Stanbic IBTC Asset Management Stanbic IBTC Shari'ah Fixed Income Fund
Islamic Investing in Kaduna
An open-ended Islamic fixed income fund from Stanbic IBTC Asset Management, launched in August 2019 (SISFIF). The mandate is simple: at least 70% of the portfolio in sukuk, the rest in short-term Shariah-compliant fixed term instruments, with no conventional bonds or treasury bills. Minimum investment is ₦5,000 with no minimum holding period. The manager's platform quoted a unit price of ₦153.26 in 2026 with a year-to-date price change of 6.08%, a 1-year change of 12.62% and a 5-year change of 34.91%. Fund size was about ₦2.36bn in July 2026, serving roughly 3,390 unitholders. Management fee is 1.5% per annum.
SISFIF does one job: park naira in sukuk without touching interest. It does that job competently, with a 12.62% one-year price gain on the manager's 2026 platform data and zero lock-in, which makes it the most liquid halal fixed income option from a major Nigerian institution. But it is a strangely small product for a manager of Stanbic's size, at roughly ₦2.36bn against Lotus's ₦45.5bn equivalent, and 2026 has seen weekly NAV erosion as the rate environment shifted. The 1.5% management fee consumes a large slice of a sukuk yield, and the absence of named Shariah scholars or a published Shariah audit leaves compliance verification to trust in Stanbic's Advisory Committee of Experts. Fine as a liquidity sleeve beside the Imaan Fund; not the category's best value.
Pros
- Simple, structurally interest-free mandate: minimum 70% sukuk, no treasury bills
- ₦5,000 minimum with no lock-in, usable as a halal cash-plus account
- Backed by Nigeria's largest asset manager and the Standard Bank group
- Daily unit pricing and full digital subscription and redemption
Cons
- Small fund (about ₦2.36bn) that has seen NAV shrink during 2026 as yields moved
- 1.5% fee is steep against the yield of a low-risk sukuk portfolio
- No named Shariah scholars or published Shariah audit for the fund
- Returns trail inflation in high-inflation years, a general naira fixed income problem
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Product Details
Type
Fixed Income Mutual Fund
Min Investment
₦5,000
Fee
1.5% per annum
Screening Method
Minimum 70% of the portfolio in sukuk, maximum 30% in Shariah-compliant fixed term instruments; no conventional bonds, treasury bills or interest deposits
Holdings
Sukuk (minimum 70%) plus short-term Shariah-compliant instruments (maximum 30%)
Stanbic IBTC Asset Management in Kaduna
Stanbic IBTC Asset Management's Stanbic IBTC Shari'ah Fixed Income Fund is accessible to investors in Kaduna, structured as Shariah-Compliant Fixed Income Mutual Fund: Shariah-compliant funds and sukuk in Nigeria are national products with digital onboarding, so state matters less than fees and governance. Minimum investment: ₦5,000. Stanbic IBTC Asset Management operates across Nigeria, so Kaduna residents have full access to this product.
Our Take on Stanbic IBTC Asset Management
Stanbic IBTC Asset Management is the scale player in Nigerian halal investing. The Imaan Fund is the market's largest and hottest Shariah equity vehicle, up 54.65% in H1 2026 with ₦31.9bn under management, and the Shari'ah Fixed Income Fund gives conservative savers a no-lock-in sukuk option; both cost 1.5% and open at ₦5,000 with full digital onboarding. The group's Standard Bank parentage shows in operations: daily pricing, clean apps and the deepest distribution network in the industry. The compliance story is institutionally solid but personally opaque. An Advisory Committee of Experts must approve every investment decision, yet its members are not named on the fund pages, no standalone Shariah audit is published, and neither fund discloses purification figures, all areas where Lotus Capital leads. Portfolio character also matters: the Imaan Fund's 70%+ equity floor makes it the most aggressive mainstream halal fund in Nigeria, brilliant in the 2024-2026 bull run, punishing when the NGX turns. Use Stanbic for growth, liquidity and convenience; verify your comfort with committee-level rather than named-scholar oversight before making it your core holding.
How Stanbic IBTC Asset Management Works
Financing Structure
Both products are SEC-registered open-ended unit trusts. The Stanbic IBTC Imaan Fund allocates a minimum of 70% to Shariah-compliant equities and a maximum of 30% to other Shariah-compliant assets such as sukuk; the Stanbic IBTC Shari'ah Fixed Income Fund allocates a minimum of 70% to sukuk and a maximum of 30% to Shariah-compliant fixed-term instruments. Neither may hold interest-bearing securities. Investment decisions require the oversight and approval of the group's Advisory Committee of Experts. Underlying assets are subject to withholding tax; units are issued and redeemed at daily prices with no minimum holding period.
In-Depth Analysis
Stanbic IBTC Asset Management (SIAML) is the fund management arm of Stanbic IBTC Holdings, the Nigerian member of South Africa's Standard Bank Group and the country's dominant asset manager. Its Islamic franchise dates to October 2013, when the Imaan Fund launched as one of Nigeria's earliest Shariah equity products, joined in August 2019 by the Shari'ah Fixed Income Fund (SISFIF). Together they bracket the risk spectrum: Imaan holds at least 70% Shariah-compliant NGX equities with the balance in sukuk; SISFIF inverts that, holding at least 70% sukuk with up to 30% in Shariah-compliant fixed-term instruments.
Scale is the franchise's defining feature. The Imaan Fund reached ₦31.9bn in net assets with 10,140 unitholders by mid-2026, several times the size of Lotus Capital's competing balanced fund, and its H1 2026 return of 54.65% led every Shariah-compliant fund in the country as the NGX rallied. SISFIF is the opposite story: at roughly ₦2.36bn it is smaller than Lotus's ₦45.5bn fixed income flagship by a factor of nearly twenty, and 2026 brought weekly NAV contraction as rate conditions shifted. Both funds price daily, open at ₦5,000, charge 1.5% per annum and impose no minimum holding period or exit penalty, terms that make them the most liquid halal funds in Nigeria.
Shariah governance runs through the group's Advisory Committee of Experts (ACE). The Imaan Fund page states that all investment decisions are undertaken with the oversight and approval of the ACE; equities must pass Shariah screening and fixed income is confined to sukuk and similar contracts. What the public record lacks is specificity: no member names on the fund pages, no published Shariah audit, no purification figures. For most retail buyers the SEC's Islamic fund registration plus the ACE process will suffice; diligence-minded investors will notice that Lotus publishes everything Stanbic does not.
The practical portfolio role differs by fund. Imaan is a high-beta halal equity engine, the natural growth allocation for investors a decade from their goals, with the caveat that a 70% equity floor removes the manager's ability to de-risk meaningfully in a downturn. SISFIF is a liquidity sleeve, a place to hold naira between decisions without touching interest, though its 1.5% fee eats a large share of a sukuk yield. The pairing with Stanbic IBTC Pension Managers' Fund VI (see separate profile) lets a household keep pension, growth and cash management all non-interest within one institution, a genuine convenience no other Nigerian group matches end to end.
Shariah Compliance Details
- Both funds registered with SEC Nigeria as open-ended Islamic unit trusts; product pages crawled 2026-08-04 confirm the 70/30 structures and ACE oversight requirement
- Advisory Committee of Experts approval is required for all Imaan Fund investment decisions per the official fund page (verified 2026-08-04); member names not published
- No standalone Shariah audit reports or purification disclosures were found for either fund as of the 2026-08-04 crawl
- Performance and size figures from Nairametrics' July 2026 analysis of SEC data (Imaan: ₦31.9bn NAV, +54.65% H1 2026) and The Investor Side SEC-data tracker (SISFIF: about ₦2.36bn, July 2026) (verified 2026-08-04)
How Stanbic IBTC Asset Management Compares
Stanbic versus Lotus Capital is the central choice in Nigerian halal funds. Stanbic wins on equity scale, recent performance, liquidity terms and digital experience; Lotus wins on named scholars, signed AAOIFI opinions, purification disclosure and fixed income depth (₦45.5bn vs ₦2.36bn). Against United Capital's Sukuk Fund, SISFIF offers identical 1.5% pricing with better liquidity (no 90-day lock) but similarly thin Shariah documentation. Against the Lotus ETF, the Imaan Fund is active, bigger and recently faster, but costs 1.5% versus 0.60% and cannot be traded intraday.
Named Shariah board, purification math and a far larger fixed income fund, at the cost of Stanbic's scale and digital polish
Comparable sukuk fund economics but with a 90-day minimum holding period and no committee reference at all
Automated multi-asset halal portfolios with named scholars, versus Stanbic's DIY fund selection with committee oversight
Bottom Line
Stanbic IBTC Asset Management is where Nigerian halal investors go for scale, performance and liquidity: the ₦31.9bn Imaan Fund led the market with 54.65% in H1 2026 and nothing locks your money in. Accept that Shariah oversight is an unnamed institutional committee rather than published scholars, and size the equity risk honestly.
Read full Stanbic IBTC Asset Management reviewShariah Compliance & Oversight
Operates under Stanbic IBTC's Advisory Committee of Experts, the Shariah supervisory organ for the group's non-interest products. Committee member names and standalone Shariah audit reports are not published on the fund page crawled 2026-08-04.
2026-08-04
Why It's Halal
The fund's compliance case rests on instrument selection rather than screening ratios: it holds sukuk, whose returns derive from rental or profit on underlying assets, and Shariah-compliant fixed term placements, and it explicitly excludes interest-bearing securities such as treasury bills and conventional deposits. In practice the sukuk sleeve is dominated by FGN Ijara sukuk, the FRACE-certified sovereign instruments whose rental income scholars broadly accept. Like the Imaan Fund, it operates under Stanbic IBTC's Advisory Committee of Experts, the group's Shariah supervisory body, though the fund page does not name the committee's members or publish standalone Shariah audit reports. Because the mandate is structurally non-interest, purification needs should be minimal by design, but no purification disclosure is made. Investors comfortable with institutional committee oversight get a clean, simple halal income product; those wanting named scholars and published fatwas will find the documentation thinner than at Lotus Capital.
Regional Availability
Stanbic IBTC Asset Management serves all of Nigeria
✓ Available nationwide including Kaduna
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Total Value
₦343,778
Contributed
₦130,000
Growth
₦213,778
Hypothetical projection. Past performance does not guarantee future results.
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Important: HalalWallet provides educational information and comparisons to help you explore halal financial options. We do not provide financial, legal, or religious advice. Product structures and Shariah compliance oversight vary by provider. Always verify halal compliance directly with providers and consult with qualified Islamic finance advisors or scholars for guidance on specific products and your individual circumstances.