In a year that tested the resilience and relevance of active asset managers, Jadwa Investment Company delivered a standout performance across multiple asset classes. With a diversified platform, consistently strong risk-adjusted returns and robust Shariah governance, Jadwa takes the award for the Middle East’s best Islamic fund manager.
Headquartered in Riyadh, Jadwa is one of the region’s largest asset managers, with SR85.3 billion ($22.7 billion) in assets under management as of year-end 2024 – a 36.9% increase from the previous year. That growth was achieved entirely within the boundaries of Shariah compliance, spanning public markets, private equity, real estate, private credit and fiduciary management strategies.
Jadwa’s core public equity strategies – including Saudi, GCC and MENA funds – have consistently outperformed their respective benchmarks since inception. The Jadwa Saudi Equity Fund, for example, has delivered a 14.6% annualised return since its 2007 launch, outperforming the S&P Saudi Shariah Index by 7.7% annually. Meanwhile, its global sukuk and flexible income strategies offer fixed-income investors stable, benchmark-beating returns, while remaining fully compliant with Islamic investment principles.
But it is not only performance that sets Jadwa apart – it is the breadth of its offering and the discipline of its process. Jadwa launched 18 new real estate funds and two new private equity funds in 2024, including a SR1 billion GCC blind-pool fund – the firm’s first after 17 years of deal-by-deal investing. In parallel, the public markets team launched the Jadwa Energy Equity Fund, targeting long-term investors seeking to benefit from low valuations in energy-related sectors.
Jadwa’s strength in Islamic asset management is reinforced by its deeply embedded Shariah governance structure
“2024 was a year in which all asset classes contributed to our growth,” says Elie Elkhoury, head of private equity at Jadwa. “We deployed around SR20 billion in new projects across strategies, and maintained the trust of institutional and high-net-worth clients who look to us as long-term stewards of capital.”
Jadwa’s strength in Islamic asset management is reinforced by its deeply embedded Shariah governance structure. All funds are reviewed by a dedicated Shariah supervisory board – which includes head of Shariah compliance, Bader Al-Omar, and internationally recognised scholars such as Dr. Mohamed Elgari and Dr. Abdullah Al-Mutlaq – and supported by quarterly audits and product-specific fatwa.
The firm also plays a vital role in expanding the Islamic investment universe for Shariah-sensitive clients, offering structured solutions across asset classes and geographies. “One of our priorities is to make sure that Shariah investors are not limited in their opportunities,” says Elkhoury. “We want to offer like-for-like options across conventional and Islamic strategies, without compromise.”
Jadwa’s commitment to high conviction investing, supported by robust in-house research and long-term capital alignment, continues to set benchmarks for excellence in Islamic fund management.
