 The IFN Investor Funds Database, the leading intelligence platform on Islamic public fund offerings, recorded an additional three new funds in September, bringing the number of tracked Islamic funds to 2,773, managed by 520 asset management firms, with a combined total AuM of US$411.86 billion as at the 5th October 2026.
New funds
It has been a good month of new Islamic funds launches and product expansion.
Indonesia’s gold push is yielding promising momentum: Bank Central Asia and Batavia Prosperindo Aset Manajemen have jointly launched a US dollar-denominated Shariah compliant mutual fund investing in gold/precious metals mining companies while Batavia Prosperindo Aset Manajemen rolled out a gold Shariah ETF.
Saudi Arabia continues to manufacture new products, anchoring its global position as an Islamic fund powerhouse: the Saudi Capital Market Authority approved the public offering of the AlAwwal Promising Growth Fund, the public offering of the Al Rajhi Sukuk Distribution Fund, SNB Capital-Princess Nourah University Waqf Fund and anb capital Perpetual Sukuk Fund, while the Kuwaiti regulator awarded Gulf Capital Investment Company a license to establish a gulf equity fund.
Meanwhile in Iran, at least two new funds opened for subscriptions. Inmar Company for Real Estate Development and Investment has signed an MoU with Al Rajhi Capital, exploring the possibility of launching three real estate investment funds worth a combined SAR1 billion (US$266.67 million). Meanwhile Axelerated Solutions, a digital and IT solutions company, entered a deal with BIM Capital to establish a private, closed-ended Islamic investment fund targeting SAR675 million (US$179.99 million) to develop, own and operate two data centers.
Pakistan’s Islamic REIT market has grown with Arif Habib Dolmen REIT Management’s Naya Nazimabad Apartment REIT, whose public launch has been well-received.
In Malaysia, Pelaburan Hartanah has issued an additional 400 million units of its flagship Amanah Hartanah Bumiputera, bringing the Shariah real estate fund’s total units to 5.4 billion, to support growing demand. Muamalat Invest also introduced two new funds.
Growing community
This growth theme is also seen beyond the product realm, with new players entering the fray.
The UAE anchors its position as one of the leading Islamic investment hubs: it has attracted heavyweight Mirae Asset Global Investments. Hong Kong-licensedGRT Capital, which offers Islamic investment strategies, has opened a Dubai office while Aajil Capital has secured a regulatory license and will be offering Islamic investment management services, focusing on Saudi’s industrial SME sector. iCapital received approval from Abu Dhabi Global Markets to provide alternative investment products to clients in the Middle East and expanded its Shariah compliant alternative investment strategies in collaboration with Aditum Investment Management.
Moving in parallel, Dubai-based investment platform, baraka, has added UAE equities to its platform thus offering nearly 10,000 assets across local and global markets including US securities, options, Shariah compliant investment choices and precious metals to its investors. Meanwhile, Dubai-based investment platform CUSP Wealth has entered the Islamic space with a Shariah investment scheme.
In the UK, digital banking platform Nomo partnered with Spain-headquartered fund distribution provider Allfunds to support its fully digital investment proposition, Nomo Investments, which provides customers with access to professionally managed Shariah compliant global portfolios through the Nomo app. Also in Europe, Swiss Islamic Finance received Shariah certification from Amanah Advisors for its investment and Swiss pension solutions.
In the US, the Islamic Finance Trade Association of North America has welcomed Azzad Asset Management as an institutional member.
Meanwhile, Hejaz secured a Category 1 Investment Business Firm from the Central Bank of Bahrain, allowing it to conduct investment activities including dealing in and managing financial instruments, providing investment advice and operating collective investment schemes. Hejaz intends to leverage on the new license to roll out Shariah funds in the Kingdom.
The Islamic brokerage network continues to grow in Pakistan. AHM Securities joins the expanding community as it was granted a regulatory license to operate an Islamic brokerage window.
Over in Nigeria: United Capital Trustees has unveiled a Shariah compliant trust solution while Afrinvest intends to expand its Shariah compliant investment product suite.
We may see a new trading platform for Shariah compliant instruments in Kyrgyzstan as the national stock exchange and the Association of Islamic Finance have agreed to develop it in line with the country’s Islamic Economic Platform Development Concept for 2023-27. The planned platform reportedly will adopt AAOIFI and IFSB standards.
Kyrgyzstan is not the only one trying to position itself to capture regional Halal capital: the Qatar Financial Centre has made it clear that it wants to mobilize Shariah capital for projects as economic connectivity between the Middle East and Asia expands into areas including green energy, AI and digital infrastructure.
Mecca/Medina spotlight
Investors are flocking to the Mecca/Medina market as the Saudi government opens the market to non-Saudis as part of a deliberate push to reposition the two cities as a global investment destination.
Islamic investment giant SEDCO Capital is riding on this potential with an upcoming Islamic real estate fund with New York-headquartered Wahed.
Meanwhile, we learned that Indonesia’s Hajj Financial Management Agency (BPKH), custodian of more than IDR184 trillion (US$11 billion) in pilgrim savings as of June 2026, is deepening its footprint in Saudi Arabia. Its Saudi subsidiary has signed multiple MoUs with Saudi partners to explore Shariah compliant projects in both Mecca and Medina, spanning accommodation, catering and transport for pilgrims.
TH goes to court
In other Hajj-related news, four individuals have been charged over the corruption involving Lembaga Tabung Haji (TH) amid a string of high-profile arrests as the investigations into the Malaysian Hajj pilgrim fund widens.
They all have pleaded not guilty.
Concurrently, calls for wider scrutiny of TH are growing with many asking for independent audits and comprehensive multi-agency reviews of transactions and TH subsidiaries.
Waqf focus
The Saudi General Authority for Awqaf launched an integrated digital platform covering several endowment products including investment funds, managed investment portfolios and endowment financing through fundraising.
Mauritius has also signaled interest to develop its Waqf assets as seen by Awqaf (Mauritius) Foundation engaging the IsDB Institute on improving governance, investment and institutional capacity in the Waqf.
Tokenization on the up
Tokenization continues to gain ground among Islamic investors and service providers.
Digital asset platform Zamanat tells us that it is developing Shariah compliant products across private credit, trade and receivables financing, real estate and Sukuk, in response to strong demand from family offices and high-net-worth individuals.
Iran’s Bank Maskan is working on a Shariah compliant fund token asset-tokenization framework.
Notable investments and partnerships
Qatar’s Lesha Bank has been aggressively deploying capital. The Islamic investment bank signed an agreement with Ireland-headquartered aviation finance company Avolon to acquire a portfolio of 33 commercial aircraft with a market value of approximately QAR5.86 billion (US$1.61 billion), and completed a billion-dollar deal on behalf of a Shariah compliant private aviation investment fund it manages, involving a portfolio of 18 aircrafts leased to various airline operators.
It also signed a non-binding MoU with BlackRock’s Global Infrastructure Partners (GIP) to enhance their partnership in global infrastructure investments, with the Islamic bank aiming to invest more than US$1 billion alongside GIP.
Meanwhile, promising partnerships were formed: Sukuk Capital and Tamam Finance agreed to develop joint financing and investment solutions with new outcomes to be announced before the end of 2026.
Saudi debt crowdfunding marketplace, Lendo, signed a strategic agreement with Austrian asset management firm Quantic Financial Solutions to set up an institutional capital program of up to SAR750 million (US$200 million).
RihalQ, a Halal screening platform, partnered with US-based investment adviser Asal Invest to provide Islamic finance equity screening and data to investors across the US.
Notable appointments
Saudi Arabia’s AlRajhi United has a new CEO – Sari Anabtawi – while Albilad Capital accepted the resignation of Zaid Muhammad Al-Mufraih as board chairman of seven of its Islamic funds. In Bangladesh, Islamic Finance & Investment named Mohammed Khorshed Alam as its managing director and Md Abdul Hannan as its company secretary.
