Several major investments last week illustrated how the Islamic asset landscape is diversifying to further embrace people-focused aspects, a trend that was also seen with latest offerings.
Jada Fund of Funds is investing in Jadwa GCC Private Equity Fund I – Jadwa’s first regional blind pool fund with plans to raise SAR1.5 billion (US$400 million), with a hard cap of SAR2 billion (US$533.33 million) and will invest in GCC companies, with a strong focus on Saudi Arabia.
Bintang Capital Partners, a sister firm of Shariah compliant AIIMAN Asset Management, is investing in its first female-led enterprise with the Project Studio ‘Flow’ fitness chain – with tailored classes for individuals undergoing injury recovery, as well as prenatal and postnatal sessions.
Saudi Venture Capital became the latest major investor in Abu Dhabi-based Aliph Capital, which recently acquired a 25% stake in Dubai-based Sanipex Group – which specializes in bathroom, kitchen and outdoor furnishings.
In alternate assets, Malaysia became the first market where Luno’s Shariah-compliant Ethereum staking is available. Qatar International Islamic Bank and Gulf Organisation for Research & Development are collaborating on supporting investments in sustainability and green finance.
Bank Syariah Indonesia partnered with Hartadinata Abadi to launch a Shariah compliant gold bullion product. UK’s Shariah compliant property investment platform Bayuti opened its waiting list for investors and property owners alike.
The 10th round of Saudi Arabia subscription-based savings product, Sah, launched for December 2024 with a 4.83% return. Blockchain-based Takaful solutions provider Takadao partnered with Shariah compliant crypto investments platform Manjam Funds.
Regulations-wise, the Securities and Exchange Commission of Pakistan (SECP) plans to review local compliance with IFSB’s principles for Islamic capital markets. Shariah compliance had so far been achieved for 55% of market capitalization of Pakistan-listed securities, 48% of mutual fund assets, 65% of voluntary pension fund assets and 95% of REITs under SECP regulation.
The Indonesian National Committee for Islamic Economy and Finance launched a guidebook on implementing public-private partnerships with Shariah principles.
The Saudi Capital Markets Authority approved Bait Al Mal Al Khaleeji’s public offering of the BMK Murabahah Fund.
Separately, Norway’s Government Pension Fund Global exited Israeli telecoms firm Bezeq “due to an unacceptable risk that the company contributes to serious violations of the rights of individuals in situations of war and conflict”.
