The IFN Investor Funds Database, the leading intelligence platform on Islamic public fund offerings, recorded 2,783 funds managed by 523 asset management firms, with a combined total AuM of US$408.5 billion as at the 9th November 2026.
Promising equity activities
A couple notable Islamic equity-related exercises have taken place in the UAE. DIP Holding, a subsidiary of Dubai Investments, launched a Shariah compliant IPO of 1.74 billion shares, representing 20% of its issued share capital. Meanwhile, Abu Dhabi Islamic Bank commenced trading rights for its AED1.75 billion (US$476.5 million) rights issue on the Abu Dhabi Securities Exchange.
In the Philippines, it is reported that the Philippine Stock Exchange is working with the National Commission on Muslim Filipinos to develop a Shariah compliant stock index including establishing screening criteria for listed companies.
Expanding universe
Sukuk Capital has finally met all of Saudi’s Capital Market Authority’s requirements to commence managing investments and operating funds activities in the securities business.
Qatar’s Lesha Bank on the other hand, signed an MoU with Barwa Real Estate to provide strategic advisory services on its international real estate portfolio and potential investment opportunities within a Shariah compliant framework.
The Iranian space continues to be active. Several new funds came to market including new metal funds and finance-related ETFs. Meanwhile, the Iranian Mercantile Exchange is looking at introducing a guarantee fund.
Fintech fervor
UAE-based non-profit blockchain organization ADI Foundation and Zamanat Advisors, a fintech company, signed an MoU to explore tokenizing up to US$150 million in real-world assets including Sukuk, trade finance receivables, SME credit and maritime financing, using ADI Chain’s blockchain infrastructure.
Omani Islamic trade finance platform mamun raised US$3 million in a seed-funding round led by Phaze Ventures through its Oman Fund, with participation from Jasoor Ventures.
Pakistan leads
Maldivian President Dr Mohamed Muizzu called on Pakistani financial institutions and businesses to explore investment opportunities in Shariah compliant financing, Sukuk issuance and Halal industries in the Maldives, during the recent Maldives–Pakistan Business Forum 2026 in Islamabad.
This comes as Pakistan’s Central Directorate of National Savings has mobilized PKR40 billion (US$144.42 million) through Islamic investments and set a target of PKR85 billion (US$306.7 million) for Shariah investment mobilization for FY2026-27.
Stronger regulations
Meanwhile, the State Bank of Pakistan amended Regulation R-6 of its Prudential Regulations for Corporate/Commercial Banking, limiting banks’ and development finance institutions’ investments in individual start-ups including fintech firms, to the lower of 5% of Tier 1 capital. Under the revised rules, investments in individual mutual funds, REITs and PE funds are capped at the lower of 5% of Tier 1 capital or 20% of the fund’s units.
The Bangladesh Securities and Exchange Commission is developing a sustainable framework and regulations for ETFs as part of efforts to diversify the capital market through Sukuk, green bonds, blue bonds and orange bonds, with a target of BDT500 billion (US$4.03 billion) in green bonds by 2030.
Notable appointments
AFFIN Group named Doreen Choo Choy Wan as the new group CEO of AFFIN PHEIM Asset Management Group, which oversees AFFIN PHEIM Islamic Asset Management and AFFIN PHEIM Unit Trusts.
Bangladesh’s Islamic Finance and Investment elected SM Bakhtiar Alam as chairman.
