Funds were back in the limelight over the past week with announcements in several jurisdictions while UAE and Malaysia issued regulatory updates ahead of the Muslim New Year weekend.
The Lion-BIBDS Islamic Enhanced Liquidity Fund charted two firsts – as the first Islamic mutual fund managed within Brunei and also as the first Shariah compliant enhanced liquidity fund domiciled in Singapore.
The CSOP MSCI HK China Connect Select ETF is the first Shariah compliant exchange-traded fund listed on the Hong Kong Exchanges and Clearing that tracks an underlying index adhering to Shariah investment principles.
Saudi Arabia approved the public offering of Al Rajhi PetroChemical Fund and Al Rajhi Large-Cap Fund by Al Rajhi Capital plus the SEDCO Capital IPO Fund. The UAE approved Lunate and Daman Investments as the first investment funds under the voluntary alternative savings scheme for end-of-service savings.
Mahaana Pakistan aims to launch an Islamic pension fund in September, Affin Bank may offer the Islamic version of its Cross Light Capital Performa Digital Asset Fund. Alta Exchange, Phillip Securities and Hamilton Lane plan to introduce a tokenized Shariah compliant private credit fund under Singapore’s Project Guardian.
Separately, four Saudi Arabian firms – Dallah Health, Aljazira Capital, Dallah Real Estate and Tatweer – are establishing a private real estate fund valued at over SAR1.2 billion (US$319.65 million), while the UAE’s Al Mal Capital REIT acquired the real estate assets of Kent College Dubai.
Khuwaylid Capital closed its Islamic impact investment fund for SMEs in Senegal involved in agribusiness, healthcare and education after reaching its maximum target size of EUR8 million (US$ 8.6 million). Musharaka Capital is terminating and liquidating its Majediah Real Estate Fund I.
UAE asset manager KHK & Partners spun off Ayala Capital to support global asset managers seeking to tap into the MENA investor community.
Amwal Capital Almaliyah and Pinnacle Capital were granted Saudi Arabian licenses to conduct managing investments activity in the securities business.
On the regulations front, UAE’s Securities and Commodities Authority’s latest proposal aims to diversify investment opportunities and tools for investors and encourage private offerings to list in local markets instead of abroad. The Central Bank of UAE is mandating all its supervised institutions to obtain consents and offer seamless consumer financial data sharing across platforms.
Bank Negara Malaysia’s latest policy document on Islamic collateralized funding is to provide guidance and establish standards for Islamic repo transactions. It also proposed regulatory requirements and guidance for determining the capital adequacy of licensed Takaful operators.
Deals-wise, Saudi Islamic investment firm Falak Investment Hub partnered with think-and-do tank TACTHUB to identify and develop high-potential climate tech startups in Saudi Arabia and Jadwa Investment agreed to buy a SAR190 million (US$50.61 million) property owned by Jadwa REIT Saudi Fund in the Saudi city of Dammam.
