The IFN Investor Funds Database, being the leading resource on Islamic public fund offerings around the globe, recorded 2,691 public Islamic funds managed by 515 asset management firms, with a combined total of US$449.76 billion in AuM as at the 23rd February 2026.
Among the insights gleaned from this exclusive database is that of tracked Islamic real estate funds around the world closing 2025 on a firmer footing – with the exception of Pakistan, where total AuM declined by 37.12%.
Surging gold prices saw Shariah commodity funds in South Africa rise to US$3 billion in total AuM at the end of 2025 – marking a 7.55% value rise from US$2.78 billion over Q4 2025 for that country’s largest Islamic fund segment by size.
Emerging Shariah opportunities
Investors are intrigued by the Indonesian movie industry as the archipelago’s maiden Shariah- funded film has demonstrated a blueprint for profitability over the longer-term.
Despite the lack of global recognition for Somaliland’s statehood, this African nation’s huge gas and oil reserves with a US$2 trillion valuation, remains untapped. A private enterprise now aims to catalyze growth in local support industries ahead of foreign capital inflows into the nation’s energy sector.
An American healthcare group is Shariah fundraising US$250 million to construct a medical hub in Jordan – where inpatient services have been severely strained by an influx of refugees fleeing the Middle East’s wars.
A new hybrid model may provide a middle ground to address illiquid real estate by pairing Bitcoin’s growth potential with the steady income of Islamic REITs and gold.
Deals and partnerships
G2G firm PAIR Investment – established in 2007 as a joint venture between the Pakistani and Iranian governments – appointed Meezan Bank to provide Shariah advisory services for its conversion into a Shariah compliant development financial institution.
UAE’s Equitativa Real Estate, considered to be the manager of the largest Shariah compliant REITs in the world, inked an MoU with Premier Inn Middle East to establish six to eight new Muslim-friendly hotels across the GCC region.
The International Islamic Financial Market and International Capital Market Association signed an MoU to jointly develop a global standardized documentation framework for a Shariah compliant repurchase (Repo) agreement.
Real estate tokenization fintech Stake, which offers Shariah compliant opportunities in Saudi Arabia and the UAE, closed its US$31 million Series B funding round – led by Emirates NBD, with others including Mubadala, Middle East Venture Partners, Property Finder, STV, Wa’ed Ventures, GFH Financial Group and Ellington Properties Development.
Afaq Capital and angel investors invested over SAR95 million (US$25.33 million) in the Pre-A series funding round for Shariah compliant Buy Now Pay Later firm Madfu. Australian mortgage broker Finance and Beyond is partnering with Hejaz to offer various Shariah compliant solutions – including investment funds and ETFs.
New offerings
The Invesco MSCI ACWI Islamic M-Series UCITS ETF, aimed at the European market, tracks the MSCI ACWI Islamic M-Series index – which captures large and mid-cap stocks across developed and emerging markets.
As the first investment company in Tajikistan with Islamic offerings, Exchange Broker launched a fully Halal brokerage account that facilitates investment trades on Nasdaq Dubai, Kazakhstan Stock Exchange, Astana International Exchange and Moscow Exchange.
Ayyan Investment Company and Al Rajhi Capital aim to establish a mixed-use private real estate fund in the Al Janadriyah district of Riyadh. The Saudi Capital Market Authority approved the public offering of SNB Capital’s Namaa Waqf Fund.
Significant developments
Estithmar Holdings, which emphasizes Shariah business principles, established its fifth group unit to be the investment arm. Estithmar Capital joins Apex Health, Elegancia Services, Estithmar Ventures plus Elegancia Contracting and Industries as units of the Qatar-listed holding entity.
Moody’s Corporation established a regional headquarters in Riyadh, expanding its presence in Saudi Arabia.
