GLOBAL: Islamic retirement funds tracked by the IFN Investor Funds Database registered total assets under management (AuM) of US$15.19 billion in the quarter ended the 31st March 2025 – up 32.16% from US$11.5 billion in the previous quarter. This growth was driven largely by activity in Europe and Asia Pacific. Europe posted a 34.88% increase in retirement fund AuM, while Asia Pacific rose by 17.56%.
At the country level, Pakistan and Turkiye led gains – registering substantial quarterly increases of 78.03% and 37.15% respectively. Meanwhile, the Republic of Ireland and Malaysia saw moderate declines of 9.83% and 5.54%.
In terms of asset allocation, Islamic retirement funds remain heavily concentrated in equities, commodities and Sukuk. Commodities – primarily gold-backed funds – dominate the landscape, making up 46.48% of total AuM. Sukuk and mixed asset funds followed at 12.48% and 3.62%, respectively.
These selected Islamic retirement funds make up 8.83% of total Islamic fund AuM, excluding Iran.
Table 1: Islamic retirement funds total by domicile
| Country | Q4 2024 (AuM US$ million) | Q1 2025 (AuM US$ million) | Percentage change (%) |
| Pakistan | 215.01 | 382.78 | 78.03 |
| Turkiye | 9,859.3 | 13,521.66 | 37.15 |
| Thailand | 13.62 | 13.61 | -0.07 |
| Malaysia | 552.6 | 522 | -5.54 |
| Republic of Ireland | 269.51 | 243.01 | -9.83 |
| Total | 11,419.91 | 15,192.92 |
Source: IFN Investor Funds Database
Table 2: Islamic retirement funds asset class allocations
| Region | Asset class | Q4 2024 (AuM US$ million) | Q1 2025 (AuM US$ million) | Percentage change (%) |
| Asia Pacific | Commodities | 2.29 | 2.85 | 24.34 |
| Equities | 210.87 | 212.57 | 0.81 | |
| Mixed assets | 35.68 | 51.25 | 43.68 | |
| Money market | 95.15 | 101.23 | 6.39 | |
| Others | 417.65 | 397.71 | -4.77 | |
| Sukuk | 3.32 | 3.55 | 6.84 | |
| Europe | Commodities | 7,503.51 | 10,991.87 | 46.49 |
| Equities | 519.63 | 349.54 | -32.73 | |
| Fixed income instruments | 79.67 | 161.41 | 101.84 | |
| Mixed assets | 1,053.32 | 1,095.55 | 4.01 | |
| Money market | 38.79 | 42.52 | 9.63 | |
| Others | 120.8 | 123.92 | 2.59 | |
| Sukuk | 888.78 | 999.86 | 12.5 |
Source: IFN Investor Funds Database Note: Commodities values also incorporated into classes defined as ‘mixed assets’ and ‘others’.
