The IFN Investor Funds Database, the leading intelligence platform on Islamic public fund offerings, remained at 2,770 funds as at the 7th September 2026. These funds, which have a combined total AuM of US$416.39 billion, are managed by 519 asset management firms.
Expanding universe
Expansion was a strong theme this last week, as new products made it to market on the back of a promising pipeline.
In Saudi Arabia: Inmar Company for Real Estate Development and Investment has signed an MoU with Al Rajhi Capital, exploring the possibility of launching three real estate investment funds worth a combined SAR1 billion (US$266.67 million). Meanwhile Axelerated Solutions, a digital and IT solutions company, entered a deal with BIM Capital to establish a private, closed-ended Islamic investment fund targeting SAR675 million (US$179.99 million) to develop, own and operate two data centers.
Pakistan’s Islamic REIT market has grown with Arif Habib Dolmen REIT Management’s Naya Nazimabad Apartment REIT, whose public launch has been well-received.
In Malaysia, Pelaburan Hartanah has issued an additional 400 million units of its flagship Amanah Hartanah Bumiputera, bringing the Shariah real estate fund’s total units to 5.4 billion, to support growing demand. Meanwhile, Dubai-based investment platform CUSP Wealth has entered the Islamic space with a Shariah investment scheme.
This growth theme is also seen beyond the product realm, with new players entering the fray: Hong Kong-licensedGRT Capital, which offers Islamic investment strategies, has opened a Dubai office while Aajil Capital has secured a regulatory license and will be offering Islamic investment management services, focusing on Saudi’s industrial SME sector. Over in Nigeria: United Capital Trustees has unveiled a Shariah compliant trust solution while Afrinvest intends to expand its Shariah compliant investment product suite.
In the US, the Islamic Finance Trade Association of North America has welcomed Azzad Asset Management as an institutional member.
The Tabung Haji case
A high-profile arrest was made in relation to the Lembaga Tabung Haji scandal which has gripped Malaysia. Abdul Azeez Abdul Rahim, who chaired the Hajj pilgrim fund from 2013 to 2018, along with the fund’s former treasury secretary-general, Dr Mohd Irwan Serigar Abdullah, have been arrested by the Malaysian Anti-Corruption Commission as part of an investigation into the organization’s affairs.
Notable deal
Qatar’s Lesha Bank completed a billion-dollar deal on behalf of a Shariah compliant private aviation investment fund it manages, involving a portfolio of 18 aircrafts leased to various airline operators.
Major moves
Saudi Arabia’s Albilad Capital accepted the resignation of Zaid Muhammad Al-Mufraih as board chairman of seven of its Islamic funds while Bangladesh-based Islamic Finance and Investment named Mohammed Khorshed Alam as its managing director.
