As the premier global resource for monitoring Shariah compliant investment opportunities, the IFN Investor Funds Database tracks 2,568 public Islamic funds managed by 493 asset management firms as of the 29th September 2025, with a combined total of US$675.74 billion in AuM.
Among the key insights from this database is Egypt recording a big Q2 2025, with total AuM rising 12.61% to US$70.8 million from US$62.87 million in Q1 2025. Commodity funds led the expansion, surging 27.53% to US$42.02 million. Meanwhile, the Islamic fund industry within the UAE, supported in the second quarter of 2025 by strong momentum in real estate funds, surged 24.92% from US$911.57 million in Q1 2025 to US$1.14 billion in Q2 2025.
Shariah ambitions
From former Investcorp CEO Hazem Ben-Gacem’s dream of reshaping the Shariah PE landscape with his new enterprise BlueFive Capital to a torrent of digital Islamic deals, it was a week that aligned ambition with innovation in faith-based investing.
Dubai Residential REIT, the largest publicly traded Shariah REIT in the GCC, grew its market capitalization by about 10% to AED15.99 billion (about $4.35 billion), in four months. Listed on the Dubai Financial Market on the 28th May 2025, the closed-ended fund’s portfolio consists of more than 35,000 residential units covering a mix of housing types.
In offering the Katilim Emeklilik Silver Pension Investment Fund, with a portfolio of at least 80% silver, from the end of September 2025, this launch aims to build on Katilim Emeklilik’s claimed pension market share of 2.84%, with total AuM of over TRY50 billion (US$1.21 billion).
Over in Malaysia, Asia Vision Capital is seeking greater foreign investment for its Quayside JBCC mixed-use development in the Johor-Singapore Special Economic Zone. Having already successfully deployed both conventional and Shariah compliant funds for the project, the development – centered around a Hyatt Place hotel – will boast a gross value of RM600 million (US$142.1 million).
Malaysian PE investment firm VCorp Capital has expanded its focus from conventional funds investing in high-growth and pre-IPO companies to launch a Shariah fund that can help SMEs bridge a financing gap.
Digital developments
Singapore’s inaugural Islamic token, Gitcoin, launched 100 million ERC-20 tokens –the standard type on the Ethereum blockchain – each initially priced at US$0.1. Introduced by the Gulf Asia Shariah Compliant Investments Association as the world’s first Islamic Economic Rights Token, it grants holders rights to certain projects and activities across Asia, starting with major provincial initiatives in China.
GreenX, a Shariah compliant digital asset exchange operated by Greenpro Capital Corp, launched the GreenX Ecosystem that integrates a range of digital finance services. The ecosystem includes a regulated exchange for real-world asset tokenization, an Islamic digital bank, an AI liquidity provider, a decentralized financial services product and an ESG-aligned token.
The Central Bank of Bahrain’s Shariyah Review Bureau confirmed that XRP meets Shariah compliance requirements, certifying the cryptocurrency’s suitability for Islamic financial services. With the approval, XRP’s status as a Middle East cross-border payments solution is enhanced.
Over in the Emirates, P2P digital lending platform Beehive signed a non-binding offer with Saudi–licensed crowdfunding platform Themar for a partial merger, pending regulatory approval. The transaction, concluded in Dubai, aims to create a regulated Shariah fintech lender in Saudi Arabia.
UAE data analytics company Presight has designated Shorooq, a Shariah-based asset manager, to oversee a new US$100 million global AI innovation fund. Named the Presight–Shorooq Fund I, the fund will target the next wave of AI development, spanning geographic areas from Silicon Valley to Southeast Asia, and will focus on sectors like smart cities, energy, fintech, GameDev, Industry 4.0 and deep tech.
Football and digital Islamic finance became one as soccer stars Arnaut Danjuma, Zakaria Aboukhlal and Yunus Musah emerged as the latest shareholders and global ambassadors of Islamic fintech Wahed, joining global sports icons Khabib Nurmagomedov and Paul Pogba.
AI portfolio company Figure AI, in an alliance involving Shariah compliant alternative investment firm Arcapita Group and US-based Parkway Venture Capital, secured over US$1 billion in capital commitments as part of a US$39 billion Series C financing round.
Dedicated to early-stage fintech and related service investments in the MENA region, VentureSouq successfully completed the closing of its second FinTech Fund. The list of investors includes the PIF’s Jada Fund of Funds, Saudi Venture Capital, Saudi Awwal Bank, Mubadala Investment, Takamol Holding, Krafton and the Innovative Startups and SMEs Fund of Jordan.
Former Investree co-founder and chief executive Adrian Asharyanto Gunadi to face charges of misappropriation from the P2P lender after being repatriated from Qatar to Indonesia.
Saudi deals
MoneyMoon, the Saudi-based Shariah compliant P2P financing platform, successfully concluded a pre-Series A funding round, securing US$2.9 million with Core Vision as the lead investor, alongside various angel investors and family offices.
Erad, a Saudi alternative financing platform, secured US$33 million in debt financing to expand its operations in Saudi Arabia and the wider GCC. India-headquartered venture debt fund Stride Ventures led the financing aimed at addressing a US$250 billion SME credit gap.
Saudi Capital Market Authority approved the public offering of Tam Capital’s Tam Murabaha & Saving Fund. The CMA resolution approving the public offer for the fund was issued on or around the 18th September 2025.
CMA also granted an investment and fund management license to Sadara Capital to operate financial services and investment advisory in Saudi Arabia.
CMA was in the news as well for approving robo-advisory company Abyan Capital to conduct investment, custody and securities management operations in the Kingdom.
Bahrain, UAE approvals
Bahrain Bourse approved Shariah compliant investment firm Ajyad Capital as a broker-dealer in the exchange. The move brings the total number of brokers authorized by the exchange to 10.
Sovereign fund Abu Dhabi Investment Authority signed a deal with global investment firm KKR and the Canada Pension Plan Investment Board to retain its 10% stake in Sempra Infrastructure Partners, one of North America’s leading energy infrastructure platforms. KKR will end up owning 65% of Sempra after buying an additional 45% stake interest in the company for US$10 billion.
Pakistani developments
Investors in Pakistan have shown interest in acquiring a controlling stake in Islamic investment vehicle First IBL Modaraba. Negotiations are underway to finalize terms and conditions of the transaction, with full details to be disclosed upon completion in accordance with rules set by the Pakistan Stock Exchange (PSE).
On another front, the PSE proposed an amendment to the Companies Act 2017 to introduce Section 42A, which would allow for the licensing and regulation of Waqf management companies. The companies, operating as not-for-profit entities, are to manage assets in line with the Shariah and Waqf ways.
Significant developments
The GBP5 million (US$6.7 million) Local Access Bradford Fund is the UK’s first Shariah compliant social investment fund. Delivered by Key Fund and Impact Hub Yorkshire, it provides zero-interest loans ranging from GBP25,000-250,000 (US$33,500-335,000) to underserved social entrepreneurs, with a specific focus on increasing access to finance for Muslim-led enterprises.
Ziraat Katilim Bank formally applied to the Capital Markets Board of Turkiye for changes required in preparation of an IPO. It will be the first public offering of a participation bank in Turkiye, achieved solely through a capital increase without any share sale by existing owners.
UK private market investments fund manager Vennre appointed Carl Jabbour as COO, picking him from lender Fiduciam, where he was COO and head of investor relations.
Oman REIT acquired for OMR4.1 million (US$10.65 million) a retail asset located in Wilayat Ibra, to be single tenanted by Lulu hypermarket with a 20-year lease term. The money largely came from a OMR16.17 million (US$42.02 million) 14-year Islamic facility provided by the National Bank of Oman.
