The IFN Investor Funds Database is the leading resource on Islamic public fund offerings, tracking 2,712 public Islamic funds managed by 517 asset management firms, handling a total of US$450.78 billion in AuM as at the 13th April 2026.
Among the insights gleaned from this database is how continued global geopolitical uncertainty in the latter half of 2025, amid tensions in Eastern Europe and the Gulf region, saw a marked shift in Kuwait’s Shariah asset allocations – with a distinct preference for lower risk money market funds, as investors sought highly liquid opportunities with short-term tenors.
Shariah prospects and challenges
Shariah investment prospects in several critical Saudi sectors remain underfunded despite offering strong growth potentials – a gap that is due to lack of deal origination and structuring.
The Middle East crises of 2023-2026 have unveiled complex structural issues for investors as traditional Shariah screens are allowing various activities that are deeply at odds with Islamic values.
While Morocco’s participatory banking sector has expanded rapidly since its launch in 2017, building a sizeable base of Shariah compliant financing, this growth has yet to translate into meaningful demand for Islamic investment products – highlighting a structural imbalance in the market.
New offerings
Walton Global is offering a first-lien Shariah solution, with a structure to own the land where construction is to begin, until the developer is ready to pour concrete.
The Securities and Exchange Commission of Pakistan approved additional pension funds for state governments, bringing the total number of authorized funds for Balochistan to 15 and Punjab’s total stands at 25.
The Saudi Capital Market Authority approved the public offering of the Al Rajhi GCC Financial Sector Equity Fund.
A proposal was mooted to establish an Islamic stock exchange in Bangladesh to attract capital from Malaysia, Indonesia and the Gulf region and to create an investment gateway for non-resident Bangladeshis.
Significant developments
GFH Financial Group received approval from the Central Bank of Bahrain to change its name to GFH Bank and is also conditionally allowed to proceed with the listing of its shares on the Saudi market.
The UAE’s Shariah compliant gold and silver-backed fintech OGold partnered with Dubai National Insurance for protection against any physical loss or damage to its clients’ assets while they are in transit or held in secure storage.
Major moves
State Street Investment Management appointed James Thomas as head of intermediary client coverage for the Middle East and African regions, dealing with family offices, private banks, wealth managers and asset managers.
Alternatives asset manager Arcapita promoted Al Khalifa and Michael Riccomini to managing director at the MENA and UK offices respectively.
