The IFN Investor Funds Database, the leading intelligence platform on Islamic public fund offerings, remained steady at 2,764 funds managed by 519 asset management firms, with a combined total AuM of US$416.65 billion as at the 24th August 2026.
LTH under microscope
Lembaga Tabung Haji (LTH) has welcomed Malaysian Prime Minister Anwar Ibrahim’s announcement that the legislation governing the troubled pilgrim fund will be amended.
The Securities Commission Malaysia (SC) reportedly said it is prepared to assume a regulatory role over the national Hajj fund’s investments with SC Chairman Mohammad Faiz Azmi confirming that a joint task force comprising the SC, Bank Negara Malaysia and LTH is currently examining which of the Royal Commission of Inquiry (RCI)’s proposals should be implemented, adding that the final decision rests with the federal government.
Notwithstanding RCI’s explosive findings into LTH which revealed deep mismanagement of investments and funds, the Federal Territories Mufti’s office has ruled that Hibah payments received by depositors during the deficit years of 2014 to 2020 are valid as the depositors’ lawful property under Shariah law.
Deals to watch
There are several potential mergers and acquisitions worth watching: Saudi private investment firm Najd Gateway Holding Company is negotiating with Pakistan’s Samba Bank, which is converting into full Shariah compliance, to acquire nearly 85% of the latter’s share and expects to reach an outcome by mid-November.
Over in Southeast Asia, Allianz Global Investors (AllianzGI) has entered into an agreement to acquire UOB Asset Management for a purchase price of SG$555 million (US$433.9 million), in a deal that will bring AllianzGI’s total AuM in Asia Pacific to more than EUR170 billion (US$196.61 billion) and expand its Shariah compliant investment offerings across the region.
GCC-South Asia relations are a focus this week: Islamic investment giant Investcorp has acquired 20Cube 3PL Solutions, a digital-first contract logistics platform in India, for approximately INR5 billion (US$52.28 million), with plans to invest a further INR5 billion to INR7.5 billion (US$78.42 million) to acquire complementary contract logistics businesses and build a pan-India network.
Bangladeshi expatriate investors based in the UAE have proposed a BDT1 billion (US$81.6 million) investment package in Bangladesh spanning several sectors, with digital and AI-based Islamic banking identified as key target areas alongside dry food processing, e-rental services, solar and renewable energy, tourism, education and healthcare.
Expanding universe
The Kenyan niche Islamic asset management sector has grown with the licensing of a new investment management firm, Hass Crest Capital, which is focusing exclusively on Shariah compliant instruments.
Out of the Cayman Islands, a new Shariah compliant segregated portfolio has been carved out from Skye Investment Fund SPC. To be managed by Victoria Capital Management, the portfolio will adopt a hybrid multi-asset strategy.
Meanwhile in Iran, several new funds have entered the market including a silver ETF.
Moves
Saudi’s Capital Market Authority has a new chairman: Mazen Turki Al-Sudairi, who will be leading the regulatory body with the rank of minister. Mazen’s career includes stints at Al Rajhi Capital, Alistithmar Capital and Samba Capital.
