First Asset Management (formerly FBNQuest Asset Management) FBN Halal Fund

Launched on 4 May 2020 as FBNQuest Asset Management's entry into Islamic investing, the FBN Halal Fund is now managed by First Asset Management after the FBN Holdings group rebranded to First HoldCo in 2025. It is an open-ended Islamic fixed income fund with ₦5.21bn in assets and a NAV of ₦152.87 per share on the current fund page. Minimum investment is ₦5,000 with a 90-day minimum holding period, a 1.50% management fee and a 1.70% total expense ratio. Income accrues daily and distributes annually. Custody sits with Standard Chartered Bank, and the fund is benchmarked to the FGN 3-year bond with a low-to-medium risk profile.

The FBN Halal Fund rode Nigeria's first sukuk-fund wave in 2020 and has settled into a solid mid-size niche at ₦5.21bn. Its economics are fair by local standards, with the 1.70% all-in expense ratio published outright, and the Standard Chartered custody plus First HoldCo lineage will reassure investors who anchor on institutional strength. Performance context: SEC data trackers put it among the steadier Islamic fixed income options, though annual-only distributions mean returns show up in NAV rather than cash flow. The compliance file is the weak point. Nothing on the current page names a Shariah board, audit process or purification policy, so the halal claim rests on the SEC's Islamic fund classification and the non-interest mandate. It deserves consideration alongside, not ahead of, Lotus's Fixed Income Fund, which pairs similar exposure with far stronger scholar governance.