IFN Investor Service Providers Poll 2025: Outstanding performance meets industry recognition

Nearly 500 firms across the world are involved in the Islamic funds space, each supporting the global industry which manages over US$700 billion in public fund assets. From advisers to fund managers, and trustees to rating agencies, these firms play a crucial role in advising and engineering new products, managing and distributing funds as well as ensuring proper governance and market credibility.

It is in this backdrop that we are delighted to introduce a new benchmark of excellence in Islamic asset management. Celebrating the leaders behind the world’s fastest-growing ethical investment industry, the IFN Investor Service Providers Poll shines a spotlight on the trailblazers driving excellence in Islamic funds management.

With this initiative, 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.

The IFN Investor Service Providers Poll 2025 features 15 categories, with winners voted by the industry.

Best Shariah Advisory Firm to the Funds Industry

One of the most prominent names in Shariah finance advisory has proven itself in the funds sector – Amanie Advisors has won the recognition of its peers and the public as a premier global Islamic finance advisory firm with an impressive track record in the Islamic funds and asset management industry.

The international firm is renowned for its involvement in notable and pioneering Islamic fund-related projects across multiple jurisdictions, having advised over 150 funds globally from establishing new funds to assisting conventional vehicles convert into Shariah compliant funds including the Lombard Odier Multi-Asset Balanced Fund, certified this year.

For its market leading service, Amani Advisors is the Best Shariah Advisory Firm to the Funds Industry in 2025.

EY Islamic Finance Advisory and Al Hilal Shariah Advisors came in first runner-up and second runner-up respectively.

Best Consultancy Firm to the Islamic Funds Industry

A Malaysian-grown Shariah finance consultancy firm which has risen quickly through the ranks beyond the domestic market, Masryef Advisory has been voted as the Best Consultancy Firm to the Islamic Funds Industry for 2025.

The firm actively contributes to the growth of the industry through its involvement in the launch and supervision of Shariah compliant financial and investment products as well as fintech platforms. Having advised on a range of products from investment notes to fund structures, Masryef is also active in Islamic finance training and policy formation.

PwC came in second, followed by Amanie Advisors.

Best Custodian to the Islamic Funds Industry

The Best Custodian to the Islamic Funds Industry goes to Maybank Securities Services. Leveraging Malaysia’s position as a global hub for Islamic finance as well as its parent company, Maybank’s reputation and capability as the largest Islamic bank in ASEAn, Maybank Securities has dedicated Shariah compliant custody solutions, establishing itself as an important pillar in supporting industry growth and client demand for Islamic asset servicing.

First in Malaysia to offer an online custody service, Maybank Securities extended this to include Shariah custody in 2014 and has since won high-profile mandates, both domestic and cross-border, signifying robust operational capability and international reach, enabling global and regional asset managers to access one of the world’s largest Islamic capital markets.

Standard Chartered came in second, followed by First Abu Dhabi Bank.

Best Fund Administrator to the Islamic Funds Industry  

A finance behemoth, JPMorgan takes home the crown of Best Fund Administrator to the Islamic Funds Industry. The banking giant, while mainly conventional, offers Shariah fund administration services especially in the Middle East.

It continues to invest in technological and operational efficiency, bolstering its capabilities as a transactional agent, arranger and facilitator for Shariah compliant instruments and capital markets in the Middle East and beyond.

First runner-up was Apex Group and second runner-up was BNY Mellon.

Best Law Firm to the Islamic Funds Industry

For the inaugural edition of the IFN Investor Service Providers Poll, IFN Investor readers have voted Maples Group as the Best Law Firm to the Islamic Funds Industry.

Globally recognized for its expertise in the formation, structuring and administration of Shariah compliant funds and investment platforms, particularly using offshore jurisdictions, the group has an established track record with both global and regional clients, notably in the Middle East, supporting a variety of innovative Islamic fund structures and transactions in its capacity as legal, fiduciary and fund administrator.

These include structuring ESG-linked Shariah funds, Islamic UCITS fund and PE vehicles, supporting launches like the Sidra-BlackRock Asia Pacific Private Equity Strategy Fund and the Warba Islamic Income Fund.

In second place was A&O Shearman and third, MAQ Legal.

Best Islamic Multi Family Office

Registered as the first multi-family office in the Dubai World Trade Centre Zone, Abbey Road Investment Group (Abbey Road IG) has anchored its position in the Islamic finance space having been voted as the Islamic investment industry’s Best Islamic Multi Family Office.

The firm has successfully positioned itself as a provider of bespoke Shariah compliant investment services supported by its disciplined multi-asset portfolios for high-net-worth clients, including those needing interest-free solutions for succession planning, investment policy design and monitoring.

LGT Private Banking & Family Office came in second, followed by Farro Capital.

Best Islamic Private Bank

It may have been a close call, but Saudi giant alrajhi bank is the undisputed Best Islamic Private Bank this year.

Its stature as the world’s largest Islamic bank gives incredible strength to its global influence in private banking, which is well-regarded for innovative investment products, bespoke wealth advisory and high transaction limits, all within a globally recognized Shariah compliant framework.

alrajhi bank is also pioneering initiatives in the Shariah compliant sustainable finance space, offering its customers Islamic solutions that are also aligned with ESG sensibilities. It is also worthy to note that the bank’s deep investments into technology have significantly enhanced customer experience, placing it ahead of the curve.

HSBC Private Banking and Standard Chartered Private Banking came in second and third respectively.

Best Islamic Private Equity Firm

One of the most tightly fought races, the Best Islamic Private Equity Firm award goes to Fajr Capital, a sovereign-backed private equity (PE) firm known for its leadership across OIC markets. Its achievements, unique Shariah compliant capabilities and pivotal involvement in Islamic PE deals make this a well-deserved victory.

Not only is the firm renowned for its successful exits, as it actively manages nearly all committed capital with investments across real economy sectors, Fajr Capital has demonstrated a keen ability to partner with other PE firms and source regional co-investments from sovereign funds and major global institutional players.

With an eye on deals in high-growth sectors – including healthcare, infrastructure and data centers – the firm aims to more than double its AuM to about US$7 billion by the end of the decade, while strengthening its footprint across the GCC, Southeast Asia, Turkiye and North Africa.

Arcapita and Cope Private Equity came in second and third respectively.

Best Rating Agency to the Islamic Funds Industry

The Best Rating Agency to the Islamic Funds Industry category is an interesting one as the competition for top position involved both international and domestic firms. But it is one of the leading names in ratings which won the gold trophy: S&P Global Ratings.

With involvement – either directly or through its sister companies – in the Islamic funds industry via market growth analyses and index provision, S&P Global Ratings is a choice rating provider for Islamic fund management companies as well as major Islamic financial institutions with significant asset management activities across global and regional markets.

RAM Ratings came up second, followed by Pakistan Credit Rating Agency.

Best Islamic Digital Investment Platform

In the world of Islamic robo-advisory, it is almost unsurprising that the winner of the Best Islamic Digital Investment Platform award would be Wahed Invest, one of the earliest Shariah digital investment platforms.

The New York-headquartered firm has a long list of achievements, from being the first digital platform to launch an Islamic ETF in the US, to securing high-profile investments and making notable acquisition as a fintech start-up.

Most recently, it brought to market an alternative income ETF, designed to generate consistent Halal returns akin to money market funds and launched on the New York Stock Exchange in partnership with fund provider KraneShares. What’s significant about this ETF is that it paves the way for a digital, high-yield savings account alternative, an important milestone in Wahed’s broader vision of moving beyond investing and into everyday banking as an integrated Islamic finance and investment ecosystem for its 450,000 customers.

StashAway secured second place, and Haseed Invest came in third.

Best Stock Exchange for Listing Islamic Funds

Unparalleled when it comes to Islamic equity, Bursa Malaysia has now also been recognized as the Best Stock Exchange for Listing Islamic Funds. The organization has been pivotal to the development of Malaysia’s Islamic capital market – one of the most sophisticated in the world.

With an efficient market infrastructure, supported by attractive regulatory and tax incentives, Bursa Malaysia offers a broad range of Shariah compliant products including equity funds, Sukuk funds, REITs and ETFs. It also provides end-to-end services such as trading, clearing, settlement and depository on a dedicated Islamic platform, Bursa Malaysia-I, making it an attractive listing destination for Shariah funds and one of the most comprehensive markets for Islamic funds.

First runner-up place goes to Indonesia Stock Exchange, and second runner-up goes to Pakistan Stock Exchange.

Best Trustee to the Islamic Funds Industry

An unsung hero of the Islamic funds industry, trustees provide an invaluable service to the sector. This year’s Best Trustee to the Islamic Funds Industry goes to CIMB Islamic Trustee, a trusted name for the last three decades.

It offers comprehensive trustee and fiduciary services from fund accounting, valuation and custody all within the parameters of Shariah principles and regulatory frameworks. Its long-established track record and diversified capabilities have catapulted CIMB Islamic Trustees to prominence having won mandates as a trustee to various unit trust funds, REITs, wholesale funds, private retirement schemes and ETFs as well as private debt securities.

Maybank Trustees came in second, followed by Standard Chartered Trustees.

Best Islamic Venture Capital Firm

The honor of Best Islamic Venture Capital Firm goes to a leading Asia-focused venture capital (VC) company with over two decades of history and US$1.6 billion in AuM – Gobi Partners.

Serving regional markets from its two headquarters – Kuala Lumpur and Hong Kong – Gobi Partners is a household name among entrepreneurs. It has invested in over 380 start-ups and partnered with major names such as Alibaba and HSBC. Having built a strong name for itself in the conventional VC space, the firm ventured into the Islamic space about a decade ago with specialized investment vertical, TaqwaTech, which focuses on Islamic ventures and start-ups serving the Muslim economy globally.

Through TaqwaTech, Gobi Partners has deployed investments in burgeoning Halal sectors including Islamic finance, Halal pharmaceuticals, Halal cosmetics and Muslim-focused media.

Supporting Halal economy through sustainable ethical capital investments, Gobi Ventures also actively cultivates talents through mentorship programs to develop a holistic Islamic entrepreneurial ecosystem.

SVC came in second, and Hasan Ventures third.

Best Islamic Wealth Manager

Serving over 2 million customers across its franchise, Abu Dhabi Islamic Bank (ADIB) Wealth Management is a preferred choice for the mass affluent when it comes to managing their wealth in a Shariah compliant manner. The bank’s innovative solutions and client-centric approach landed it the award for Best Islamic Wealth Manager.

Its product portfolio boasts a robust range of solutions including including Sukuk, equities, alternative investments, mutual funds, real estate advisory and PE to meet the different risk appetites of its investors. Coupled with its ability to tailor solutions based on needs and individual capabilities, ADIB Wealth Management delivers personalized services from estate planning to holistic investment functions, supported by a dedicated risk profiling process.

This year alone, the bank facilitated the retail market to access the first AED-denominated sovereign Sukuk and through its investment arm, offered new funds including a logistics fund and a trade fund.

Al Rajhi Capital came in second while Standard Chartered Saadiq third.

Leading Sovereign Wealth Fund in the Islamic Investment Industry

Sovereign wealth funds (SWFs) are an incredibly important pillar in the global Islamic investment industry, with far reaching impact. IFN Investor Service Providers Poll’s first award of Leading Sovereign Wealth Fund in the Islamic Investment Industry goes to Abu Dhabi Investment Authority (ADIA), which narrowly won the title from its rivals in Saudi Arabia and Oman.

ADIA, one of the largest SWFs in the world with about US$1.1 trillion in AuM, is known to invest in Shariah compliant projects and instruments on behalf of its government, which is highly attuned to Islamic teachings. It is funded primarily from oil revenues and budget surpluses and has exposure to Islamic finance through strategic asset allocation and partnerships that include Shariah compliant structures and markets. Its portfolio spans numerous asset classes including equities, fixed income, real estate, PE, infrastructure and alternatives.

In the first nine months of the year, ADIA deployed close to US$10 billion across multiple deals, making it one of the most active SWFs in MENA. Its global investment expertise and SWF status has allowed it to integrate Shariah principles in diverse asset classes enabling it to rise in influence in the global Islamic capital markets, in line with its vision of creating long-term value.

Public Investment Fund was the first runner-up and Oman Investment Authority was second runner-up.

Congratulations!

What a spectacular line-up of winners to inaugurate the IFN Investor Service Providers Poll! Our sincerest congratulations to all winners, and a special thank you to our readers and the industry for casting your votes and making your voices heard to help us honor the very best the global Islamic funds and investment industry has to offer. We look forward to celebrating all winners at the IFN Investor Awards Ceremony on the 14^th April 2026 in Dubai or the IFN Awards Ceremony on the 22^nd April in Kuala Lumpur.

Table 1: IFN Investor Service Providers Poll 2025 winners