The IFN Investor Funds Database serves as the premier global resource for monitoring Shariah compliant investment opportunities worldwide – capturing 2,560 public Islamic funds managed by 491 asset management firms as of the 15th September 2025, with a combined total of US$650.14 billion in AuM.
A valuable insight from this database showed that the Americas are continuing to take regional lead for Islamic ETFs in Q2 2025, with the AuM of US$3.58 billion making up about half of the total US$7.47 billion tracked worldwide.
Meanwhile, equities remained the largest asset class segment in the second quarter for Shariah compliant public funds on the African continent, with total AuM rising 13.08% to US$2.12 billion from US$1.84 billion in Q1 2025.
The recent surge in physical gold prices has resulted in the SPDR Gold Shares ETF by State Street being ranked among the top 10 in the World Gold Council’s list of entities with the largest holdings – as this fund’s total gold holdings stood at over 980 tonnes in early September 2025.
Optimizing Shariah investments
Baghdadi Capital and its wholly-owned Tamwuil Capital are Madrid-headquartered Shariah compliant asset management firms that seek to aid the operations of firms in the logistics, food and beverage as well as pharmaceutical sectors.
Atlanta firm Deenvest Capital is capitalizing on the concept that the US property investment market, historically fueled by debt and leverage, is ready for something entirely different: a Shariah compliant model that operates with zero debt, zero gearing and zero apologies.
After setting up Oman’s first institutional Waqf in early 2024, which has seen its AuM more than double since, Ubhar Capital was catalyzed to convert its existing conventional fund to be Shariah compliant as well.
Offerings and deals
Pakistan’s Image REIT Shariah compliant IPO launched with a total of 92.02 million units priced at PKR10 (US$0.035) each, with minimum bid set at PKR1 million (US$3,532).
Maybank partnered with Nanobank Syariah to offer the Sharia Restricted Investment Account – which allows investors to allocate funds to specific sectors in line with values and objectives. This partnership has already secured commitments for a total value of IDR150 billion (US$9.1 million).
Bank Nizwa signed an agreement with Jabal Asset Management to explore the development of Shariah funds. Bokra relaunched its Shariah compliant digital savings and investment platform to offer structured instruments underpinned by real-world assets – including Sukuk, real estate and precious metals.
Abu Dhabi VC firm Phoenix Venture Partners announced that it participated in the Series B fundraising round by Islamic investment fintech Wahed, while anb capital and Lexham Partners launched a US$200 million fund to back select MENA technology companies – at the growth and pre-IPO stages. Arcapita acquired a majority stake in US firm C&K Paving.
Regulatory initiatives
The Central Bank of Iran released a draft of the ‘Rules for the Establishment, Activity, Dissolution and Supervision of Cryptocurrency Brokers’ while Qatar Financial Centre launched a blockchain-based proof of concept through its Digital Asset Lab – to advance technology application in Islamic finance – developed together with AlRayan Bank, Blade Labs and Hashgraph.
Fund placement firm Greenstone, supporting family offices and institutional investors, with over US$100 billion raised across the alternative investments’ spectrum, was granted an operating license by the Dubai Financial Services Authority.
Ascent Capital obtained a license from The Securities and Exchange Commission of Nigeria to provide Shariah compliant investment products. Kuwait’s Warba Bank got a special license to privately market shares of the Warba Data Center Development Fund.
Significant developments
Saudi Arabia’s National Capital appointed the Shariyah Review Bureau to oversee Shariah compliance in its investment activities – including PE, real estate, VC and financing activities.
PMB Investment announced distributions for its PMB Shariah Premier Fund, with a 5.26% yield, and PMB Shariah Equity Fund delivering a 3.37% yield, for the year ended August 2025.
