The IFN Investor Funds Database recorded an uptick compared to the total AuM of US$519.76 billion in Q1 2025, as it now tracks 2,538 public Islamic funds managed by 485 asset management firms, with a combined total of US$535.5 billion in AuM as of the 28th July 2025.
In the second quarter of 2025, nine new Islamic funds were launched across various asset classes including real estate, fixed income and Sukuk. Together, these newly introduced funds accumulated a total AuM of US$43.18 million.
Enhancing Shariah instruments
Endeavor for market efficiency was at the core of the Islamic investment space this week as Alpaca, having completed its first infrastructural deployment of customizable, Shariah compliant tools for Kuwaiti fintech Zad, expanded its focus on better serving clients in Islamic nations.
Simultaneously, the established ISO 15022 standard for securities messaging continued to streamline the tracking of diverse assets with its concretization via Swift’s MT535 format that is powering French-Lebanese fintech XFolio’s asset-tracking service.
Market expansion
Oman-based Mamun is ramping up its Shariah compliant platform focused on funding for SME trade contracts for investors eyeing greater returns from the GCC. Mamun’s pilot phase is in Bahrain and the UAE – the two GCC hubs it hopes will be catalysts for its regional expansion.
CGS International, operating in 15 countries with largely conventional Asia-centric operations, is considering expanding into the MENA region and offering Islamic-based investment products in China, driven by the rapid growth of its Shariah business in Malaysia and a global client base exceeding 18 million.
Horizon Capital Asset Management, the investment advisory arm of Structured Commodities and Corporate Finance with operations in Switzerland, Luxembourg and Singapore, plans to launch two new Shariah compliant funds in Q3 2025 – building on its sole Shariah Trade Finance Fund introduced in 2021.
Bank Syariah Sleman’s Sharia Financial Institution for Cash Waqf Recipients has been licensed to manage cash Waqf – on top of saving accounts, gold and Hajj financing, mobile cash services and MSME financing based on Zakat and Waqf.
The Saudi Capital Market Authority has officially approved the public offering of Dinar Investment Company’s Dinar US Equity Fund.
Gainz, specializing in automated debt underwriting and Shariah compliant SME lending, has partnered with Beban Crowdfunding to offer combined equity and debt financing solutions for start-ups and SMEs across the GCC region.
Bank Islam Malaysia has entered into an agreement to distribute Opus Asset Management’s Shariah compliant investment solutions including the Opus Shariah Cash Extra Fund, Opus Shariah Income Fund and Opus SRI Sukuk Fund (Class B), through its extensive nationwide network.
Ecosystem building
Apex Group, fresh from its acquisition of Tokeny – the creator of a standard for permissioned digital securities – has partnered with Zigchain to launch a modular, Shariah compliant infrastructure ecosystem that would enable tokenization of entire fund structures rather than individual assets.
Just Gold has achieved the ISO 27001:2022 certification that formally recognizes its comprehensive information security management systems which encompass its entire digital infrastructure, real-time gold transactions, cloud-based systems and mobile platforms.
RHB Islamic has finalized a RM120 million (US$28.43 million) sale and buy-back agreement with HSBC Amanah Malaysia and Standard Chartered Saadiq Malaysia. The collaboration facilitates support for eligible Shariah compliant sustainable assets like green buildings, renewable energy and energy efficiency projects through an Islamic financial instrument.
Etiqa, a unit of the Maybank Group, has launched Dynamic Horizon Takaful Plan, an investment-linked offering that provides customer access to various Shariah compliant funds including the newly introduced Dana Syariah Strategik Ekuiti Global, managed by Maybank Islamic Asset Management.
Tamwuil Capital has launched a Shariah compliant trade receivables investment vehicle with a EUR25 million (US$29.22 million) start that targets EUR500 million (US$584.43 million) over 24 months to provide working capital solutions for high-growth companies.
