Last week saw a wide range of fund initiatives unveiled, together with new Shariah compliant online services.
New funds
The Securities and Exchange Commission of Pakistan approved IGI Life’s retirement fund offering and also greenlighted the investment advisory agreement signed with Mahaana Wealth for this Mahaana IGI Islamic Retirement Fund.
The Saudi Capital Market Authority approved the public offering of SEDCO Capital Global Monthly Distributions Fund. In Malaysia, the Maybank Global Technology-I Fund was launched for investors to gain access to high-growth tech companies adhering to Shariah principles.
Boubyan Capital secured a one-year marketing license to offer 10 million shares of the Cayman Islands-domiciled Boubyan Islamic Leasing and Finance Fund 11 (USD) to professional investors within Kuwait.
Nomura Asset Management introduced the Global Sustainable Equity Fund vehicle – which will include environmental enhanced and Shariah compliant opportunities – for Caisse des Dépôts and its client, the French pension scheme Ircantec.
Dubai-registered asset manager Invesense recently established a Sukuk fund to capture stable returns ahead of an anticipated downward trend in global interest rates.
Challenges lie ahead for the Danantara Indonesia sovereign wealth fund, which is to be officially launched on the 24th February 2025.
Shariah compliant investment portfolios and ongoing policy efforts are promising signs that the financial needs of Muslim Canadians are beginning to be met more comprehensively.
Subscriptions have closed for the Mnaara’s Growth Fund, focusing on AI-driven software companies. Wakalah investment advisory services and other bespoke Islamic finance solutions are among the offerings included in the Shariah compliant priority banking service launched by Oman’s Bank Nizwa for its affluent clients.
Digital services
Online initiatives saw Tamkeen Securities approved to become Pakistan’s first fully digital, online-only securities broker. Saudi Arabia’s General Authority for Waqf launched its new digital services Waqf platform to enhance the management and accessibility of endowment services.
The Astana International Financial Centre reports of progress in Kazakhstan’s aspirations to be a interlinked global marketplace, following the launch of a Shariah fund in January 2025.
Deals
Major deals include Public Investment Fund-backed real estate developer, ROSHN Group, securing a SAR2 billion (US$533.33 million) seven-year Shariah compliant credit facility to finance the acquisition of ROSHN Front, a commercial and retail development.
German Export Credit Agency Euler Hermes is backing an Islamic facility for Akij Food And Beverage in Bangladesh with Standard Chartered Bank as the investment agent, mandated lead arranger and security agent.
Other developments
A significant development comes from Malaysia’s telecommunication conglomerate Axiata Group seeking the consent of the Sukukholders of its 2026 and 2030 Sukuk (both worth US$500 million) to waive certain conditions to avoid potential defaults following a potential merger between its Indonesian subsidiary XL Axiata and Smartfren Telecom.
Golden Global Investment Bank, Türkiye’s first Shariah compliant investment bank established in 2019, became the 13th global primary dealer for the International Islamic Liquidity Management Corporation.
Investcorp Capital appointed Mohamed Aamer as its interim CEO, effective the 1st March 2025. The International Islamic Trade Finance Corporation announced the appointment of Nazeem Noordali as officer-in-charge, CEO, effective the 8th February 2025.
