The IFN Investor Funds Database, being the leading resource on Islamic public fund offerings around the globe, recorded 2,710 public Islamic funds managed by 517 asset management firms, with a combined total of US$450.21 billion in AuM as at the 20th April 2026.
Among the key insights gleaned was that of 72 Shariah compliant ESG funds having a total valuation of US$1.86 billion at the end of 2025, with the bulk of these ESG funds domiciled in the Asia Pacific region. Also, the UK’s Shariah equities funds dominate the Republic of Ireland’s total Shariah fund US$10.88 billion AuM valuation.
Making sense of the war
When Middle East hostilities eventually conclude, the GCC regional infrastructure agenda will present an opportunity beyond who will finance it, from where and ensuring Shariah compliance, as most ambitiously, can the GCC use this moment to become the world’s pre-eminent platform for infrastructure finance itself?
In the meantime, however, the ongoing Middle East war could result in partial or total loss events for a limited number of Sukuk, particularly those backed by assets exposed to potential attacks, according to S&P Global Ratings. Sukuk linked to industrial or commercial real estate, which account for 3% of rated Sukuk, are the most vulnerable.
As the Strait of Hormuz blockade fuels global inflation, a Mauritius-based Takaful firm is offering investors a path to absolute gain by using sophisticated tax deferral on profits made from prices of oil and other GCC assets.
Meanwhile Iran’s Fara Bourse equity market trades will remain suspended to protect the capital market assets value of 11 million retail individual shareholders, estimated at IRR10.5 quadrillion (US$798.12 million), while the value of the assets of small and medium-sized institutional shareholders is estimated at IRR11.5 quadrillion (US$874.16 million) – until emergency regulations are announced post-conflict.
Across the MENA region, private capital is gaining traction as investors move up the risk curve in search of yield, control and downside protection – as public markets become more selective and liquidity conditions tighten, shared Ziad Malak, investment banking head at Sico Capital.
Despite years of disruption, selective UK sectors are drawing renewed interest from Gulf investors, with Shariah compliant financing take-up rising.
Market and regulatory impact
The UAE’s Capital Market Authority issued a comprehensive framework to regulate virtual assets, establishing an integrated system comprising five core units and expanding regulated activities from three to eight.
Launches and offerings
Global asset manager KraneShares announced the listing of a Shariah compliant income ETF, the KraneShares Wahed Alternative Income Index, on the Abu Dhabi Securities Exchange. UAE-headquartered investment platform Valura.ai announced the launch of its Channel Partner Portal in India, offering access to over 100,000 global securities including Shariah compliant solutions.
Tech firms Blade Labs and AgriCore developed a digital livestock investment platform in Bangladesh – combining blockchain governance, Shariah compliant finance and Takaful.
New partnerships
Apollo’s expansion into the UK housing sector led to its purchase of residential facilitator Gatehouse Living Group – which will continue operating under its existing management to scale its build-to-rent platform.
Shariah compliant lender Bank Syariah Indonesia entered into an MoU with Muslimat Nahdlatul Ulama, focusing on Hajj and Umrah savings as well as Shariah compliant gold and alternative investment options.
Indonesia’s Hajj funds management agency, Badan Pengelola Keuangan Haji (BPKH), signed an MoU with Saudi real estate development company OSUS to explore Shariah compliant partnerships and investment opportunities in Mecca.
Major moves
Stephane Brown, formerly of Arcapita, joined as director at Malaz Capital – a Saudi firm focused on real estate and PE investments. Kuwait’s Warba Bank appointed Thuwaini Khaled as its acting deputy CEO of investment and treasury and Yusuf Chorghay as chief investment banking officer.
