IFN Investor Monthly Round-up: Recognizing achievements in April

As the leading global resource on Islamic public fund offerings, the IFN Investor Funds Database tracks 2,732 public Islamic funds managed by 515 asset management firms, handling a total of US$446.58 billion in AuM as at the 4^th May 2026.

This database underpins recognition of what the Islamic investment industry has achieved so far – with some of the region’s (and the world’s) best-performing fund managers honored in Kuala Lumpur at the inaugural IFN Investor Awards Ceremony.

Among the recent insights gleaned from this database was that of 72 Shariah compliant ESG funds having a total valuation of US$1.86 billion at the end of 2025, with the bulk of these ESG funds domiciled in the Asia Pacific region. Also, the UK’s Shariah equities funds dominate the Republic of Ireland’s total Shariah fund US$10.88 billion AuM valuation.

This Shariah investment sector’s positive performance is further reflected by how Omani Islamic funds collectively posted a near 150% growth last year while Malaysian Islamic commodity funds surged by 200% – before the global economic landscape came under pressure when the US and Israel attacked Iran.

Looking beyond the war

When Middle East hostilities eventually conclude, the GCC regional infrastructure agenda will present an opportunity beyond who will finance it, from where and ensuring Shariah compliance, as most ambitiously, can the GCC use this moment to become the world’s pre-eminent platform for infrastructure finance itself?

As the Strait of Hormuz blockade fuels global inflation, a Mauritius-based Takaful firm is offering investors a path to absolute gain by using sophisticated tax deferral on profits made from prices of oil and other GCC assets.

Meanwhile Iran’s Fara Bourse equity market trades will remain suspended to protect the capital market assets value of 11 million retail individual shareholders, estimated at IRR10.5 quadrillion (US$798.12 million), while the value of the assets of small and medium-sized institutional shareholders is estimated at IRR11.5 quadrillion (US$874.16 million) – until emergency regulations are announced post-conflict.

The Middle East crises of 2023-2026 have unveiled complex structural issues for investors as traditional Shariah screens are allowing various activities that are deeply at odds with Islamic values.

Market and regulatory impact

The UAE’s Capital Market Authority issued a comprehensive framework to regulate virtual assets, establishing an integrated system comprising five core units and expanding regulated activities from three to eight.

Bursa Malaysia and Hong Kong Exchanges and Clearing signed an MoU to expand collaboration, enhance regional market connectivity and facilitate cross‑border investments, covering areas including Shariah compliant securities, carbon markets, dual listings, ETFs and indexes.

The Saudi Exchange announced that listings of special purpose acquisition companies via an IPO are allowed on the Nomu-Parallel Market, offering fast-growing businesses and SMEs an alternative route to raise capital. 

Shariah prospects and challenges

UK-based ShareMatch is attempting to allow Muslim investors a way to invest in sports gaming with Sport-Fi, a Shariah experiment that seeks to decouple the thrill of the game from the mechanics of the wager.

Shariah investment prospects in several critical Saudi sectors remain underfunded despite offering strong growth potentials – a gap that is due to lack of deal origination and structuring.

While Morocco’s participatory banking sector has expanded rapidly since its 2017 launch, this growth has yet to translate into meaningful demand for Islamic investment products – highlighting a structural imbalance in the market – in step with cautious considerations by Islamic investors in more nascent markets such as South Africa and in changing sectors such as the pension funds space in Pakistan.

Across the MENA region, private capital is gaining traction as investors move up the risk curve in search of yield, control and downside protection – especially as its private credit market could scale to US$20 billion within five years, with upside potentially exceeding US$50 billion depending on scope, according to two fund managers.

Despite years of disruption, selective UK sectors are drawing renewed interest from Gulf investors, with Shariah compliant financing take-up rising. Structured as a Sukuk Musharakah vehicle, new investment firm Cash Cow aims to answer Zambia’s chronic milk shortage problem.

New offerings

Khazanah Nasional and the Securities Commission Malaysia launched Malaysia’s first tokenized Sukuk with a nominal value of RM100 million (US$25.3 million), while Walton Global is offering a first-lien Shariah solution, with a structure to own the land where construction is to begin, until the developer is ready to pour concrete.

Global asset manager KraneShares announced the listing of a Shariah compliant income ETF, the KraneShares Wahed Alternative Income Index, on the Abu Dhabi Securities Exchange. Also launched is the Wahed Real Estate Fund – investing in a portfolio of US single family homes.

New fintech, EinveX, is identifying Shariah compliant listed counters on the Casablanca Stock Exchange. UAE investment platform Valura.ai announced the launch of its Channel Partner Portal in India, offering access to over 100,000 global securities including Shariah compliant solutions.

Tech firms Blade Labs and AgriCore developed a digital livestock investment platform in Bangladesh – combining blockchain governance, Shariah compliant finance and Takaful.

The Kenanga Shariah US Titans 50 Fund is a retail offering that feeds into the Eq8 Dow Jones US Titans 50 ETF. The AHAM AIIMAN World Series - Global Multi Asset Income Fund seeks to provide investors with capital appreciation and regular income over the medium- to long-term.

The Saudi Capital Market Authority approved the public offering of the Al Rajhi GCC Financial Sector Equity Fund and the Al Rajhi Namaa Fund. Pakistan saw the launch of two new Shariah compliant equity funds – the Atlas Islamic Building Materials Fund and the Atlas Islamic Energy Fund.

Emirates Islamic became the first Islamic bank in the UAE to offer digital investment in precious metals, launching a Shariah compliant ecosystem for gold and silver investments. Also launched is the Emirates Global High Yield Sukuk Fund to provide investors access to income opportunities in the global Sukuk market.

Deals and partnerships

Apollo’s expansion into the UK housing sector led to its purchase of residential facilitator Gatehouse Living Group – which will continue operating under its existing management to scale its build-to-rent platform.

Ashmore Investment Saudi Arabia purchased more assets for its Shariah compliant Education Investment Fund; AFFIN Bank took over Pheim Asset Management while Soren Invest Company bought Al Salam Bank (Bahrain)’s stake in Shariah compliant Gulf African Bank in Kenya.

Al Ramz Real Estate signed an agreement with Oud Capital to establish a Shariah compliant real estate investment fund of approximately SAR650 million (US$173.21 million) to develop the Al Ramz Front residential project in Jeddah.

The Shariah compliant ADIB Global Healthcare Fund will be co-managed by BlackRock Financial Management. India’s Axis Max Life Insurance collaborated with Islamicly to launch the Pure Growth Fund – a Shariah compliant unit-linked insurance plan.

Bank Syariah Indonesia entered an MoU with Muslimat Nahdlatul Ulama, focusing on Hajj and Umrah savings as well as Shariah compliant gold and alternative investment options. Indonesia’s Hajj funds management agency, Badan Pengelola Keuangan Haji, signed an MoU with Saudi real estate development company OSUS to explore Shariah compliant partnerships and investment opportunities in Mecca.

Major moves

Stephane Brown, formerly of Arcapita, joined as director at Malaz Capital – a Saudi firm focused on real estate and PE investments. Kuwait’s Warba Bank appointed Thuwaini Khaled as its acting deputy CEO of investment and treasury and Yusuf Chorghay as chief investment banking officer.

State Street Investment Management appointed James Thomas as head of intermediary client coverage for the Middle East and African regions, dealing with family offices, private banks, wealth managers and asset managers.

Alternatives asset manager Arcapita promoted Al Khalifa and Michael Riccomini to managing director at the MENA and UK offices respectively. BSF Capital appointed Khalid bin Waleed Al Braikan as CEO and KFH Capital appointed Abdullah Sulaiman Haddad as its new CEO.