Table 1
Overview of Islamic Funds
Types of Shariah Mutual Funds in Bangladesh
Close-end Funds: These are mutual funds that have a fixed number of shares. They are traded on the stock exchange similar to stocks, making them less liquid than open-end funds.
Open-End Funds: These funds can issue and redeem shares at any time. The pricing is typically based on the Net Asset Value (NAV), allowing for more flexibility for investors.
Total Assets Under Management (AUM) Trends (June 2019 - June 2023)
A summary of the total assets under management of Shariah mutual funds highlights fluctuations and growth patterns during this period (See Figures 7.1-7.3).
Table 7.1: AUM of Close-End Shariah Mutual Funds (BDT Million)
No. | Shariah Mutual Funds | Jun ‘19 | Jun ‘20 | Jun ‘21 | Jun ‘22 | Jun ‘23 |
|---|---|---|---|---|---|---|
1 | AIBL 1st Islamic Mutual Fund | 1,021 | 912 | 1,079 | 1,011 | 1,016 |
2 | CAPM IBBL Islamic Mutual Fund | 720 | 600 | 804 | 820 | 762 |
3 | IFIL Islamic Mutual Fund-1 | 851 | 636 | 934 | 961 | 960 |
4 | SEML IBBL Shariah Fund | 1,044 | 891 | 1,130 | 1,078 | 1,046 |
Total | 3,636 | 3,039 | 3,947 | 3,870 | 3,784 | |
Growth | -16.43% | 29.88% | -1.93% | -2.24% |
Table 7.2: AUM of Open-End Shariah Mutual Funds (BDT Million)
No. | Shariah Mutual Funds | Jun ‘19 | Jun ‘20 | Jun ‘21 | Jun ‘22 | Jun ‘23 | Jun ’24 |
|---|---|---|---|---|---|---|---|
1 | ATC Shariah Unit Fund | 125 | 124 | 144 | 157 | 152 | 134 |
2 | Capitec Padma P.F. Shariah Unit Fund | 321 | 285 | 311 | 471 | 394 | 354 |
3 | Capitec-IBBL Shariah Unit Fund | 232 | 270 | 249 | 237 | ||
4 | Credence First Shariah Unit Fund | 96 | 85 | 93 | 120 | 120 | 101 |
5 | CWT Community Bank Shariah Fund (Sep ‘23) | 140 | |||||
6 | EDGE Al-Amin Shariah Consumer Fund | 201 | 142 | ||||
7 | HFAML Shariah Unit Fund | 249 | 250 | 217 | |||
8 | ICB AMCL Islamic Unit Fund | 717 | 496 | 710 | 714 | 651 | 500 |
9 | ICL INCTL Shariah Fund (From Dec. 2023) | 95 | |||||
10 | IDLC AM Shariah Fund | 198 | 199 | 306 | 488 | 536 | |
11 | LankaBangla Al-Arafah Shariah Unit Fund | 306 | 275 | 298 | 321 | 305 | 264 |
12 | NAM IBBL Islamic Unit Fund | 182 | 182 | 159 | 211 | 213 | - |
13 | Shanta Amanah Shariah Fund | 127 | 127 | 217 | 523 | 587 | 475 |
14 | UCB Taqwa Growth Fund | 368 | 354 | 348 | |||
15 | UFS-IBBL Shariah Unit Fund | ||||||
16 | UFS-Padma Life Islamic Unit Fund | ||||||
Total | 1,873 | 1,773 | 2,362 | 3,710 | 3,963 | 3,543 | |
Growth | -5.36% | 33.24% | 57.10% | 6.83% | -10.61% |
Market Share of Shariah Mutual Funds
Table 7.3: Market Share of Shariah Mutual Funds Within Total Mutual Funds
Year | Shariah Funds AUM (BDT Million) | Total Mutual Funds AUM (BDT Million) | Market Share of Shariah Funds | Shariah Funds Growth | Total Mutual Funds Growth |
|---|---|---|---|---|---|
Jun ‘19 | 5,509 | 101,607 | 5.42% | -12.66% | 22.63% |
Jun ‘20 | 4,811 | 124,598 | 3.86% | 31.11% | 13.79% |
Jun ‘21 | 6,308 | 141,782 | 4.45% | 20.17% | 13.73% |
Jun ‘22 | 7,580 | 161,250 | 4.70% | 2.20% | 0.09% |
Jun ‘23 | 7,747 | 161,400 | 4.80% |