GLOBAL: The UK recorded the highest growth in Sukuk funds valuation – with AuM quadrupling to US$371.72 million in Q1 2025 from US$86.29 million in Q4 2024 – despite the number of funds remaining unchanged at16 as tracked by the IFN Investor Funds Database. This significant increase was driven by strong inflows and solid performance across multiple Sukuk strategies in various currencies.
Next was Qatar, almost doubling in AuM value quarter-on-quarter to US$21.43 million, from US$10.96 million, supported by improved investor appetite and a rebound in regional Sukuk markets. In terms of absolute AuM value, Malaysia remained the largest player in global Sukuk funds – with total AuM accounting for 43.47% of total assets. Posting a modest growth of 7.83%, with AuM increasing to US$4.59 billion in Q1 2025 from US$4.26 billion in Q4 2024, the number of Sukuk funds also rose by one to 85 in Q1 2025. The performance reflected the continued investor confidence in the country’s well-established Islamic fixed income market.
Table 1: Sukuk funds AuM by country
| Rank | Country | Q1 2025 (AuM US$ million) | Q4 2024 (AuM US$ million) | Percentage change (%) |
| 1 | UK | 371.72 | 86.29 | 430.78% |
| 2 | Qatar | 21.43 | 10.96 | 95.53% |
| 3 | Turkiye | 1,560 | 1,160 | 34.02% |
| 4 | Indonesia | 704.58 | 538.55 | 30.83% |
| 5 | US | 297.04 | 263.97 | 12.53% |
| 6 | Australia | 4.15 | 3.71 | 11.87% |
| 7 | Luxembourg | 840.11 | 758.34 | 10.78% |
| 8 | Malaysia | 4,590 | 4,260 | 7.83% |
| 9 | South Africa | 101.09 | 95.13 | 6.26% |
| 10 | Saudi Arabia | 915.52 | 882.44 | 3.75% |
Source: IFN Investor Funds Database
