As the leading resource on Islamic funds, the IFN Investor Funds Database recorded 2,601 public Islamic funds managed by 496 asset management firms, with a combined total of US$723.13 billion in AuM as at the 10th November 2025.
Nigeria’s non-interest capital market had a valuation of over NGN1.6 trillion (US$1.11 billion) in 2024, according to its Securities and Exchange Commission, with the bulk in the form of Nigeria’s sovereign Sukuk program – which raised over NGN1.4 trillion (US$971.22 million) through seven issuances since 2017.
Expanding Shariah landscape
Wahed is moving from being a mere provider of investment opportunities to a comprehensive Islamic finance platform that customizes products by engaging with clients’ needs and critiques – a pivot that has been in process since Founder-CEO Junaid Wahedna handed the reins in March 2024 to successor Mohsin Siddiqui.
The first US-based Shariah compliant real estate crowdfunding platform that runs on a customized blockchain, EdificeX, was launched by veteran American Shariah scholar and consultant Main Al-Qudah and software engineer Souhayl Maronesy.
Janus Henderson is committing substantial resources to the Middle East region with a Shariah compliant private credit offering that is anticipated to drive its multi-trillion-dollar ambition.
Pakistan’s US$1.9 trillion real estate market, which has long operated on cash and opacity, is entering a new phase of regulation and digital reform that could transform how Pakistanis own property, with Shariah structures leading the way.
Offerings and partnerships
Wahed Invest partnered with KraneShares to launch the KraneShares Wahed Alternative Income Index ETF – unique as it aims to instead generate returns through Shariah compliant forward sale agreements.
Dubai-based ASB Capital partnered with European firm Xtrackers by DWS to list XASB, a Sukuk ETF, on the London Stock Exchange (LSE). Marking a first LSE-listing for ASB Capital, it is also the first Islamic instrument for Xtrackers by DWS.
In Indonesia, Principal Asset Management forged a partnership to offer the Reksa Dana Principal Cash Fund, Reksa Dana Indeks Principal Index IDX30 and Reksa Dana Syariah Principal Islamic ASEAN Equity Syariah (USD) via Hana Bank branches and the MyHana mobile banking app.
RHB Islamic International Asset Management launched the RHB Sukuk Dana Haneef – a Series 5 close-ended fund with a 36-month validity to sophisticated investors and institutions.
The Indonesia Stock Exchange and S&P Dow Jones Indices collaborated to launch three new co-branded equity indices including the S&P/IDX Indonesia Shariah High Dividend Index.
Significant developments
GFH Partners acquired a logistics property in Riyadh, with the 40,000 square meter facility fully leased. Offering access to key transport routes, the acquisition marks GFH Partners’ fourth asset in Saudi Arabia and its 34th property within a regional logistics platform spanning Saudi Arabia and the UAE.
The government of Balochistan, the western most province of Pakistan, appointed Pak-Qatar Family Takaful as the first and only Takaful operator in the country licensed to serve as a pension fund manager under the Contributory Pension Fund Scheme – to manage public sector pension contributions in accordance with Shariah principles.
Indonesia’s Financial Services Authority, or Otoritas Jasa Keuangan (OJK), has designated the shares of shipping company, Pelayaran Jaya Hidup Baru as Shariah compliant securities.
OJK also announced several appointments: Henry Rialdi as the head of the capital market regulation and development department; Soelistio Darmawan as the head of the financial conglomerate supervision department; Esti Sasanti as the head of the Islamic banking department; and Budi Rahman as the head of OJK for the West Papua and Southwest Papua provinces.
