The IFN Investor Funds Database is the leading resource on Islamic public fund offerings around the globe – it recorded 2,621 public Islamic funds managed by 498 asset management firms, with a combined total of US$716.69 billion in AuM as at the 15th December 2025.
A key insight from this database within Q3 2025 touched on Islamic retirement funds, with Turkiye leading the quarter’s momentum, which saw total AuM rising to US$19.64 billion from US$15.46 billion in the previous quarter.
From a wider perspective, Shariah compliant passive investment strategy funds recorded a defining shift in Q3 2025, with the database showing this category’s total AuM rising to US$75.24 billion from US$40.88 billion in Q2 2025.
Shariah prospects
In Pakistan, JS Investment believes the current Islamic asset availability crunch could be addressed through private or corporate credit participants entering this space – for example, banks could create more private credit deals, which can then transition into public debt instruments.
Malaysia’s Bank Rakyat is leveraging on its Shariah compliant digital Akaun-i eGold platform and broader gold ecosystem, including its Al-Rahnu pawnbroking network, to diversify and grow its wealth management portfolio.
Backed by its founder’s experience at IsDB, Wholesum is aiming to fill the Islamic fixed income funds gap in Australia, together with a private market credit scheme.
Iran’s first automotive-focused Behin Khodro Sector Fund chalked up an impressive share price gain since its launch in September 2024 – attracting both institutional and retail investors, including foreigners, seeking to hedge economic and currency exchange risks.
Deals and offerings
First Abu Dhabi Bank (FAB) inked a deal to offer investment opportunities from European asset manager Amundi to the UAE bank’s clients. FAB also announced its formal participation in the Majarra initiative – which aims to establish a new, integrated platform, powered by Halo Investing, for international capital market issuances, trading and distribution.
The PMB Shariah Stable Value Income Fund was launched for sophisticated investors in Malaysia, benchmarked against one-month Islamic deposits. In Saudi Arabia, the Middle East Financial Investment Company (MEIFC) launched the MEFIC Capital Murabaha Fund Class A on the 3rd December 2025 – a low-risk open-ended public money market fund.
Niyan Battery Khavaran offered a total of 123.4 million IPO shares, equivalent to 12% of the company’s share capital, ahead of a Shariah compliant listing on the Iran FaraBourse. Alliance Islamic Bank signed an underwriting agreement with ISF Group ahead of the company’s proposed ACE Market listing on Bursa Malaysia.
Digital-first Islamic bank ruya partnered with Fuze to enable customers to buy and sell Bitcoin directly through its mobile app as part of ruya’s broader investment offering for ethical Islamic wealth building.
The Chartered Alternative Investment Analyst Association entered a multi-year partnership with Franklin Templeton, under which both parties will jointly develop a new Islamic finance microcredential scheduled for launch in 2026.
Regulator announcements
Abu Dhabi unveiled the FinTech, Insurance, Digital and Alternative Assets cluster to accelerate development of next-generation financial and investment solutions – which integrates fintech, digital assets, insurance, reinsurance and alternative investments within a forward-looking, Shariah compliant framework.
FTSE Russell and Bursa Malaysia announced four constituent changes to the FTSE Bursa Malaysia Hijrah Shariah Index following the December 2025 semi-annual review. Qatar Stock Exchange’s latest index review for the QE Al Rayan Islamic Index saw the addition of two new counters effective December 2025.
The Securities Commission Malaysia, together with Bank Negara Malaysia, Bursa Malaysia, the Companies Commission of Malaysia and the Audit Oversight Board, will adopt a phased and practical review process to reflect the transition period for entities implementing the International Financial Reporting Standards on Sustainability Disclosure.
The Muslim Judicial Council launched MJC Shariah Advisory Services, a new division under the Muslim Judicial Council Halaal Trust, to further Shariah governance and support the development of Islamic finance in South Africa and the wider region.
Binance received full regulatory authorization from the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM) to operate its global platform. Fintech Tabadulat received a full Financial Services Permission license to operate in the ADGM.
The Saudi Capital Market Authority announced that Dinar Investment Company has completed all requirements to commence its dealing activity in the securities business while Kuwait’s Capital Markets Authority authorized Gulf Capital Investment Company to privately market 1.62 million shares of the Ares Strategic Income Offshore Access Fund within Kuwait.
