Afrinvest, one of Nigeria’s leading investment banking and asset management firms, has launched a Sharia-compliant mutual fund, the Afrinvest Halal Fund, to tap into the growing demand for ethical and faith-based investments across the country. The new fund, an open-ended unit trust scheme, is offering 25 million units at N100 per unit, targeting a total subscription of N2.5 billion.
The launch of the fund comes amid a notable surge in investor appetite for Sharia-compliant instruments. In May 2025, the Federal Government’s Series VII Sukuk attracted subscriptions worth over N2.21 trillion, representing a staggering 735 per cent oversubscription, further highlighting the rising interest in Islamic finance and ethical investment alternatives.
Speaking at a press briefing in Lagos to unveil the new product, the Group Managing Director of Afrinvest, Ike Chioke, noted that the demand for Sharia-compliant funds is being driven by a broader desire for ethical investment opportunities, not limited to faith-based investors.
“This fund is not just for Muslims. It’s also for Christians and others who believe their money should not be invested in companies that deal in arms, alcohol, or adult entertainment. There’s a latent demand for this sort of ethical investment, and the massive interest seen in the last Sukuk issuance reflects that,” Chioke said.
He explained that the Afrinvest Halal Fund aligns with the tenets of Islamic finance while also serving ethical investors who want to grow wealth in accordance with their values.
The Managing Director of Afrinvest Asset Management Limited, Chris Omoh, stated that the fund aims to deliver strong returns for investors. “Our goal is to ensure that the fund is able to return the maximum profit for investors, within the boundaries of ethical investing,” he said.
Also speaking at the event, Mustakeem Thanni, an internal Sharia analyst at Marble Advisory Limited and a representative of the fund’s Advisory Committee of Experts (ACE), said the Halal Fund opens new doors for Muslim and ethical investors seeking compliance with their faith or values.
“Sharia-compliant investment is still small in Nigeria. We need more investment firms to launch similar products so that more people can participate in ethical investing,” he said.
Foluso Ogundele, a representative from Zenith Bank Plc, the custodian of the fund, assured prospective investors of the safety of the fund’s assets. He noted that the bank’s role would be to safeguard investors’ contributions and ensure proper management.
“Our job as custodians is to ensure that investors’ funds are secure. This kind of assurance encourages more people to explore ethical funds,” he said, commending Afrinvest for introducing a much-needed product into the Nigerian market.
On his part, Abiodun Keripe, Managing Director of Afrinvest Research & Consulting, said investors in the fund would benefit from the firm’s three decades of experience in managing assets across different sectors.
“What makes this mutual fund different is the 30 years of Afrinvest’s expertise being brought to bear. This gives it a strategic advantage in performance and compliance,” Keripe said.
The fund is structured to comply strictly with Shari’ah investment principles, supervised by an Advisory Committee of Experts composed of renowned Islamic scholars. These experts will issue an annual certificate of compliance to ensure the fund adheres to Islamic ethical standards.
The Afrinvest Halal Fund is open-ended, allowing investors to subscribe and exit flexibly after an initial 90-day lock-in period. Investors can redeem their funds with payouts processed within five working days, providing a mix of stability and liquidity.
