IFN Investor Monthly Round-up: February’s financial shocks

Late February 2026 saw major turmoil after the Iranian rial collapsed to about IRR1.3 million per US$1 – over 30 times weaker than the previous IRR42,000. Days later, US and Israeli military strikes on Iran rattled global markets, sending gold up nearly US$100 per troy ounce and driving volatility in crude oil and silver due to fears over the Strait of Hormuz.

The rial crash also recalibrated the valuation of public Islamic funds to US$449.37 billion across 2,697 funds as of the 2^nd March 2026, according to the IFN Investor Funds Database.

Indonesia faced its own shock: an estimated US$80 billion market wipeout following MSCI’s review freeze, pushing regulators to propose new transparency rules.

Shariah strategies

Etihad Capital entered the retail investment space via a new app, while Investcorp deepened its partnership with Shariah real estate platform Stake. Shariah private credit is shifting toward long-term asset strategies, and Waqf and charitable entities are adopting more forward-looking investment models. Indonesia’s first Shariah-funded film highlighted new creative sector opportunities, and Egypt’s capital markets continued a gradual reset supported by reforms and private sector growth.

Deals and offerings

Equitativa Real Estate signed an MoU with Premier Inn Middle East to develop Muslim-friendly hotels in the GCC. Shorooq launched a US$200 million late-stage growth fund backed by QIA and other regional investors. New Shariah funds and platforms emerged across India, Luxembourg, Tajikistan and Saudi Arabia, alongside notable raises including GoCab’s US$45 million seed round and Somaliland’s new RISE Investment Africa fund.

Fintech developments

Safqah Capital raised US$15.2 million for Shariah compliant property developer financing. Stake completed a US$31 million Series B, while InvestSky secured a Saudi fintech experimental permit. New hybrid models combining Bitcoin, Islamic REIT income and gold are also gaining attention.

Key prospects

Schroders accepted a takeover offer from Nuveen’s Pantheon. Halal portfolios may see consumer cyclicals outperform in 2026. Bahrain Bourse launched a three-year development plan with 46 initiatives, and Malaysia approved its first social exchange operator, LC Wakaful Digital.

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