As the leading resource on Islamic public fund offerings around the globe, the IFN Investor Funds Database recorded 2,616 public Islamic funds managed by 499 asset management firms, with a combined total of US$747.41 billion in AuM as at the 8th December 2025.
Among the exclusive insights revealed by this database include how Islamic ESG funds performed well in Europe in Q3 2025, underscoring this region’s growing role in the Shariah compliant sustainability segment.
Furthermore, Saudi Arabia – home to 23 of the 31 Waqf funds tracked by this database – remained the largest market globally for such investments with total AuM growing 14.85% to US$340.11 million at the end of September 2025.
Shariah potential beckons
US-based Sinbad Capital believes the global Islamic market has the potential to be five times bigger if rebranded to include social responsibility or impact investing.
Malaysian regulatory authorities are being urged to engage key stakeholders to try and develop the Shariah private market funds ecosystem, emulating the same successes achieved with Sukuk and Islamic finance products.
Reflecting advances in both market conditions and investor sentiment within Nigeria’s Shariah investment landscape, asset manager ARM Capital is recalibrating its business model, moving beyond its traditional emphasis on public mutual funds toward private assets, customized mandates and sector-focused alternatives.
Philadelphia-based Apex Capital Investments has steadily built a reputation as one of the few US mid-tier real estate managers able to consistently structure and execute Shariah compliant investment deals for Middle East clientele.
Launches and offerings
UK thematic investment manager Sarasin & Partners launched a new Shariah investment service to be offered as a multi-asset discretionary portfolio. Aldar and Mubadala Capital are launching Aldar Capital, an investment management platform offering various real estate and infrastructure opportunities across the UAE and wider GCC region.
Built on the Stellar blockchain, fintech Afreum is launching the Africa Wallet – which aims to reduce reliance on volatile local currencies, fostering economic stability and inclusion.
Shariah compliant Mosanada Facilities Management Services will be listing directly on the Qatar Stock Exchange main market, with trading starting the 15th December 2025.
In Saudi Arabia, the private, closed-ended Shariah compliant Yaqeen Income Generating Fund 2 aims to acquire a diversified portfolio of income-generating real estate assets.
SMC Healthcare wants to establish the Al Wadi Real Estate Fund as a close-ended, Shariah compliant investment vehicle by contributing a land parcel as in-kind equity.
Regulator announcements
The Pakistan Stock Exchange introduced regulatory amendments aimed at improving governance, operational clarity and investor protection within the Shariah compliant brokerage segment.
Indonesia’s Financial Services Authority, or Otoritas Jasa Keuangan (OJK), issued two new regulations affecting Islamic finance-linked digital assets and microfinance institutions, aimed at strengthening supervision and market integrity.
The National Securities Exchange of Somalia partnered with the Nairobi Securities Exchange to formalize Somalia’s capital market infrastructure. UAE’s Ministry of Finance signed its third agreement under the retail Sukuk initiative with Emirates Islamic Bank.
The Saudi Bahraini Investment Company, a public investment fund company, signed an agreement with Bahrain Mumtalakat Holding, Bahrain’s sovereign wealth fund, aimed at expanding opportunities of investment cooperation.
The Endowments and Minors’ Funds Authority entered a partnership with Abu Dhabi Islamic Bank to expand the Emirate’s endowment ecosystem and accelerate its digital transformation initiatives.
The Saudi Capital Market Authority approved the public offering of the Al Rajhi Monthly Distribution Fund 3. Shariah compliant Hybrid REIT scheme, JS Hotel REIT, received the Competition Commission of Pakistan’s approval to purchase Elite Hospitality Ventures – which is developing a four-star Hilton Garden Inn in Hyderabad.
Significant developments
Alternative investment firm Investcorp acquired a diversified industrial portfolio of properties located across coastal markets in the US for about US$400 million and forged a separate deal to acquire Guardian Fire Services.
GFH Financial Group has committed as a cornerstone investor in the IPO of Mininglamp Technology, a China-based agentic AI and data intelligence software company.
The Abu Dhabi Investment Council, one of the world’s largest sovereign wealth funds, aims to block Energy & Minerals Group from selling its stake in Ascent Resources to one of the PE firm’s sister funds. Dormant RHB Islamic Asset Management was voluntarily wound up by parent RHB Asset Management, effective the 27th November 2025.
Malaysia’s Employees Provident Fund appointed Mohamad Hafiz as its new chief investment officer effective the 1st December 2025.
