Stanbic IBTC Asset Management runs the two largest Shariah funds in Nigeria outside the Lotus Capital stable: the Stanbic IBTC Imaan Fund, launched in October 2013 and holding at least 70% Shariah-compliant equities, and the Stanbic IBTC Shariah Fixed Income Fund, launched in August 2019 and holding at least 70% sukuk. Both take a N5,000 minimum, charge a 1.5% annual management fee, have no minimum holding period, and are labelled 'Aggressive' on the manager's own pages. Both are open-ended SEC-registered unit trusts overseen by an Advisory Committee of Experts. What Stanbic does not do is publish current returns on its product pages, and its fund performance report archive stops at May 2024, so you must pull unit prices from its BluNest platform yourself.
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The two funds side by side
Everything in this table comes from the two product pages on stanbicibtcassetmanagement.com fetched on 14 September 2026. Where the page is silent, the cell says so. The investing hub lists the wider halal fund universe these two sit inside.
| Feature | Imaan Fund | Shariah Fixed Income Fund |
|---|---|---|
| Launched | October 2013 | August 2019 |
| Core allocation | Minimum 70% Shariah-compliant equities | Minimum 70% sukuk |
| Balance of portfolio | Up to 30% other Shariah assets such as sukuk | Up to 30% Shariah-compliant fixed-term instruments |
| Minimum investment | N5,000 | N5,000 |
| Management fee | 1.5% per annum | 1.5% per annum |
| Minimum holding period | None, no penal charge | None |
| Risk label on page | Aggressive | Aggressive |
| Distribution policy | Not stated on page | Not stated on page |
Imaan Fund: what it holds and who it is for
The Imaan Fund is a long-only equity fund built from stocks that pass a Shariah screen. Stanbic's page says investment decisions are 'undertaken with the oversight and approval of an Advisory Committee of Experts', which is the Nigerian SEC's term for a fund-level Shariah board. The investable universe is in practice the kind of company our NGX Lotus Islamic Index explainer describes: no banks, no brewers, no conventional insurers, and debt and cash ratios within tolerance. Up to 30% can sit in sukuk, which gives the manager somewhere to park cash when equities look expensive.
This is the fund for the growth layer of a halal portfolio, and only for money you can leave alone through a bad year. Our provider verdict calls it the market's largest and strongest-performing Shariah equity vehicle, and the 'Aggressive' label is honest: a fund that is at least 70% in Nigerian equities will swing with the NGX. The absence of a minimum holding period and of any penal charge means you can leave at any time, but a fund like this rewards people who do not.
Shariah Fixed Income Fund: sukuk-heavy and conservative in practice
The Shariah Fixed Income Fund (Stanbic abbreviates it SISFIF on the product page) is the manager's answer to the money market fund for Muslims. The mandate is a minimum of 70% in sukuk, with the balance in Shariah-compliant fixed-term instruments, which in Nigeria means placements with non-interest banks under murabaha or mudarabah. The page describes the objective as steady income, liquidity and responsible investing, and says plainly that the underlying assets are subject to withholding tax, so distributions arrive net.
The oddity is the risk label. A fund that is mostly FGN sukuk is low-risk by any ordinary measure, yet the page carries the same 'Aggressive' tag as the equity fund. We read that as a template artefact rather than a description of the portfolio, but it is what Stanbic has published and you should ask them about it before you rely on the fund as a cash substitute. The deeper question for a sukuk fund is whether to hold the paper directly instead; our sukuk fund versus direct FGN sukuk comparison works through that trade-off.
Fees, minimums and what 1.5% means in naira
Both funds charge 1.5% of assets per year, taken inside the fund before the unit price is struck. On N1,000,000 invested, that is N15,000 a year, or N1,250 a month, regardless of whether the fund made money. For the equity fund, 1.5% is in line with what Nigerian equity managers charge. For a sukuk fund, 1.5% is a heavier drag: if FGN sukuk rentals are in the mid-teens, the fee consumes roughly a tenth of your gross income before tax. The product pages list no entry fee, no exit fee and no minimum holding period, which is better than many peers.
Stanbic's homepage repeats the N5,000 minimum across its whole mutual fund range, and the Imaan and Shariah Fixed Income pages confirm it for both. That is the same floor Lotus Capital publishes for its Halal Investment Fund, and it puts both Stanbic funds within reach of a salaried saver building monthly.
How to subscribe: Instant Account, BluNest or a branch form
Stanbic publishes three routes, all on the product pages. The quickest is the Instant Account link, which opens a mutual fund account online. The second is BluNest, Stanbic IBTC Asset Management's self-service platform: log in, browse products, fund a wallet by bank transfer, then click Invest Now on the fund you want. The third is paper.
- Complete the Subscription Form and submit it at any Stanbic IBTC branch nationwide with one passport photograph per applicant, a government-issued ID (national ID card, driver's licence, international passport or voter's card) and proof of address showing your name.
- Do not pay at this stage; Stanbic says the account is opened within one business day and an e-account number is emailed to you.
- Transfer the amount you want to invest to the designated Stanbic IBTC Asset Management collection account, quoting your e-account number as the reference.
- Check that the units appear in the My Wealth Portal or BluNest before you send more; Stanbic warns on every page that it never asks you to pay into a personal or agent account.
How redemption works and how long it takes
Redemption is where Stanbic's scale shows. Option one is online: log in to the mutual fund account on the web or app, initiate a redemption, and proceeds reach your nominated bank account within two working days, with a daily online limit of N5,000,000. To activate online redemption you must first print, sign and submit a Consent Form and Agreement at a Stanbic IBTC office or branch, or scan and email it; the service is for individual and joint accounts only, not corporates. Option two is a paper Redemption Form at any branch, with proceeds in five working days.
Two working days for an equity fund is competitive. For the Shariah Fixed Income Fund, two days is slower than a non-interest bank's same-day withdrawal, which is the price of holding sukuk rather than a deposit. If you may need the money within a week, keep that layer in a bank account and use the fund for money with a three-month or longer horizon.
Shariah governance: what is published and what is not
The Imaan Fund page names an Advisory Committee of Experts as the body approving investment decisions. The Shariah Fixed Income Fund page does not repeat the sentence but, as an SEC-registered Shariah fund, it operates under the same requirement. Neither page names the committee's members, publishes an annual Shariah audit report, or explains the purification method for incidental non-compliant income in the equity fund. Lotus Capital, by contrast, states on its fund pages that each fund is certified annually for Shariah compliance. For a reader who wants to see the certificate, Stanbic's pages do not provide it; ask the contact centre for the latest Shariah audit before you invest.
The returns problem: Stanbic does not publish them on the product pages
This is the largest gap. Neither product page shows a yield, a year-to-date return or a unit price. The Fund Performance page lists monthly performance reports, but the most recent in the list is dated May 2024, with the rest running back through 2022 and 2023. Unit price history is delegated to BluNest, which rendered as an empty page when we fetched it on 14 September 2026. The data exists, and investors see it after logging in, but a prospective investor comparing Stanbic to Lotus or to a Cowrywise portfolio cannot do so from Stanbic's public site.
We therefore state no return for either fund. What you can do is open the BluNest price history, take the unit price today and one year ago, and compute the change yourself; for the Shariah Fixed Income Fund, add any distributions paid in the period. Our Shariah mutual funds comparison explains how to read those numbers against the fee.
Stanbic versus Lotus Capital versus a Cowrywise portfolio
The practical competitor set is small. Lotus Capital runs the Halal Fixed Income Fund and the Halal Investment Fund, reviewed in our Lotus Capital funds guide. Cowrywise bundles Lotus, United Capital and Marble halal funds into managed portfolios from N1,000, but does not include either Stanbic fund, as our PiggyVest, Cowrywise and Kuda check found.
| Route | Minimum | Fee disclosure | Return disclosure | Shariah disclosure |
|---|---|---|---|---|
| Stanbic IBTC Imaan or Shariah Fixed Income Fund, direct | N5,000 | 1.5% per annum on page | Not on product page; BluNest login | Advisory Committee of Experts named as a body, members not listed |
| Lotus Halal Fixed Income or Halal Investment Fund, direct | N5,000 for the Investment Fund; not stated on the Fixed Income page | Not on product page; in fact sheets | Quarterly fact sheets published to Q2 2026 | Annual Shariah certification stated on page |
| Cowrywise Halal Fixed Income or Balanced Portfolio | N1,000 | Stated per fund in app | YTD shown on listing page | Underlying funds named |
Verdict
Choose the Imaan Fund if you want the growth layer of a halal portfolio run by the largest manager in the market and you can leave the money for years; it is the most liquid, lowest-minimum way to hold a screened basket of NGX stocks, and the lack of exit penalties is a real advantage over direct share ownership for a saver who may need to rebalance. Pair it with the halal stocks hub if you want to see what the screen admits.
Choose the Shariah Fixed Income Fund only after you have asked Stanbic two questions: what the trailing twelve-month distribution yield was, and why the fund carries an Aggressive label. If the yield net of the 1.5% fee is close to what direct FGN sukuk pays, the fund's convenience and daily liquidity justify it; if not, buy the sukuk directly or use the Lotus equivalent with its published fact sheets. Facts checked against stanbicibtcassetmanagement.com, lotuscapitallimited.com, cowrywise.com on 14 September 2026.
Frequently asked questions
What is the minimum investment in the Stanbic IBTC Imaan Fund?
N5,000. Stanbic IBTC Asset Management publishes a N5,000 minimum for both the Imaan Fund and the Shariah Fixed Income Fund, with no minimum holding period and no penal charge for leaving. Additional investments can be made through BluNest or by bank transfer quoting your e-account number.
Is the Stanbic IBTC Shariah Fixed Income Fund halal?
It is structured to be: a minimum of 70% in sukuk and the balance in Shariah-compliant fixed-term instruments, registered with the SEC as a Shariah fund under an Advisory Committee of Experts. Stanbic does not publish the committee's members or an annual Shariah audit on the product page, so request the latest certificate if that matters to you.
What fee does Stanbic charge on its Shariah funds?
A management fee of 1.5% per annum on both funds, deducted inside the fund. On N1,000,000 that is N15,000 a year. The product pages list no subscription or redemption fee, and withholding tax applies to the underlying assets before distribution.
How long does redemption take?
Two working days for online redemptions, subject to a N5,000,000 daily limit and a one-off signed Consent Form and Agreement. Paper redemptions submitted at a branch pay out within five working days. The online service is available to individual and joint account holders only.
Where can I see the Imaan Fund's performance?
Not on the product page. Stanbic's Fund Performance archive lists monthly reports with the latest dated May 2024, and current unit prices sit behind the BluNest platform. Take the unit price today and a year ago from BluNest and calculate the change yourself before comparing with other funds.
Compare providers in your state
See side-by-side comparisons of Shariah-compliant products, or let our matcher recommend the best options for your situation.
Can I buy Stanbic's Shariah funds through Cowrywise?
No. Cowrywise's Halal portfolios, as listed on 14 September 2026, hold the Lotus Halal Fixed Income Fund, the United Capital Sukuk Fund and the Marble Halal Fixed Income Fund. To hold the Imaan Fund or the Shariah Fixed Income Fund you subscribe with Stanbic IBTC Asset Management directly.
