.2
17	NewPlat ETF	Absa Bank Limited	South Africa	473.42
18	Turkiye Life And Retirement Precious Metals Participation Retirement Investment Fund	Turkiye Hayat Ve Emeklilik	Turkiye	261.26
19	MetLife Retirement Gold Participation Fund	MetLife Emeklilik ve Hayat	Turkiye	201.19
20	Bereket Retirement And Life Gold Participation Retirement Investment Fund	Bereket Emeklilik ve Hayat	Turkiye	177.79

Top 20 Islamic commodity fund managers by AuM (30-Sep-2025)
Rank	Fund manager	Country	AuM (US$ million)
1	State Street Global Advisors	United States	152,180.78
2	Invesco Capital Management	United Kingdom	29,001.1
3	WisdomTree Metal Securities	United Kingdom	7,163.92
4	Turkiye Hayat Ve Emeklilik	Turkiye	5,289.25
5	AgeSA Hayat ve Emeklilik	Turkiye	3,477.23
6	Ziraat Portfoy	Turkiye	2,927.02
7	Absa Bank Limited	South Africa	2,655.17
8	Garanti Emeklilik Ve Hayat	Turkiye	2,457.42
9	Anadolu Hayat Emeklilik	Turkiye	1,866.23
10	HANetf Management	United Kingdom	1,576.82
11	Kuveyt Turk Portfoy	Turkiye	1,421.43
12	QNB Finans Portfoy	Turkiye	707.6
13	Katilim Emeklilik ve Hayat	Turkiye	699.22
14	MetLife Emeklilik ve Hayat	Turkiye	201.19
15	Bereket Emeklilik ve Hayat	Turkiye	177.79
16	AHAM Capital Asset Management	Malaysia	132.96
17	AXA Hayat ve Emeklilik	Turkiye	96.67
18	Garanti Portfoy	Turkiye	80.02
19	Albaraka Portfoy	Turkiye	55.81
20	Azimut Egypt Asset Management	Egypt	39.73

Equities

Equity funds – still the largest segment in the Islamic fund universe with 824 funds – grew 14.18% y-o-y, reaching US$66.19 billion in Q3 2025. The category also saw the highest number of new product launches, with 50 new funds introduced between October 2024 and September 2025, reflecting sustained demand for Shariah compliant equity exposure.

Top 20 Islamic equity funds globally (ex-Pakistan & Turkiye) by one year return (30-Sep-2025)
Rank	Fund name	Fund manager	Domicile	Returns (%)
1	Aviva Pension HSBC Islamic Global Equity Index EP	Aviva	Republic of Ireland	64.28
2	Satrix Shari’ah Top 40 ETF	Satrix	South Africa	57.04
3	Manulife Shariah China Equity Fund – Class A RM	Manulife Investment Management	Malaysia	53.53
4	Manulife Shariah China Equity Fund – Class A USD	Manulife Investment Management	Malaysia	50.48
5	Pacific Saham Syariah II	Pacific Capital Investment	Indonesia	47.76
6	Pacific Saham Syariah	Pacific Capital Investment	Indonesia	46.45
7	SC China Equity Fund – Class R	Sedco Capital	Luxembourg	45.64
8	SC China Equity Fund – Class D	Sedco Capital	Luxembourg	44.57
9	Eastspring Syariah Equity Islamic Asia Pacific USD Kelas A	Eastspring Investments	Indonesia	40.98
10	Eastspring Investments Islamic China A-Shares Fund	Eastspring Investments	Malaysia	40.92
11	Chimera S&P Turkey Shariah ETF – Income	Lunate Capital	United Arab Emirates	37.9
12	BMK Saudi Freestyle Equity Fund	Bait Al Mal Al Khaleeji	Saudi Arabia	37.48
13	PMB Shariah Greater China Equity Fund	PMB Investment	Malaysia	36.45
14	RHB Shariah China Focus Fund – RM	RHB Asset Management	Malaysia	36.27
15	Sanabel Islamic Fund	CI Capital Asset Management	Egypt	34.44
16	Aurora Sharia Equity	Aurora Asset Management	Indonesia	34.04
17	RHB Shariah China Focus Fund – USD	RHB Asset Management	Malaysia	33.48
18	Pacific Saham Syariah III	Pacific Capital Investment	Indonesia	32.71
19	Tata Indian Sharia Equity Fund – Class B	Tata Asset Management	Mauritius	32.45
20	VP-DJ Shariah China A-Shares 100 ETF	Value Partners Asset Management	Malaysia	31.76

Top 20 Islamic equity funds in Turkiye by one year return (30-Sep-2025)
Rank	Fund name	Fund manager	Domicile	AuM (US$ million)
1	Foneria Portfolio Participation Stock Free Fund (Stock Intensive Fund)	Foneria Portfoy	Turkiye	221
2	Qinvest Portfolio Third Participation Free Fund	QInvest Portfoy	Turkiye	116.7
3	QNB Finance Portfolio Gold Participation Exchange Investment Fund	QNB Finans Portfoy	Turkiye	87.9
4	Ziraat Portfolio Participation Free (TL) Fund	Ziraat Portfoy	Turkiye	81.1
5	Allianz Life And Retirement Initial Participation Retirement Investment Fund	Allianz Yasam ve Emeklilik	Turkiye	53.5
6	Active Portfolio Technology Participation Fund	Aktif Portfoy	Turkiye	53.2
7	QNB Health Life Insurance And Retirement Initial Participation Retirement Investment Fund	QNB Saglik Hayat Sigorta ve Emeklilik	Turkiye	53.2
8	Qinvest Portfolio Lease Certificate Participation (Tl) Fund	QInvest Portfoy	Turkiye	53.1
9	Metlife Retirement Initial Participation Fund (OCF)	MetLife Emeklilik ve Hayat	Turkiye	53.1
10	Kuveyt Turk Portfoy Technology Participation Fund	Kuveyt Turk Portfoy	Turkiye	50.3
11	Hedef Portfolio Participation Stock Free (TL) Fund (Stock Intensive Fund)	Hedef Portfoy	Turkiye	49.6
12	Agesa Life And Retirement Oks Aggressive Participation Variable Retirement Investment Fund	AgeSA Hayat ve Emeklilik	Turkiye	49.3
13	Inveo Portfolio Multi Asset Participation Fund	Inveo Portfoy	Turkiye	46.1
14	Hedef Portfolio Participation Stock (TL) Fund (Stock Intensive Fund)	Hedef Portfoy	Turkiye	41.7
15	Azimut Portfolio Participation Stock Fund (Stock Intensive Fund)	Azimut Portfoy	Turkiye	38.6
16	AXA Life And Retirement Participation Variable Retirement Investment Fund	AXA Hayat ve Emeklilik	Turkiye	37.5
17	Ziraat Portfolio Participation 30 Index Stock Exchange Investment Fund	Ziraat Portfoy	Turkiye	37.3
18	Bereket Retirement And Life Participation Share Retirement Investment Fund	Bereket Emeklilik ve Hayat	Turkiye	36.6
19	Albaraka Portfolio Participation Stock Fund (Stock Intensive Fund)	Albaraka Portfoy	Turkiye	36.5
20	Istanbul Portfolio Participation Share (TL) Fund (Share Intensive Fund)	Istanbul Portfoy	Turkiye	36.5

Top 20 Islamic equity funds in Pakistan by one year return (30-Sep-2025)
Rank	Fund name	Fund manager	Domicile	Returns (%)
1	Al-Ameen Islamic Retirement Savings Fund – Equity	UBL Funds	Pakistan	125.17
2	Al-Ameen Islamic Energy Fund	UBL Funds	Pakistan	123.79
3	Al-Ameen Shariah Stock Fund	UBL Funds	Pakistan	115.21
4	Meezan Tahaffuz Pension Fund (Equity)	Al Meezan Investment Management	Pakistan	108.86
5	NAFA Islamic Pension Fund (Equity)	NBP Fund Management	Pakistan	107.6
6	Al Meezan Mutual Fund	Al Meezan Investment Management	Pakistan	107.4
7	NBP Islamic Stock Fund	NBP Fund Management	Pakistan	105.9
8	Meezan Dedicated Equity Fund	Al Meezan Investment Management	Pakistan	105.55
9	NBP Islamic Energy Fund	NBP Fund Management	Pakistan	103.3
10	HBL Islamic Pension Fund (Equity Sub Fund)	HBL Asset Management	Pakistan	103.28
11	ABL Islamic Pension Fund (Equity Sub Fund)	ABL Asset Management	Pakistan	102.38
12	Atlas Islamic Stock Fund	Atlas Asset Management	Pakistan	101.81
13	AKD Islamic Stock Fund	AKD Investment Management	Pakistan	101.33
14	AWT Islamic Stock Fund	AWT Investment	Pakistan	101.32
15	Meezan Islamic Fund	Al Meezan Investment Management	Pakistan	101.02
16	Meezan Energy Fund	Al Meezan Investment Management	Pakistan	100.73
17	Atlas Islamic Dedicated Stock Fund	Atlas Asset Management	Pakistan	100.06
18	Alfalah GHP Islamic Pension – Equity Sub Fund	Alfalah Asset Management	Pakistan	99.84
19	Faysal Islamic Pension Fund – Equity	Faysal Asset Management	Pakistan	99.01
20	JS Islamic Fund	JS Investments	Pakistan	96.65

Top 20 Islamic equity funds by AuM (30-Sep-2025)
Rank	Fund name	Fund manager	Domicile	AuM (US$ million)
1	HSBC UCITS Common Contractual Fund – Islamic Global Equity Index Fund – Class A2CGBP	HSBC Asset Management	Republic of Ireland	4,624.37
2	Amana Growth Institutional Fund	Saturna Capital	United States	3,330
3	Amana Growth Investor Fund	Saturna Capital	United States	2,750
4	SP Funds S&P 500 Sharia Industry Exclusions ETF	ShariaPortfolio	United States	1,809.95
5	Albilad CSOP MSCI Hong Kong China Equity ETF	Albilad Capital	Saudi Arabia	1,551.21
6	Amana Income Institutional Fund	Saturna Capital	United States	1,270
7	Bahana Global Healthcare Sharia USD Equity Fund	Bahana TCW Investment Management	Indonesia	1,060.59
8	Invesco Dow Jones Islamic Global Developed Markets UCITS ETF Acc	Invesco Capital Management	Republic of Ireland	1,051.98
9	Public Ittikal Sequel Fund	Public Mutual	Malaysia	1,048.06
10	Public Asia Ittikal Fund	Public Mutual	Malaysia	1,044.12
11	Public Ittikal Fund	Public Mutual	Malaysia	1,002.7
12	Al Rajhi Freestyle Saudi Equity Fund	Al Rajhi Capital	Saudi Arabia	881.42
13	HSBC UCITS Common Contractual Fund – Islamic Global Equity Index Fund – Class D3CGBP	HSBC Asset Management	Republic of Ireland	880.58
14	HSBC Islamic Global Equity Index Fund – Class IC	HSBC Asset Management	Luxembourg	879.96
15	Amana Income Investor Fund	Saturna Capital	United States	846.08
16	Public Islamic Dividend Fund	Public Mutual	Malaysia	837.53
17	iShares MSCI World Islamic UCITS ETF	Blackrock Asset Management Ireland	Republic of Ireland	836.72
18	SNB Capital North America Index Fund	SNB Capital	Saudi Arabia	824.36
19	SC US Equities Passive Fund – Class D USD	Sedco Capital	Luxembourg	745.96
20	HSBC Islamic Global Equity Index Fund – Class IC GBP	HSBC Asset Management	Luxembourg	703.58

Top 20 Islamic equity fund managers by AuM (30-Sep-2025)
Rank	Fund manager	Country	AuM (US$ million)
1	HSBC Asset Management	United Kingdom	8,957.09
2	Saturna Capital	United States	8,352.16
3	Public Mutual	Malaysia	8,344.2
4	Al Rajhi Capital	Saudi Arabia	3,545.13
5	SNB Capital	Saudi Arabia	2,677.34
6	ShariaPortfolio	United States	1,979.62
7	Albilad Capital	Saudi Arabia	1,871.38
8	Jadwa Investment	Saudi Arabia	1,776.25
9	Principal Asset Management	Malaysia	1,767.23
10	Blackrock Asset Management Ireland Limited	United Kingdom	1,570.26
11	SAB Invest	Saudi Arabia	1,237.91
12	Sedco Capital	Saudi Arabia	1,219.22
13	Bahana TCW Investment Management	Indonesia	1,067.37
14	Invesco Capital Management	United Kingdom	1,051.98
15	Oasis Crescent	South Africa	864.44
16	Wahed Invest	United States	850
17	Derayah Financial	Saudi Arabia	770.39
18	Kenanga Investors	Malaysia	764.35
19	Old Mutual Unit Trust	South Africa	742.62
20	Aljazira Capital	Saudi Arabia	610.05

Fixed Income Instruments

Islamic fixed income funds expanded 26% over the year, with AuM rising to US$12.58 billion in Q3 2025. The category consists of 145 funds, with 20 new launches during the review period.

Top 20 Islamic fixed income funds globally by one year return (30-Sep-2025)
Rank	Fund name	Fund manager	Domicile	Returns (%)
1	Turkiye Life And Retirement Oks Balanced Participation Variable Retirement Investment Fund	Turkiye Hayat Ve Emeklilik	Turkiye	56.3
2	Ziraat Portfolio Amber Money Market Participation Free (TL) Fund	Ziraat Portfoy	Turkiye	54.85
3	Bereket Retirement And Life Initial Participation Retirement Investment Fund	Bereket Emeklilik ve Hayat	Turkiye	54.21
4	Turkiye Life And Retirement Initial Participation Retirement Investment Fund	Turkiye Hayat Ve Emeklilik	Turkiye	53.42
5	Azimut Portfolio Second Rental Certificates Participation Fund	Azimut Portfoy	Turkiye	51.2
6	Ziraat Portfolio Second Short-Term Rental Certificates Participation (TL) Fund	Ziraat Portfoy	Turkiye	50.07
7	Ziraat Portfolio Short-Term Rental Certificate Participation (TL) Fund	Ziraat Portfoy	Turkiye	49.83
8	Ziraat Portfolio Halkbank Short-Term Lease Certificates Participation (TL) Fund	Ziraat Portfoy	Turkiye	49.81
9	Metlife Retirement And Life Oks Atak Participation Variable Retirement Investment Fund	MetLife Emeklilik ve Hayat	Turkiye	45.1
10	Active Portfolio Turkiye Finance Ala Banking Participation Special Fund	Aktif Portfoy	Turkiye	43.92
11	Metlife Retirement And Life Oks Aggressive Participation Variable Retirement Investment Fund	MetLife Emeklilik ve Hayat	Turkiye	41.39
12	QNB Health Life Insurance And Retirement Oks Participation Standard Retirement Investment Fund	QNB Saglik Hayat Sigorta ve Emeklilik	Turkiye	40.16
13	HDI Fiba Retirement And Life Participation Contribution Retirement Investment Fund	HDI Fibaemeklilik	Turkiye	38.22
14	Bereket Retirement And Life Participation Standard Retirement Investment Fund	Bereket Emeklilik ve Hayat	Turkiye	37.29
15	Bereket Retirement And Life Oks Dynamic Participation Variable Retirement Investment Fund	Bereket Emeklilik ve Hayat	Turkiye	36.07
16	AXA Life And Retirement Oks Participation Standard Retirement Investment Fund	AXA Hayat ve Emeklilik	Turkiye	35.86
17	Garanti Portfolio Participation Free (Foreign Exchange) Fund	Garanti Portfoy	Turkiye	30.55
18	Qinvest Portfolio First Participation Free (Foreign Exchange) Fund	QInvest Portfoy	Turkiye	30.39
19	Turkiye Life And Retirement Public External Rental Certificates Participation Retirement Investment Fund	Turkiye Hayat Ve Emeklilik	Turkiye	28.79
20	FBN Halal Fund	FBN Quest Asset Management	Nigeria	16.69

Top 20 Islamic fixed income funds globally (ex-Turkiye) by one year return (30-Sep-2025)
Rank	Fund name	Fund manager	Domicile	AuM (US$ million)
1	FBN Halal Fund	FBN Quest Asset Management	Nigeria	16.69
2	HBL Islamic Pension Fund (Debt)	HBL Asset Management	Pakistan	13.5
3	Pak-Qatar Income Plan	Pak-Qatar Asset Management	Pakistan	13.22
4	Faysal Islamic Financial Growth Plan-II	Faysal Asset Management	Pakistan	12.81
5	Pak-Qatar Monthly Income Plan	Pak-Qatar Asset Management	Pakistan	12.54
6	AWT Islamic Income Fund	AWT Investment	Pakistan	12.5
7	Alhamra Islamic Income Fund	MCB Funds	Pakistan	12.15
8	Al-Ameen Islamic Sovereign Fund	UBL Funds	Pakistan	12.06
9	Faysal Islamic Special Income Plan-I	Faysal Asset Management	Pakistan	12.02
10	NIT Islamic Income Fund	National Investment Trust	Pakistan	11.7
11	Cordros Halal Fixed Income Fund	Cordros Asset Management	Nigeria	11.55
12	NBP Islamic Savings Fund	NBP Fund Management	Pakistan	11.3
13	Al-Ameen Islamic Retirement Savings Fund – Debt	UBL Funds	Pakistan	11.24
14	Faysal Islamic Savings Growth Fund	Faysal Asset Management	Pakistan	11.17
15	HBL Islamic Income Fund	HBL Asset Management	Pakistan	11.1
16	NBP Islamic Mahana Amdani Fund	NBP Fund Management	Pakistan	11.1
17	Alfalah GHP Islamic Income Fund	Alfalah Asset Management	Pakistan	11
18	Al-Ameen Islamic Fixed Term Plan I – M	UBL Funds	Pakistan	10.83
19	NBP Islamic Income Fund	NBP Fund Management	Pakistan	10.8
20	Pak-Qatar Khalis Bachat Plan	Pak-Qatar Asset Management	Pakistan	10.69

Top 20 Islamic fixed income funds globally (ex-Pakistan & Turkiye) by one year return (30-Sep-2025)
Rank	Fund name	Fund manager	Domicile	Returns (%)
1	FBN Halal Fund	FBN Quest Asset Management	Nigeria	16.69
2	Cordros Halal Fixed Income Fund	Cordros Asset Management	Nigeria	11.55
3	Syailendra Sharia Fixed Income Fund	Syailendra Capital	Indonesia	10.2
4	I-Hajj Syariah	Insight Investments Management	Indonesia	10.08
5	Target 2024 Sukuk Fund Series II	Azimut DIFC	United Arab Emirates	8.73
6	27four Shariah Income Fund	27 Four Investment Managers	South Africa	8.4
7	Trimegah Dana Tetap Syariah 2	Trimegah Asset Management	Indonesia	7.78
8	Sentio Sanlam Collective Investments Hikma Shariah Income Fund – B1	Sentio Capital Management	South Africa	7.73
9	Hejaz Income Fund	Hejaz Financial Services	Australia	7.7
10	Alkhabeer Diversified Income Traded Fund	Alkhabeer Capital	Saudi Arabia	7.53
11	PNM Kaffah	PNM Investment Management	Indonesia	7.28
12	Simas Income Syariah	Sinarmas Asset Management	Indonesia	7.08
13	AIA Dana Bon	AIA Public Takaful Berhad	Malaysia	6.02
14	PRUlink Syariah Rupiah Cash & Bond Fund	Prudential Indonesia	Indonesia	5.69
15	Sucorinvest Syariah Proteksi 2	Sucorinvest Asset Management	Indonesia	5.43
16	Alistithmar Capital SAR Murabaha Fund	Alistithmar Capital	Saudi Arabia	5.38
17	Albilad SAR Murabaha Fund	Albilad Capital	Saudi Arabia	5.37
18	Majoris Sukuk Negara Indonesia	Majoris Asset Management	Indonesia	5.34
19	Nomura i-Income Fund 2 – Class H	Nomura Asset Management Malaysia	Malaysia	5.32
20	MEFIC Saudi Riyal Murabaha Fund	MEFIC Capital	Saudi Arabia	5.13

Top 20 Islamic fixed income funds by AuM (30-Sep-2025)
Rank	Fund name	Fund manager	Domicile	AuM (US$ million)
1	Ziraat Portfolio Amber Money Market Participation Free (TL) Fund	Ziraat Portfoy	Turkiye	1,545.44
2	AHAM Aiiman Income Fund	AHAM Capital Asset Management	Malaysia	1,326.43
3	Riyad SAR Diversified Trade Fund	Riyad Capital	Saudi Arabia	1,286.15
4	Albilad SAR Murabaha Fund	Albilad Capital	Saudi Arabia	632.34
5	Aiiman Income Extra Fund	AIIMAN Asset Management	Malaysia	621.17
6	SNB Capital Diversified Saudi Riyal Fund	SNB Capital	Saudi Arabia	508.27
7	AlJazira Saudi Riyal Murabaha Fund	Aljazira Capital	Saudi Arabia	440.74
8	SNB Capital International Trade Fund	SNB Capital	Saudi Arabia	417.86
9	Riyad SAR Trade Fund	Riyad Capital	Saudi Arabia	361.94
10	Principal e-Cash Fund (Class A)	Principal Asset Management	Malaysia	315.98
11	Ziraat Portfolio Short-Term Rental Certificate Participation (TL) Fund	Ziraat Portfoy	Turkiye	313.25
12	Alistithmar Capital SAR Murabaha Fund	Alistithmar Capital	Saudi Arabia	303.02
13	Amana Participation Institutional Fund	Saturna Capital	United States	259.49
14	Meezan Munafa Plan I	Al Meezan Investment Management	Pakistan	236.41
15	SPDR JP Morgan Saudi Arabia Aggregate Bond UCITS ETF (Acc)	State Street Global Advisors	Republic of Ireland	215.4
16	AWT Islamic Income Fund	AWT Investment	Pakistan	211.35
17	Ziraat Portfolio Halkbank Short-Term Lease Certificates Participation (TL) Fund	Ziraat Portfoy	Turkiye	156.16
18	Alhamra Islamic Income Fund	MCB Funds	Pakistan	149.79
19	I-Hajj Syariah	Insight Investments Management	Indonesia	149.26
20	Faysal Islamic Financial Growth Plan-II	Faysal Asset Management	Pakistan	137.72

Top 20 Islamic fixed income fund managers by AuM (30-Sep-2025)
Rank	Fund manager	Country	AuM (US$ million)
1	Ziraat Portfoy	Turkiye	2,092.7
2	Riyad Capital	Saudi Arabia	1,728.28
3	AHAM Capital Asset Management	Malaysia	1,335.1
4	SNB Capital	Saudi Arabia	1,053.36
5	Albilad Capital	Saudi Arabia	632.34
6	AIIMAN Asset Management	Malaysia	621.17
7	Faysal Asset Management	Pakistan	499.44
8	Aljazira Capital	Saudi Arabia	453.44
9	Principal Asset Management	Malaysia	315.98
10	Alistithmar Capital	Saudi Arabia	303.02
11	Saturna Capital	United States	297.13
12	Al Meezan Investment Management	Pakistan	236.41
13	State Street Global Advisors	United Kingdom	222.74
14	AWT Investment	Pakistan	211.35
15	MCB Funds	Pakistan	167.92
16	Insight Investments Management	Indonesia	149.26
17	Pak Qatar Family Takaful	Pakistan	139.73
18	Turkiye Hayat Ve Emeklilik	Turkiye	136.74
19	NBP Fund Management Limited	Pakistan	122.11
20	Sedco Capital	Saudi Arabia	111.51

Mixed Assets

Mixed asset funds posted a 26.06% increase in AuM, reaching US$13.13 billion in Q3 2025. This diversified segment now includes 364 funds globally, with 16 new funds launched over the past year.

Top 20 Islamic mixed asset funds in Turkiye by one year return (30-Sep-2025)
Rank	Fund name	Fund manager	Domicile	Returns (%)
1	Kuveyt Turk Portfoy KFZ Participation Free Special Fund	Kuveyt Turk Portfoy	Turkiye	175.3
2	Foneria Portfolio Multi Asset Participation Fund	Foneria Portfoy	Turkiye	57.6
3	Allbatross Portfolio Short-Term Participation Free (TL) Fund	Allbatross Portfoy	Turkiye	56.2
4	Nurol Portfolio First Participation Fund	Nurol Portfoy	Turkiye	54.7
5	Garanti Portfolio First Participation Fund	Garanti Portfoy	Turkiye	53.1
6	Garanti Portfolio Participation Free (TL) Fund	Garanti Portfoy	Turkiye	53.1
7	AXA Life And Retirement Initial Participation Retirement Investment Fund	AXA Hayat ve Emeklilik	Turkiye	52.9
8	Turkiye Life And Retirement Oks Conservative Participation Variable Retirement Investment Fund	Turkiye Hayat Ve Emeklilik	Turkiye	50.4
9	QNB Finance Portfolio Multi Asset Participation Fund	QNB Finans Portfoy	Turkiye	48.9
10	Active Portfolio Participation Fund Basket Fund	Aktif Portfoy	Turkiye	48.7
11	Oyak Portfolio First Participation Free Fund	OYAK Portfoy	Turkiye	48.7
12	QNB Health Life Insurance And Retirement Oks Dynamic Participation Variable Retirement Investment Fund	QNB Saglik Hayat Sigorta ve Emeklilik	Turkiye	48.7
13	Garanti Retirement And Life Oks Balanced Participation Variable Retirement Investment Fund	Garanti Emeklilik Ve Hayat	Turkiye	48.5
14	Agesa Life And Retirement Oks Dynamic Participation Variable Retirement Investment Fund	AgeSA Hayat ve Emeklilik	Turkiye	47.7
15	Turkiye Life And Retirement Center Transfer Of Receivables Balanced Participation Variable Eyf	Turkiye Hayat Ve Emeklilik	Turkiye	47.6
16	Participation Retirement And Life Oks Atak Participation Variable Retirement Investment Fund	Katilim Emeklilik ve Hayat	Turkiye	46.9
17	HDI Fiba Retirement And Life Oks Atak Participation Variable Retirement Investment Fund	HDI Fibaemeklilik	Turkiye	45.7
18	Garanti Retirement And Life Oks Cautious Participation Variable Retirement Investment Fund	Garanti Emeklilik Ve Hayat	Turkiye	45.7
19	Allianz Life And Retirement Oks Growth Participation Variable Retirement Investment Fund	Allianz Yasam ve Emeklilik	Turkiye	44.8
20	Bereket Retirement And Life Participation Variable Group Retirement Investment Fund	Bereket Emeklilik ve Hayat	Turkiye	44.5

Top 20 Islamic mixed asset funds in Pakistan by one year return (30-Sep-2025)
Rank	Fund name	Fund manager	Domicile	AuM (US$ million)
1	Meezan Pakistan Exchange Traded Fund	Al Meezan Investment Management	Pakistan	86.02
2	Pak-Qatar Asset Allocation Plan-III	Pak-Qatar Asset Management	Pakistan	74.95
3	Meezan Balanced Fund	Al Meezan Investment Management	Pakistan	52.73
4	Meezan Financial Planning Fund of Funds (Moderate)	Al Meezan Investment Management	Pakistan	50.42
5	Faysal Islamic Asset Allocation Fund-II	Faysal Asset Management	Pakistan	49.07
6	Al-Ameen Islamic Asset Allocation Fund	UBL Funds	Pakistan	46.05
7	Atlas Conservative Allocation Islamic Plan	Atlas Asset Management	Pakistan	40.2
8	Alfalah GHP Islamic Prosperity Planning Fund – Moderate Allocation Plan	Alfalah Asset Management	Pakistan	38.93
9	Lakson Islamic Tactical Fund	Lakson Investment	Pakistan	28.6
10	Alhamra Smart Portfolio	MCB Funds	Pakistan	27.61
11	Alfalah GHP Islamic Prosperity Planning Fund – Balanced Allocation Plan	Alfalah Asset Management	Pakistan	22.41
12	Al-Ameen Islamic Aggressive Income Fund	UBL Funds	Pakistan	21.81
13	Faysal Islamic Asset Allocation Fund	Faysal Asset Management	Pakistan	14.83
14	Alfalah GHP Islamic Pension – Debt Sub Fund	Alfalah Asset Management	Pakistan	14.17
15	Pak-Qatar Asset Allocation Plan I	Pak-Qatar Asset Management	Pakistan	14.06
16	JS Islamic Pension Savings Fund (Debt)	JS Investments	Pakistan	13.54
17	Pak-Qatar Asset Allocation Plan II	Pak-Qatar Asset Management	Pakistan	13.27
18	AKD Islamic Income Fund	AKD Investment Management	Pakistan	12.78
19	Alfalah GHP Islamic Value Fund	Alfalah Asset Management	Pakistan	12.7
20	Al-Ameen Islamic Income Fund	UBL Funds	Pakistan	12.44

Top 20 Islamic mixed asset funds in globally (ex-Pakistan & Turkiye) by one year return (30-Sep-2025)
Rank	Fund name	Fund manager	Domicile	Returns (%)
1	Public Islamic Asia Tactical Allocation Fund	Public Mutual	Malaysia	25.12
2	SP Funds 2040 Target Date Fund – Institutional	ShariaPortfolio	United States	24.2
3	SP Funds 2040 Target Date Fund – Investor	ShariaPortfolio	United States	23.59
4	PB Islamic Dynamic Allocation Fund	Public Mutual	Malaysia	23.39
5	Public Islamic Global Balanced Fund	Public Mutual	Malaysia	17.15
6	Islamic Balanced Fund	Camissa Asset Management	South Africa	13.9
7	Sentio Sanlam Collective Investments Hikma Shariah Balanced Fund – B1	Sentio Capital Management	South Africa	13.87
8	Principal Islamic Global Selection Aggressive Fund (Class MYR)	Principal Asset Management	Malaysia	13.83
9	HSBC Global Funds ICAV – Shariah Multi Asset Fund – SC	HSBC Asset Management	Republic of Ireland	13.79
10	Mandiri Investa Syariah Berimbang	Mandiri Manajemen Investasi	Indonesia	13.63
11	HSBC Global Funds ICAV – Shariah Multi Asset Fund – S1CGBP	HSBC Asset Management	Republic of Ireland	13.38
12	HSBC Global Funds ICAV – Shariah Multi Asset Fund – SSGBP	HSBC Asset Management	Republic of Ireland	13.38
13	HSBC Global Funds ICAV – Shariah Multi Asset Fund – XC	HSBC Asset Management	Republic of Ireland	13.35
14	HSBC Global Funds ICAV – Shariah Multi Asset Fund – BC	HSBC Asset Management	Republic of Ireland	13.22
15	27four Shariah Multi-Managed Balanced Fund	27 Four Investment Managers	South Africa	13.12
16	FNB Islamic Balanced Fund	FNB Multi Management	South Africa	12.94
17	HSBC Global Funds ICAV – Shariah Multi Asset Fund – XCGBP	HSBC Asset Management	Republic of Ireland	12.92
18	HSBC Global Funds ICAV – Shariah Multi Asset Fund – XSGBP	HSBC Asset Management	Republic of Ireland	12.91
19	HSBC Global Funds ICAV – Shariah Multi Asset Fund – BSGBP	HSBC Asset Management	Republic of Ireland	12.82
20	HSBC Global Funds ICAV – Shariah Multi Asset Fund – BCGBP	HSBC Asset Management	Republic of Ireland	12.81

Top 20 Islamic mixed asset funds by AuM (30-Sep-2025)
Rank	Fund name	Fund manager	Domicile	AuM (US$ million)
1	Al Rajhi Growth Fund	Al Rajhi Capital	Saudi Arabia	2,224.04
2	Takafulink Dana Ekuiti	Prudential BSN Takaful	Malaysia	662.38
3	Public Islamic Asia Tactical Allocation Fund	Public Mutual	Malaysia	591.26
4	Al Rajhi Monthly Distribution Fund	Al Rajhi Capital	Saudi Arabia	530.36
5	Lapfund Amal Fund	Lapfund	Kenya	508.27
6	Al Rajhi Monthly Distribution Fund 2	Al Rajhi Capital	Saudi Arabia	411.54
7	Public Islamic Mixed Asset Fund	Public Mutual	Malaysia	304.75
8	Islamic Balanced Fund	Camissa Asset Management	South Africa	287.61
9	Principal Islamic Lifetime Balanced Fund	Principal Asset Management	Malaysia	252.69
10	Turkiye Life And Retirement Participation Contribution Retirement Investment Fund	Turkiye Hayat Ve Emeklilik	Turkiye	232.68
11	SAB Invest Multi Assets Balanced Fund	SAB Invest	Saudi Arabia	201.88
12	Oasis Crescent Income Fund	Oasis Crescent	South Africa	186.3
13	Public Ehsan Mixed Asset Conservative Fund	Public Mutual	Malaysia	181.14
14	SC Balanced Fund – Class D	Sedco Capital	Luxembourg	177.74
15	Garanti Retirement And Life Participation Contribution Retirement Investment Fund	Garanti Emeklilik Ve Hayat	Turkiye	175.44
16	Takafulink Dana Urus	Prudential BSN Takaful	Malaysia	168.43
17	Emirates Islamic Global Balanced Fund (Luxembourg)	Emirates NBD Asset Management	Luxembourg	156.2
18	SAB Invest Multi Assets Growth Fund	SAB Invest	Saudi Arabia	140.5
19	Garanti Portfolio Participation Free (TL) Fund	Garanti Portfoy	Turkiye	136.16
20	SNB Capital Multi-Asset Moderate Fund	SNB Capital	Saudi Arabia	130.24

Top 20 Islamic mixed asset fund managers by AuM (30-Sep-2025)
Rank	Fund manager	Country	AuM (US$ million)
1	Al Rajhi Capital	Saudi Arabia	3,275.9
2	Public Mutual	Malaysia	1,258.17
3	Prudential BSN Takaful	Malaysia	830.81
4	Principal Asset Management	Malaysia	614.79
5	Lapfund	Kenya	508.27
6	Turkiye Hayat Ve Emeklilik	Turkiye	442.33
7	SAB Invest	Saudi Arabia	414.88
8	Camissa Asset Management	South Africa	405.79
9	SNB Capital	Saudi Arabia	398.6
10	Garanti Emeklilik Ve Hayat	Turkiye	394.53
11	Sedco Capital	Saudi Arabia	258.78
12	Maybank Asset Management	Malaysia	246.91
13	Oasis Crescent	South Africa	228.23
14	Emirates NBD Asset Management	United Arab Emirates	202.36
15	Kenanga Investors	Malaysia	194.38
16	Maybank Asset Management	Singapore	177.9
17	Katilim Emeklilik ve Hayat	Turkiye	160.27
18	Garanti Portfoy	Turkiye	155.66
19	Pak-Qatar Asset Management	Pakistan	151.98
20	Aljazira Capital	Saudi Arabia	145.45

Money Market

Money market funds recorded a robust 42.39% rise in AuM, reaching US$43.65 billion in Q3 2025, remaining one of the most widely used low-risk vehicles in the Islamic space. The category includes 261 funds, with 17 new launches during the year.

Top 20 Islamic money market funds globally by one-year return (30-Sep-2025)
Rank	Fund name	Fund manager	Domicile	Returns (%)
1	Mega Dana Kas Syariah	Mega Capital Investama	Indonesia	19.57
2	Insight Simas Asna Pendapatan Tetap Syariah I Asna	Insight Investments Management	Indonesia	11.89
3	Reksa Dana Principal Prime Income Fund 4	Principal Asset Management	Indonesia	7.12
4	Kenanga Islamic Cash Fund	Kenanga Investors	Malaysia	6.76
5	NDB Wealth Islamic Money Plus Fund	NDB Wealth Management	Sri Lanka	6.51
6	Insight Money Sharia	Insight Investments Management	Indonesia	6.1
7	PNM Amanah Syariah Kelas D	PNM Investment Management	Indonesia	6.05
8	Kontrak Investasi Kolektif Pemupukan Dana Tapera Bahana Pasar Uang Syariah	Bahana TCW Investment Management	Indonesia	6
9	KIK Pemupukan Dana Tapera Batavia Pasar Uang Syariah	Batavia Prosperindo Aset Manajemen	Indonesia	5.98
10	PNM Falah 2	PNM Investment Management	Indonesia	5.98
11	KIK Pemupukan Dana Tapera Danareksa Pasar Uang Syariah	BRI Manajemen Investasi	Indonesia	5.96
12	GIB Murabaha Fund – Class B	GIB Capital	Saudi Arabia	5.96
13	SNB Capital Al Sunbullah SAR	SNB Capital	Saudi Arabia	5.9
14	Al Rajhi Awaeed Fund	Al Rajhi Capital	Saudi Arabia	5.89
15	Alpha Murabaha Fund	Alpha Capital	Saudi Arabia	5.84
16	Capital Sharia Money Market	Capital Asset Management	Indonesia	5.71
17	Kontrak Investasi Kolektif Pemupukan Dana Tapera BNI AM Pasar Uang Syariah	BNI Asset Management	Indonesia	5.68
18	STAR Sharia Money Market	Surya Timur Alam Raya Asset Management	Indonesia	5.68
19	Avrist Ada Liquid Syariah	Avrist Asset Management	Indonesia	5.61
20	Artal MENA Fund (Class B)	Artal Capital	Saudi Arabia	5.6

Top 20 Islamic money market funds in Pakistan by one year return (30-Sep-2025)
Rank	Fund name	Fund manager	Domicile	AuM (US$ million)
1	ABL Islamic Financial Planning Fund (Capital Preservation Plan-I)	ABL Asset Management	Pakistan	32
2	Meezan Financial Planning Fund of Funds (Conservative)	Al Meezan Investment Management	Pakistan	28.06
3	JS Islamic Pension Savings Fund (Money Market)	JS Investments	Pakistan	13.97
4	JS KPK Islamic Pension Fund (Money Market)	JS Investments	Pakistan	13.2
5	ABL Islamic Income Fund	ABL Asset Management	Pakistan	12.93
6	ABL Islamic Sovereign Plan-I	ABL Asset Management	Pakistan	12.76
7	ABL GOKP Islamic Pension Fund	ABL Asset Management	Pakistan	12.49
8	Faysal Islamic Pension Fund – Money Market	Faysal Asset Management	Pakistan	12.49
9	Meezan Tahaffuz Pension Fund (Money Market)	Al Meezan Investment Management	Pakistan	12.4
10	Al-Ameen Islamic Retirement Savings Fund – Money market	UBL Funds	Pakistan	12.17
11	Atlas Islamic Income Fund	Atlas Asset Management	Pakistan	12.09
12	Pak-Qatar Cash Plan	Pak-Qatar Asset Management	Pakistan	12.02
13	Al Habib Islamic Savings Fund	Al Habib Asset Management	Pakistan	11.92
14	Alhamra Cash Management Optimizer	MCB Funds	Pakistan	11.86
15	AKD Islamic Daily Dividend Fund	AKD Investment Management	Pakistan	11.83
16	Atlas Islamic Cash Fund	Atlas Asset Management	Pakistan	11.83
17	HBL Islamic Money Market Fund	HBL Asset Management	Pakistan	11.82
18	Alfalah Islamic Money Market Fund	Alfalah Asset Management	Pakistan	11.81
19	NIT Islamic Money Market Fund	National Investment Trust	Pakistan	11.81
20	NBP GOKP Islamic Pension Fund – Money market Sub Fund	NBP Fund Management	Pakistan	11.8

Top 20 Islamic money market funds by AuM (30-Sep-2025)
Rank	Fund name	Fund manager	Domicile	Returns (%)
1	SNB Capital Al Sunbullah SAR	SNB Capital	Saudi Arabia	5,345.46
2	Al Rajhi Awaeed Fund	Al Rajhi Capital	Saudi Arabia	5,071.79
3	SNB Capital Saudi Riyal Trade Fund	SNB Capital	Saudi Arabia	3,299.29
4	AHAM Aiiman Money Market Fund	AHAM Capital Asset Management	Malaysia	3,297.68
5	Principal Islamic Deposit Fund – Class AI	Principal Asset Management	Malaysia	1,761.58
6	Alpha Murabaha Fund	Alpha Capital	Saudi Arabia	1,493.39
7	Watani KD Money Market Fund II	NBK Wealth	Kuwait	1,209.18
8	Riyad SAR Liquidity Fund	Riyad Capital	Saudi Arabia	1,094.57
9	Kuveyt Turk Portfoy Money Market Participation (TL) Fund	Kuveyt Turk Portfoy	Turkiye	991.8
10	Kuveyt Turk Portfoy Short-Term Participation Free (TL) Fund	Kuveyt Turk Portfoy	Turkiye	950.71
11	Boubyan KD Money Market Fund II	Boubyan Capital	Kuwait	870.97
12	ANB Capital SAR Trade Fund	ANB Capital	Saudi Arabia	849.04
13	Al Rajhi Saving and Liquidity Fund – SAR	Al Rajhi Capital	Saudi Arabia	841.57
14	Meezan Cash Fund	Al Meezan Investment Management	Pakistan	809.02
15	Alinma Saudi Riyal Liquidity Fund	Alinma Investment	Saudi Arabia	803.91
16	RHB Islamic Cash Management Fund	RHB Asset Management	Malaysia	774.92
17	Albaraka Portfolio Short-Term Participation Free (TL) Fund	Albaraka Portfoy	Turkiye	773.81
18	Maybank Retail Money Market-I Fund	Maybank Asset Management	Malaysia	687.39
19	Emirates Islamic Money Market Fund	Emirates NBD Asset Management	Jersey	646.54
20	Albaraka Portfolio Albaraka Turk Second Short-Term Participation Free (TL) Fund	Albaraka Portfoy	Turkiye	533.51

Top 20 Islamic money market fund managers by AuM (30-Sep-2025)
Rank	Fund manager	Country	AuM (US$ million)
1	SNB Capital	Saudi Arabia	8,918.58
2	Al Rajhi Capital	Saudi Arabia	6,082.59
3	AHAM Capital Asset Management	Malaysia	3,318.69
4	Principal Asset Management	Malaysia	2,304.63
5	Kuveyt Turk Portfoy	Turkiye	1,942.79
6	Albaraka Portfoy	Turkiye	1,661.93
7	Maybank Asset Management	Malaysia	1,600.37
8	Alpha Capital	Saudi Arabia	1,516.02
9	NBK Wealth	Kuwait	1,337.92
10	Al Meezan Investment Management	Pakistan	1,156.91
11	Riyad Capital	Saudi Arabia	1,094.57
12	Boubyan Capital	Kuwait	942.16
13	ANB Capital	Saudi Arabia	871.44
14	Alinma Investment	Saudi Arabia	803.91
15	Jadwa Investment	Saudi Arabia	788.34
16	RHB Asset Management	Malaysia	775.24
17	Emirates NBD Asset Management	United Arab Emirates	646.54
18	BSF Capital	Saudi Arabia	561.74
19	Sucorinvest Asset Management	Indonesia	464.44
20	SAB Invest	Saudi Arabia	439.81

Real Estate

Islamic real estate funds grew 6.73% from Q3 2024 to Q3 2025, with AuM increasing to US$24.04 billion. The segment consists of 73 funds, with three new real estate funds launched over the past 12 months.

Top 20 Islamic real estate funds globally by one year return (30-Sep-2025)
Rank	Fund name	Fund manager	Domicile	Returns (%)
1	Tera Portfolio Management Roof Participation Real Estate Investment Fund	Tera Portfoy	Turkiye	60.85
2	Albaraka Portfolio Real Estate Participation Short Term Participation Free (TL) Fund	Albaraka Portfoy	Turkiye	52.45
3	Allianz Life And Retirement Oks Aggressive Participation Variable Retirement Investment Fund	Allianz Yasam ve Emeklilik	Turkiye	47.06
4	SC Global Real Estate Equities Passive Fund – Class D	Sedco Capital	Luxembourg	9.37
5	SC Global Real Estate Equities Passive Fund – Class R	Sedco Capital	Luxembourg	9.25
6	KFH Capital REIT Fund	KFH Capital	Kuwait	8.08
7	Albaraka Portfolio Management Bereket Participation Real Estate Investment Fund	Albaraka Portfoy	Turkiye	8.08
8	Rasmala Long Income Fund “Plus”	Rasmala Holdings	Cayman Islands	6.75
9	Tera Portfolio Management Housing Alfa Participation Real Estate Investment Fund	Tera Portfoy	Turkiye	6.34
10	Manzil Mortgage Investment Fund	Manzil	Canada	6.04
11	Al – ‘Aqar Healthcare REIT	JLG REIT Managers	Malaysia	5.35
12	Amanah Hartanah Bumiputera	Pelaburan Hartanah Berhad	Malaysia	4.3
13	MCCA Income Fund	MCCA Asset Management	Australia	4.28
14	Nigeria Real Estate Investment Trust	Chapel Hill Denham Management	Nigeria	-0.42
15	HSBC FTSE EPRA NAREIT Developed Islamic UCITS ETF	HSBC Asset Management	Republic of Ireland	-2.07
16	SP Funds S&P Global REIT Sharia ETF	ShariaPortfolio	United States	-2.12
17	Albilad Fund of REIT Fund	Albilad Capital	Saudi Arabia	-2.83
18	Hejaz Property Fund	Hejaz Financial Services	Australia	-3.24
19	Al Rajhi REIT Fund	Al Rajhi Capital	Saudi Arabia	-4.58
20	Manulife Shariah Global REIT Fund – MYR	Manulife Investment Management	Malaysia	-4.71

Top 20 Islamic real estate funds globally (ex-Turkiye) by one year return (30-Sep-2025)
Rank	Fund name	Fund manager	Domicile	AuM (US$ million)
1	SC Global Real Estate Equities Passive Fund – Class D	Sedco Capital	Luxembourg	9.37
2	SC Global Real Estate Equities Passive Fund – Class R	Sedco Capital	Luxembourg	9.25
3	KFH Capital REIT Fund	KFH Capital	Kuwait	8.08
4	Rasmala Long Income Fund “Plus”	Rasmala Holdings	Cayman Islands	6.75
5	Manzil Mortgage Investment Fund	Manzil	Canada	6.04
6	Al – ‘Aqar Healthcare REIT	JLG REIT Managers	Malaysia	5.35
7	Amanah Hartanah Bumiputera	Pelaburan Hartanah	Malaysia	4.3
8	MCCA Income Fund	MCCA Asset Management	Australia	4.28
9	Nigeria Real Estate Investment Trust	Chapel Hill Denham Management	Nigeria	-0.42
10	HSBC FTSE EPRA NAREIT Developed Islamic UCITS ETF	HSBC Asset Management	Republic of Ireland	-2.07
11	SP Funds S&P Global REIT Sharia ETF	ShariaPortfolio	United States	-2.12
12	Albilad Fund of REIT Fund	Albilad Capital	Saudi Arabia	-2.83
13	Hejaz Property Fund	Hejaz Financial Services	Australia	-3.24
14	Al Rajhi REIT Fund	Al Rajhi Capital	Saudi Arabia	-4.58
15	Manulife Shariah Global REIT Fund – MYR	Manulife Investment Management	Malaysia	-4.71
16	Manulife Shariah PRS – Global REIT Fund	Manulife Investment Management	Malaysia	-4.73
17	Al Rajhi Real Estate Monthly Distribution Fund	Al Rajhi Capital	Saudi Arabia	-4.76
18	SNB Capital Fund of REITs Fund	SNB Capital	Saudi Arabia	-4.89
19	Manulife Shariah Global REIT Fund – USD	Manulife Investment Management	Malaysia	-6.57
20	SNB Capital Global REITs Fund	SNB Capital	Saudi Arabia	-6.69

Top 20 Islamic real estate funds by AuM (30-Sep-2025)
Rank	Fund name	Fund manager	Domicile	Returns (%)
1	KLCC REIT	KLCC Property Holdings	Malaysia	4,487.51
2	Dubai Residential REIT	DHAM REIT Management	United Arab Emirates	4,389.48
3	Axis-REIT	Axis-REIT Managers	Malaysia	1,264.09
4	Amanah Hartanah Bumiputera	Pelaburan Hartanah	Malaysia	1,208.95
5	Emirates REIT	Equitativa Group	United Arab Emirates	886
6	Al Rajhi REIT Fund	Al Rajhi Capital	Saudi Arabia	853.77
7	Jadwa REIT Saudi fund	Jadwa Investment	Saudi Arabia	744.88
8	Jadwa REITs Fund	Jadwa Investment	Saudi Arabia	713
9	Bonyan REIT	BSF Capital	Saudi Arabia	566.62
10	Alkhabeer REIT Fund	Alkhabeer Capital	Saudi Arabia	540.8
11	AlAhli REIT (1)	SNB Capital	Saudi Arabia	528.93
12	SEDCO CAPITAL REIT Fund	Sedco Capital	Saudi Arabia	498.39
13	Derayah REIT	Derayah Financial	Saudi Arabia	454.61
14	Mulkia Gulf Real Estate REIT	Mulkia Investment	Saudi Arabia	435.21
15	Musharaka REIT Fund	Musharaka Capital	Saudi Arabia	399.96
16	The Pearl REIF	Sohar International Bank	Oman	332.98
17	Alistithmar AREIC Diversified REIT Fund	Alistithmar Capital	Saudi Arabia	323.49
18	Albaraka Portfolio Real Estate Participation Short Term Participation Free (TL) Fund	Albaraka Portfoy	Turkiye	320.59
19	Riyad REIT	Riyad Capital	Saudi Arabia	315.9
20	Alinma Retail REIT Fund	Alinma Investment	Saudi Arabia	314.59

Top 20 Islamic real estate fund managers by AuM (30-Sep-2025)
Rank	Fund manager	Country	AuM (US$ million)
1	KLCC Property Holdings	Malaysia	4,487.51
2	DHAM REIT Management	United Arab Emirates	4,389.48
3	Jadwa Investment	Saudi Arabia	1,647.79
4	Axis-REIT Managers	Malaysia	1,264.09
5	Pelaburan Hartanah	Malaysia	1,208.95
6	Al Rajhi Capital	Saudi Arabia	983.59
7	Equitativa Group	United Arab Emirates	886
8	BSF Capital	Saudi Arabia	796.56
9	Sedco Capital	Saudi Arabia	648.71
10	Alinma Investment	Saudi Arabia	586.53
11	SNB Capital	Saudi Arabia	575.82
12	Alkhabeer Capital	Saudi Arabia	540.8
13	Derayah Financial	Saudi Arabia	454.61
14	Mulkia Investment	Saudi Arabia	435.21
15	Arif Habib Dolmen REIT	Pakistan	413.64
16	JLG REIT Managers	Malaysia	412.77
17	Musharaka Capital	Saudi Arabia	399.96
18	Albaraka Portfoy	Turkiye	376.05
19	Sohar International Bank	Oman	332.98
20	Alistithmar Capital	Saudi Arabia	323.49

Sukuk

Sukuk funds saw an AuM rise of 18.81% over the period, reaching US$13.87 billion in Q3 2025. The category includes 261 funds, supported by nine new Sukuk fund launches.

Top 20 Islamic Sukuk funds in Turkiye by one year return (30-Sep-2025)
Rank	Fund name	Fund manager	Domicile	Returns (%)
1	Albaraka Portfolio Management Second Rental Certificates Participation Venture Capital Investment Fund	Albaraka Portfoy	Turkiye	69.88
2	Kuveyt Turk Portfoy NKS Participation Free (TL) Special Fund	Kuveyt Turk Portfoy	Turkiye	55.21
3	BNP Paribas Cardif Retirement Initial Participation Retirement Investment Fund	BNP Paribas Cardif Emeklilik	Turkiye	53.72
4	Agesa Life And Retirement Initial Participation Retirement Investment Fund	AgeSA Hayat ve Emeklilik	Turkiye	53.54
5	Garanti Retirement And Life Start Participation Retirement Investment Fund	Garanti Emeklilik Ve Hayat	Turkiye	53.46
6	Anadolu Life Retirement Initial Participation Retirement Investment Fund	Anadolu Hayat Emeklilik	Turkiye	53.45
7	Participation Retirement And Life Start Participation Retirement Investment Fund	Katilim Emeklilik ve Hayat	Turkiye	52.96
8	Re-Pie Portfolio Short-Term Participation Free (TL) Fund	Re-Pie Portfoy	Turkiye	52.08
9	Active Portfolio Lease Certificate Participation (TL) Fund	Aktif Portfoy	Turkiye	52.01
10	Active Portfolio Short-Term Rental Certificate Participation (TL) Fund	Aktif Portfoy	Turkiye	50.72
11	Albaraka Portfolio Rental Certificates Participation Fund	Albaraka Portfoy	Turkiye	49.78
12	Azimut Portfolio Lease Certificates (Sukuk) Participation Fund	Azimut Portfoy	Turkiye	49.42
13	Azimut Portfoy Lease Certificate Sukuk Fund	Azimut Portfoy	Turkiye	49.42
14	Albaraka Portfolio Short-Term Lease Certificates Participation (TL) Fund	Albaraka Portfoy	Turkiye	48.76
15	Participation Retirement And Life Short-Term Rental Certificates Participation Retirement Investment Fund	Katilim Emeklilik ve Hayat	Turkiye	48.64
16	Deniz Portfolio Lease Certificates Participation (TL) Fund	Deniz Portfoy	Turkiye	48.37
17	Oyak Portfolio Turkiye Finance Short-Term Lease Certificate Participation (TL) Fund	OYAK Portfoy	Turkiye	48.25
18	Ziraat Portfolio Lease Certificates (Sukuk) Participation Fund	Ziraat Portfoy	Turkiye	48.12
19	Yapi Kredi Portfolio Rental Certificates Participation Fund	Yapi Kredi Portfoy	Turkiye	47.47
20	IS Portfolio Rental Certificates Participation (TL) Fund	IS Portfoy	Turkiye	46.87

Top 20 Islamic Sukuk funds globally (ex-Turkiye) by one year return (30-Sep-2025)
Rank	Fund name	Fund manager	Domicile	AuM (US$ million)
1	FSDH Halal Fund	FSDH Asset Management	Nigeria	15.57
2	Bahana Sukuk Syariah	Bahana TCW Investment Management	Indonesia	13.52
3	Faysal Islamic Mehdood Muddat Plan-I	Faysal Asset Management	Pakistan	12.42
4	786 Smart Fund	786 Investment	Pakistan	12.09
5	Faysal Islamic Pension Fund – Debt	Faysal Asset Management	Pakistan	12.09
6	Alhamra Government Securities Plan I	MCB Funds	Pakistan	11.33
7	Majoris Sukuk Andalan Indonesia	Majoris Asset Management	Indonesia	11.2
8	NBP Islamic Government Securities Plan – III	NBP Fund Management	Pakistan	10.9
9	Hejaz Sukuk Active ETF	Hejaz Financial Services	Australia	10.51
10	Avrist Ada Sukuk Berkah Syariah	Avrist Asset Management	Indonesia	10.47
11	Manulife Investment As-Saad	Manulife Investment Management	Malaysia	9.72
12	Trimegah Dana Tetap Syariah Kelas A	Trimegah Asset Management	Indonesia	9.7
13	Faysal Islamic Sovereign Plan-I	Faysal Asset Management	Pakistan	9.48
14	Faysal Islamic Sovereign Plan-II	Faysal Asset Management	Pakistan	9.46
15	Bahana PTS Generasi Gemilang	Bahana TCW Investment Management	Indonesia	9.33
16	STAR Stable Amanah Sukuk	Surya Timur Alam Raya Asset Management	Indonesia	9.26
17	Bahana Tawqiya Berbasis Sukuk	Bahana TCW Investment Management	Indonesia	9.25
18	Shinhan Sukuk Syariah I	Shinhan Asset Management	Indonesia	9.22
19	Principal Islamic Lifetime Enhanced Sukuk Fund	Principal Asset Management	Malaysia	9
20	Avrist Sukuk Amanah Sejahtera	Avrist Asset Management	Indonesia	8.75

Top 20 Islamic Sukuk funds by AuM (30-Sep-2025)
Rank	Fund name	Fund manager	Domicile	Returns (%)
1	Franklin Global Sukuk Fund – A	Franklin Templeton	Luxembourg	922.19
2	Turkiye Life And Retirement Oks Participation Standard Retirement Investment Fund	Turkiye Hayat Ve Emeklilik	Turkiye	643.37
3	AZ Multi Asset AZ Islamic – MAMG Global Sukuk A-ME (USD ACC)	Azimut Investment	Luxembourg	576
4	Trimegah Dana Tetap Syariah Kelas A	Trimegah Asset Management	Indonesia	553.7
5	Principal Islamic Institutional Sukuk Fund	Principal Asset Management	Malaysia	477.55
6	Emirates Global Sukuk Fund (Luxembourg)	Emirates NBD Asset Management	Luxembourg	460.85
7	AHAM Aiiman ESG Income Plus Fund	AHAM Capital Asset Management	Malaysia	447.27
8	SP Funds Dow Jones Global Sukuk ETF	ShariaPortfolio	United States	402.8
9	Maybank Malaysia Sukuk Fund	Maybank Asset Management	Malaysia	384.64
10	AmanahRaya Syariah Trust Fund	AmanahRaya Investment Management	Malaysia	368.42
11	Principal Islamic Lifetime Sukuk Fund	Principal Asset Management	Malaysia	328.79
12	Wafra Global Sukuk Strategy	Wafra International Investment	Kuwait	319.6
13	GFH Sukuk Fund	GFH Financial Group	Bahrain	318.29
14	HSBC Global Funds ICAV – Global Sukuk UCITS ETF – Class S1CGBP	HSBC Asset Management	Republic of Ireland	315.92
15	AmAl-Amin	AmIslamic Funds Management	Malaysia	305.21
16	Public Islamic Infrastructure Bond Fund	Public Mutual	Malaysia	295.21
17	ASN Sukuk	Amanah Saham Nasional	Malaysia	285.21
18	SC Global Sukuk Fund – Class D USD	Sedco Capital	Luxembourg	250.5
19	Sucorinvest Sharia Sukuk Fund	Sucorinvest Asset Management	Indonesia	250.2
20	Aditum Global Sukuk Fund (UCITS – SICAV)	Aditum Investment Management	Luxembourg	221.9

Top 20 Islamic Sukuk fund managers by AuM (30-Sep-2025)
Rank	Fund manager	Country	AuM (US$ million)
1	Public Mutual	Malaysia	1,470.62
2	Principal Asset Management	Malaysia	1,153.52
3	Franklin Templeton	Luxembourg	922.19
4	Turkiye Hayat Ve Emeklilik	Turkiye	687.17
5	Azimut Investment	Luxembourg	645
6	Emirates NBD Asset Management	United Arab Emirates	570.84
7	Trimegah Asset Management	Indonesia	553.7
8	Maybank Asset Management	Malaysia	528.48
9	AHAM Capital Asset Management	Malaysia	458.58
10	AmanahRaya Investment Management	Malaysia	452.64
11	ShariaPortfolio	United States	402.8
12	HSBC Asset Management	United Kingdom	399.54
13	AmIslamic Funds Management	Malaysia	392.93
14	Wafra International Investment	Kuwait	319.6
15	GFH Financial Group	Bahrain	318.29
16	Amanah Saham Nasional	Malaysia	285.21
17	Sedco Capital	Saudi Arabia	250.5
18	Sucorinvest Asset Management	Indonesia	250.2
19	Aditum Investment Management	United Arab Emirates	221.9
20	Kenanga Investors	Malaysia	211.62