The IFN Investor Funds Database is the leading resource on Islamic public fund offerings around the globe, recording 2,603 public Islamic funds managed by 497 asset management firms, with a combined total of US$751.79 billion in AuM as at the 24th November 2025.
Among the exclusive insights revealed by an analysis using this database is how a confluence of economic factors saw Indonesia charting a 48.81% jump in total Islamic fixed funds AuM over Q3 2025.
This resource also identified how Shariah compliant commodities funds, which are largely invested in gold and precious metals, were among the top Islamic asset class performers within the Americas and have a quarterly decline that points to the intense development of residential and commercial properties within the UAE which seemed to have reached a tipping point.
Innovations and offerings
Asset manager Jam-e Jam Asset Management pioneered an alternate investment solution to aid locals hedge against the volatility of the Iranian currency rial – an ETF that invests in a portfolio of Iran’s exporting firms which have significant foreign currency revenues.
UK-based Shariah investment company Bayuti is on a mission to replace inherently value-destructive mortgages with income-generating tokenized real estate offerings.
Al Diyafa Capital Holding Group launched a SAR500 million (US$133.33 million) Wathiq Hajj and Umrah Fund to invest in companies and institutions specializing in pilgrimage services – aiming to transform the religious hospitality experience into a sustainable economic model.
Manzil Investment Advisors announced the launch of a Shariah compliant ETF that will track the total return performance of the Russell IdealRatings Manzil Halal USA Broad Market Custom Index.
Standard Chartered Bahrain launched its Signature Chief Investment Office Islamic Funds, after the initial UAE-domiciled series launch. Eastspring launched an Islamic money market fund for ShopeePay users, with all subscriptions to be conducted with the e-commerce app.
Palm Azgar Finance Company, a financial services provider licensed and headquartered in Riyadh, announced the launch of PUSD, a stablecoin fully backed by Saudi riyal and UAE dirham reserves.
Partnerships and deals
Brown Advisory launched its US large-cap Shariah strategy – developed in partnership with a global investment adviser and a Middle Eastern institutional investor – to seek long-term capital growth by investing in a concentrated portfolio of 30-35 firms within the S&P 500 Shariah Index.
A partnership inked with AHAM Capital’s fund management services will see investors’ idle cash parked using the MoneyBull feature in the WeBull app to be invested into the Shariah compliant AHAM Aiiman Enhanced i-Profit Fund-Class B fund – for low-risk stable returns with no lock-in period.
Affin Hwang Investment Bank of Malaysia and Tokyo-based Daiwa Securities Group are extending their cooperation to offer wealth management services to high-net-worth individuals across Asia. Affin Bank is buying Pheim Asset Management in its bid to become a universal bank.
Ajman Bank signed a partnership agreement with BHM Capital to introduce an equity financing program aimed at facilitating investor access to local capital markets.
The Helicopter Company (THC), owned by Saudi Arabia’s Public Investment Fund (PIF), acquired a 76% majority stake in African rotary-wing aviation services Heliconia to expand into North and West Africa. THC also inked a deal with Riyadh Air, another PIF-owned entity and the Kingdom’s new national airline, to offer helicopter transfers from King Khalid International Airport to major destinations within Riyadh and across the Kingdom.
Saudi Arabia-based fintech Takadao secured US$1.5 million in a seed round from a group of international investors including Hasan VC, Syla Invest, Wahed Ventures, Ice Blue Fund, Istari Ventures, Adverse and Draper Associates.
Regulatory developments
The AAOIFI halted its planned amendments to Sukuk rules following investor concerns that the proposed Standard 62 would significantly alter the US$1 trillion market.
Confusion remains over Shariah compliance of investment offerings and deals within Egypt, due to interpretations of constitutional Article 2 – that not only establishes Islam as its national religion, but also states that Shariah rules “are the principal source of legislation”.
The Saudi Capital Market Authority approved the public offering of the SEDCO Capital China Equities Feeder Fund and SEDCO Capital Global Technology Equity Feeder Fund. Nomura Securities Malaysia was added as the second foreign broker on the end-to-end Shariah compliant investing platform Bursa Malaysia-i.
Gadjah Mada University is exploring with the Indonesian Waqf Agency the possible management of university endowment funds using the government’s Shariah securities through the issuance of Sukuk Waqf.