IFN Investor Monthly Round-up: November sees eminent awards for Islamic asset achievements  

The multiple benefits of the IFN Investor Funds Database truly came to fore this month to underpin a benchmark of transparency and performance within the Islamic asset management landscape – providing a legitimate and independent basis for the IFN Investor Fund Awards, using a quantitative framework that rewards consistent outperformance. 

As the leading resource on Islamic public fund offerings around the globe, recording 2,615 public Islamic funds managed by 499 asset management firms, with a combined total of US$755.66 billion in AuM as at the 1^st December 2025, this fund database also led to the introduction of a new benchmark of excellence to celebrate trailblazers for the world’s fastest-growing ethical investment industry: the IFN Investor Service Providers Poll 2025. 

With these initiatives, we aim to inspire a higher level of professionalism, strengthen market leadership and honor the collective contributions that keep the Islamic funds management industry advancing with purpose and trust. 

Other notable insights captured by this exclusive database included Indonesia charting a 48.81% jump in total Islamic fixed funds AuM over Q3 2025, commodities funds – largely invested in gold and precious metals – being among the top Islamic asset class performers. 

Before the recent downturn, this database showed that total AuM of Islamic crypto funds surged about 350% by the end of Q3 2025, while real estate funds within UAE posted a 20.31% decline to US$5.57 billion. 

Shariah deal highlights 

Apex Group launched a private deals platform that can also tokenize various offerings while UK-based Shariah investment company Bayuti is using blockchain technology to have an inherent value-creation aspect for real estate.  

UK’s 90 North Real Estate Partners has a new owner – Urooj International Holding, the PE arm of Kuwait-based AlHumaidhi Capital Group – which will offer a new dimension, involving blockchain technologies. EdificeX launched the first US-based Shariah compliant real estate crowdfunding platform that runs on a customized blockchain. 

A new US$300 million Shariah compliant private credit fund underpins Janus Henderson’s regional expansion into the GCC region. Arzan Investment Management is ready to structure fresh Shariah offerings for potential investors – to capitalize on a pipeline exceeding US$1 billion of identified opportunities across the GCC. Malaysia's BIMB Investment has begun looking at ways to foster revitalization of some assets in its range of 17 fund offerings launched since June 1994.

UK-headquartered Mnaara partnered with Netherlands-based Bolder Group to establish Mnaara Holding SPC – offering more private alternatives for Middle East clientele. Investcorp is selling its majority stake in digital platform Shine to a Silver Lake unit. Saudi-based Sidra Capital announced its exit from its first real estate investment in Australia. 

Fund offerings 

Innovative offerings out of Iran include ETFs investing in a portfolio of Iran’s exporting firms with significant foreign currency revenues, adopting a back to basics approach of investing in the food production and processing listed companies plus an emerging new asset class of cement production.  

Wahed has partnered with KraneShares to launch a unique alternative income ETF. Standard Chartered Bahrain launched its Signature Chief Investment Office Islamic Funds, following the inaugural launch in the UAE. The fresh Manzil Russell Halal USA Broad Market ETF has an additional ethical overlay to actively filter out companies involved in injustices around the world. 

The newly-launched Atlas Punjab Islamic Pension Fund will operate four sub-funds – to invest in the Pakistani capital market; the Lucky Islamic Pension Fund targets retirement schemes; and the National Bonds Capital Protected Shariah Compliant Fund was launched under the UAE Ministry of Human Resources and Emiratisation’s voluntary alternative to end-of-service benefits system.  

Sahand Portfolio Management launched a new equity fund focused on commodity-oriented and foreign currency-related industries that are listed on Farabourse Iran and Vista Asset Management launched a food sector fund. Saudi’s Al Diyafa Capital Holding Group launched a SAR500 million (US$133.33 million) Wathiq Hajj and Umrah Fund, and Sadara Capital launched two new Shariah funds. 

Aasra Microfinance is offering Shariah investment opportunities – as either equity participation or collaboration deals – to raise capital for female entrepreneurs in the southern Punjab region of Pakistan. Dubai-based ASB Capital partnered with European firm Xtrackers by DWS to list XASB, a Sukuk ETF, on the London Stock Exchange. 

Malaysia saw the launch of the Principal Islamic Enhanced Liquidity Fund and Amanah Raya’s actively-managed wholesale Islamic fixed income fund. Persian Gulf Investment Bank launched the Negin Khalij Fars Gold Fund.   

Bahrain’s Al Baraka Islamic Bank will offer SICO’s Elzaad Sukuk Fund to its affluent clients, while Malaysia’s Affin Hwang Investment Bank of Malaysia and Tokyo-based Daiwa Securities Group expanded their offerings to include Shariah wealth management clients. 

Brown Advisory launched its US large-cap Shariah strategy. Hayah Insurance, formerly AXA Green Crescent, partnered with HSBC to offer Shariah compliant Glidepath portfolios in the UAE. Bursa Malaysia and AmInvest jointly launched the FTSE4Good Bursa Malaysia ETF. 

Palm Azgar Finance Company announced the launch of PUSD, a stablecoin fully backed by Saudi riyal and UAE dirham reserves. 

Industry perspectives 

The AAOIFI halted its planned amendments to Sukuk rules following investor concerns that the proposed Standard 62 would significantly alter the US$1 trillion market. Parliamentary vote to raise residency qualifications has a knock-on effect on an Islamic fund, as many took the extension to mean that the Portugal Golden Visa would also undergo some changes.

A legal counsel explained how Egypt’s constitution slows momentum within this nation’s Islamic investment landscape and another Shariah expert said a fundamental conflict in the US economic foundation makes it close to impossible for a 100% permissible Islamic asset system there. 

Proposed regulatory revisions could see four or five new REITs to be listed on the Pakistan Stock Exchange (PSX) by mid-2026. The Securities and Exchange Commission of Pakistan also advised PSX to develop and maintain Shariah indices (KMI Indices) within 12 months. 

The Indonesia Stock Exchange and S&P Dow Jones Indices collaborated to launch three new co-branded equity indices. 

Regulatory approvals 

The six participants selected for the inaugural regulatory sandbox by the Securities Commission Malaysia include Shariah compliant Wahed X partnering Urban NX and Shariah firm Kapital DX working with Pitch Platforms. 

Hong Kong-based Animoca Brands, offering tokenized asset services, with its unit Gamee partnering the HAQQ Shariah coin network, received in-principle approval to operate as a regulated fund manager for a collective investment fund in or from the Abu Dhabi Global Market. 

Lesha Capital of Qatar obtained approvals from the Saudi Capital Market Authority to conduct advisory activities in the securities business – the first step toward offering its services in the Saudi market.