Amid a shortened business week for Eid, the IFN Investor Funds Database continues its role as the leading resource on Islamic public fund offerings to track 2,706 public Islamic funds managed by 518 asset management firms, handling a total of US$450.41 billion in AuM as at the 23rd March 2026.
This database’s insights showed money market funds led growth in Q4 2025 for Kuwaiti Islamic assets, with total AuM rising 51.16% to US$6.32 billion from US$4.18 billion in Q3 2025. Meanwhile in the US, growth in the Islamic fund market in Q4 2025 was highly concentrated in a single asset class of gold holdings – highlighting an increasingly uneven allocation landscape.
Our reports
Entering the underappreciated Shariah investments health sub-sector of vaccines, in which the World Health Organization estimated Halal variants to be valued at about US$2.76 billion, is Malaysia’s Shariah-focused Bio-Angle Vacs – which has commercialized an intranasal vaccine for goats and sheep, aiming to enhance food security for mutton production.
Recent launches of two Shariah compliant public funds in India have piqued curiosity on whether this investment category is entering a more sustainable growth phase – fueled by demand from younger investors and rising expectations of risk management and corporate governance.
With continued uncertainty within the GCC investment landscape, as tensions escalate following the US-Israel attack on Iran, three Shariah market participants share their views on short-term volatility and long-term prospects.
Also, despite the UAE being arguably the worst hit in the GCC from Iran’s retaliation to the US-Israel attack, institutional players still see its overall economy as resilient – amid pockets of concern.
New offerings
Wahdat Poultry Farm, an egg producer in Pakistan, announced plans to raise PKR637 million (US$2.28 million) through a Shariah compliant IPO.
Hong Kong real estate-focused Gaw Capital Partners, which is growing its Shariah investment focus via new offices in Abu Dhabi and Riyadh, announced the expansion of its PE platform in the GCC region with the launch of the Gaw Tamkeen Nexus Fund.
Walton Global’s US Land Income & Growth Fund, a private investment vehicle targeting international institutional and high-net-worth investors seeking exposure to US residential land assets, was certified as Shariah compliant by Masryef Advisory.
Significant developments
Turkish fashion platform, Touche Prive, raised US$5 million in Shariah compliant growth funding from Amplify Growth Partnership, a joint venture between Ajeej Capital and Nuwa Capital. The funding will support its expansion across the GCC.
Malaysian pilgrimage fund, Lembaga Tabung Haji, is reviewing its conservative asset allocation strategy of leaning on fixed income instruments, aiming to boost returns amid an anticipated lower global interest rate landscape.
Government-backed Malaysia Co-Investment Fund announced new schemes for co-investments into initiatives for Malaysia’s aging population involving care-tech, specialized healthcare and senior living facilities.
Nigeria’s iDICE Startup Bridge Programme is offering support for early-stage founders, backed by financing from the IsDB, African Development Bank Group and Agence Francaise de Developpement.
Bursa Malaysia Securities issued a consultation paper seeking public feedback on proposed regulatory amendments to facilitate the listing and trading of digital currency ETFs.
PMB Sustainable, a Malaysian company focused on generating carbon credits for landowners, signed an agreement with ISRA Consulting to explore Shariah considerations surrounding carbon credits as tradable assets, carbon credit generation and digital platforms.
Saudi Arabia’s SICO Capital appointed Ziad Malak as head of the investment banking unit.
