A variety of new funds with varying strategies added sparkle to the global Islamic investment landscape.
Funds
The Alpha Halal Fund launch marked the first Shariah investment scheme in Tanzania and Kenanga Investors launched the Islamic Global Responsible Strategies Fund – which seeks to provide capital growth by investing in Chicago Global Responsible Strategies.
Al Rajhi Capital partnered with real estate developer Tatweer to launch an investment fund of over SAR2 billion (US$532.58 million) to develop a multi-use project in Riyadh. An open-ended Shariah compliant investment fund launched by SEDCO Capital will focus on investments in IPOs and rights issues of companies listed on the Saudi stock market
The Saudi Capital Market Authority approved the public offering of Ehsan Waqf Fund by SNB Capital, the Al Rajhi Endowment Fund, the Ashmore Saudi Sharia Equity Fund and the Derayah Opportunistic Saudi Equity Fund, while Boubyan Capital secured a marketing license for a collective investment scheme established outside Kuwait, to market its Boubyan Islamic Leasing and Finance Fund in US dollars.
Meethaq Islamic Banking, the Islamic banking window of Bank Muscat, launched an equity fund that invests in Oman and the GCC market and investment manager Channel Capital launched Corniche I, its asset-backed private credit strategy offering traditional and Shariah compliant classes.
Deals
Kuwait Finance House sold its entire 18.18% stake in Sharjah Islamic Bank via an off-market transaction valued at AED1.29 billion (US$352.33 million) to its UAE origins – the Endowment of Sheikh Sultan bin Mohammed bin Saqer Al Qasimi, the Sharjah Social Security Fund and Sharjah Islamic Bank, after it earlier announced its exit from Malaysia to focus on the GCC region.
Saudi Tadawul Group finalized the acquisition of a 32.6% stake in international commodities exchange Dubai Mercantile Exchange while Bank Alfalah granted in-principle approval for a non-binding offer from Hatton National Bank of Sri Lanka for its Bangladesh operations.
Imad Saleh Kharashi, the governor of the Saudi General Authority for Awqaf, signed an MoU with Dr Ayed Farhan Qahtani, the chairman of Sumou Real Estate, to launch several endowment development initiatives worth SAR500 million (US$133.08 million).
Hong Leong Islamic Bank expanded its digital Islamic wealth management offerings by adding access to the Islamic inheritance and wealth distribution instrument for properties via the Sedania As Salam Capital’s JomHibah platform
Alternate investments
Alternate investment opportunities include that by Shariah compliant crypto trading platform, Biokript, which launched a Solana network-based decentralized exchange while Gulf Bank secured a marketing license for a collective investment system established outside Kuwait, to market 400 student housing units in a US portfolio at an offer price of US$100,000 per unit.
The Iran Center for Exchange of Currency & Gold (ICE) held its 40th auction of gold bullion – where 567 kilograms of standard gold bullion with a minimum purity of 995 per thousand were traded, making the total volume of gold bullion transactions at ICE amount to 7,634 kilograms.
Pakistan’s Central Directorate of National Savings set a target of PKR170 billion (US$610.41 million) for Islamic finance investments in the current fiscal year, having previously issued Sukuk in the last fiscal year and achieved its target of PKR75 billion (US$269.29 million).
Regulations
The Syrian Ministry of Finance is finalizing a legislative project regulating the issuance of sovereign Sukuk and also allow private institutions to issue Sukuk to finance their income-generating production projects.
Otoritas Jasa Keuangan (OJK) launched the Roadmap for the Development and Strengthening of Indonesia’s Guarantee Industry 2024-2028 and also the roadmap for the development and strengthening of financial technology innovation, digital financial assets and crypto assets between 2024 and 2028.
Significant moves
Kuwait’s new finance minister is Nora Suleiman Al-Fassam, who was previously chief strategy officer at Boubyan Bank.
Following a change in government leadership and resignation of Bangladesh Bank Governor Abdur Rouf Talukder, the central bank has changed the directors board at Global Islami Bank,
Malaysia’s Employees Provident Fund appointed Mohd Zuki Ali as its new chairman to replace Ahmad Badri Mohd Zahir while the new chief Shariah and sustainability officer at MBSB Group is Ashraf Gomma Ali, former advisor to the World Bank Group – IFC on Islamic banking matters.
Wan Abdul Rahim Kamil Wan Mohamed Ali, a distinguished consultant and influential figure in the Islamic finance industry, passed away on the evening of the 5th August 2024.
