As the leading global resource on Islamic funds, the IFN Investor Funds Database recorded 2,605 public Islamic funds managed by 498 asset management firms, with a combined total of US$752.81 billion in AuM as at the 17th November 2025.
A new benchmark of excellence in Islamic asset management was unveiled together with the IFN Investor Service Providers Poll 2025 – featuring 15 categories that highlight the best among nearly 500 firms across the world supporting this global industry which manages over US$700 billion in AuM.
Industry initiatives
Kazakhstan’s sovereign wealth fund, Samruk-Kazyna, is establishing Shariah compliant investment vehicles and Sukuk programs to attract capital from Gulf investors. Tarmeez Capital launched a SAR4 billion (US$1.67 billion) financing portfolio in partnership with Saudi Arabia’s Small and Medium Enterprises General Authority.
Abu Dhabi Islamic Bank (ADIB) and the UAE Ministry of Finance (MoF) launched the first dirham-denominated sovereign Sukuk for retail investors via the ADIB Smart Sukuk Platform – lowering access to AED4,000 (US$1,089), compared to the typical AED100,000 (US$27,229) entry point for MoF Sukuk and US$200,000 for US dollar-denominated Sukuk.
The National Bonds Capital Protected Shariah Compliant Fund was launched as the UAE Ministry of Human Resources and Emiratisation’s voluntary alternative to end-of-service benefits system, in collaboration with the Securities and Commodities Authority. The National Bank of Bahrain, Bahrain Development Bank, Bank of Bahrain and Kuwait as well as Al Salam Bank signed a strategic partnership to launch a US$185 million SME fund.
While the US is firmly establishing itself as home to a sophisticated, affluent and rapidly growing Muslim population – for whom, the demand for ethical, faith-based financial products is strong – this industry struggles to scale, constrained not by a lack of capital or consumer interest, but by a deeper, systemic dissonance within the foundation of the American economy.
Offerings
While many asset managers in Iran have sought to apply various investment strategies to mitigate the impact of high inflation and currency depreciation due to foreign economic sanctions – like the Persian Gulf Investment Bank launching the Negin Khalij Fars Gold Fund and Mofid Financial Group offering units in the Hamsang Equal-Weighted Index Fund – Vista Asset Management is taking a back to basics approach with its latest fund offering.
Aasra Microfinance is offering two tiers of Shariah investment opportunities – as either equity participation or collaboration deals – in its effort to raise capital funding, which will be used to aid female entrepreneurs in the southern Punjab region of Pakistan.
Established in Bahrain as the first Turkiye-focused Sukuk fund of its kind, the Albaraka Turk Value & Wealth Turkiye Sukuk Fund offers international investors diversified exposure through an open-ended fund with an initial US$50 million target size.
Malaysia saw the launch of the multi-class Principal Islamic Enhanced Liquidity Fund and Amanah Raya’s actively-managed wholesale Islamic fixed income fund – ARIM Steady Income I Fund, while Pakistan had the Lucky Islamic Pension Fund launch.
Deals and approvals
Vennre investors in Growth Fund V, run by partner Barwood Capital, saw this portfolio’s final acquisition of a two-acre freehold site for a UK warehouse project while Saudi-based Shariah compliant alternative asset manager, Sidra Capital, announced its exit from its first real estate investment in Australia.
UK-headquartered Mnaara partnered with Netherlands-based Bolder Group to establish Mnaara Holding SPC – offering more alternatives for Middle East financial institutions and ultra-high-net-worth individuals to access Shariah compliant private markets.
StrideUp, a London-based Islamic financial services provider, closed its first public securitization transaction – aiming to reconnect Islamic home finance with mainstream capital markets. Dukhan Bank signed with Global Infrastructure Partners (GIP), a part of BlackRock, to be the exclusive distributor of GIP’s Shariah compliant private market products in Qatar’s consumer banking market.
Saudi Arabia’s Capital Market Authority granted BIM Capital a license to conduct arranging activities in the securities business.
