Dubai's Zamanat launches a DFSA-regulated tokenised private-credit fund of up to $100m aimed at the GCC's $250bn SME financing gap.
- Zamanat has announced a regulated tokenised private-credit fund targeting up to USD 100 million for GCC small and medium-sized enterprises.
- The vehicle is structured as Zamanat Fund CEIC Limited, a DIFC-domiciled, DFSA-regulated closed-ended Credit Fund.
- Investor holdings are issued as ZM1 Investment Tokens on the ZIGChain network, within a regulated, whitelisted environment.
- The fund targets the GCC's estimated USD 250 billion SME financing gap, with only around 11 per cent of regional SMEs able to access credit.
- Access is restricted to Professional Clients under the DFSA Conduct of Business Rulebook, keeping the vehicle firmly outside retail crypto territory.
- The launch shows two UAE investment themes converging: private credit and regulated fund tokenisation.
A Test Case for the DFSA Investment Token Regime
The UAE has produced a clear example of where regulated tokenisation and private credit meet. On 10 September 2026, Zamanat announced a fund that will lend to GCC businesses while issuing investor holdings as digital tokens. The structure sits under the DFSA Investment Token regime rather than any retail crypto framework.
The vehicle is positioned around Digital Shariah Assets and the wider GCC SME financing gap. It targets companies that struggle to raise growth capital from banks. In doing so, it turns two fast-growing themes into a single, concrete product aimed at professional investors.
What Zamanat Has Launched
Zamanat has announced a private-credit fund targeting commitments of up to USD 100 million. The vehicle is structured as Zamanat Fund CEIC Limited, a fund domiciled in the Dubai International Financial Centre (DIFC). It is regulated by the Dubai Financial Services Authority (DFSA) as a closed-ended Exempt Fund, classified as a Credit Fund.
The fund is managed by Truleum Venture Partners Limited, which holds DFSA licence number F008013. Apex Group acts as fund administrator. Investor interests are issued as ZM1 Investment Tokens on ZIGChain, a Layer 1 blockchain, within a regulated and whitelisted environment. Zamanat itself describes its wider mission as building a global market for Digital Shariah Assets.
The table below sets out the fund's core features at a glance.
| Feature | Detail |
|---|---|
| Fund vehicle | Zamanat Fund CEIC Limited |
| Target size | Up to USD 100 million |
| Structure | DIFC-domiciled, DFSA-regulated closed-ended Credit Fund |
| Fund manager | Truleum Venture Partners Limited (DFSA F008013) |
| Administrator | Apex Group |
| Token and network | ZM1 Investment Tokens on ZIGChain |
| Investor eligibility | Professional Clients only (DFSA COB Rule 2.3.3) |
Umair Tariq, Zamanat's Founder and Chief Executive, framed the launch around access to capital. "Strong businesses across the GCC still struggle to access growth capital despite sound fundamentals," he said. "Zamanat sponsored the Fund to create a credible route between those businesses and institutional capital."
The $250 Billion Gap the Fund Targets
The fund is aimed squarely at a well-documented shortfall in regional lending. Zamanat cites a GCC SME financing gap of around USD 250 billion, drawing on the World Bank study "Competition in the GCC SME Lending Markets: An Initial Assessment". By that measure, only about 11 per cent of SMEs across the region have access to formal credit.
The imbalance is stark in the UAE itself. SMEs contribute more than half of national GDP and employ most private-sector workers. Yet they receive less than 10 per cent of total bank lending. Private credit, where non-bank funds lend directly to companies, has grown across the Gulf as banks tighten their own risk appetite.
That growth gives the launch its backdrop. GCC private credit has been forecast to expand quickly as bank lending conditions tighten across the region. Zamanat is trying to channel that momentum toward smaller borrowers rather than only large corporates.
Why Tokenisation, Not Cryptocurrency
The distinction at the heart of this launch is important. The fund is not a cryptocurrency product. Instead, tokenisation adds a blockchain-native ownership and settlement layer to a conventional fund, without altering its underlying credit profile or investment strategy. The loans, borrowers and risk controls remain those of a regulated Credit Fund.
This is what separates the vehicle from speculative digital assets. The ZM1 tokens simply record who owns a stake and allow transfers within a permissioned system. Because holdings are issued under the DFSA Investment Token regime, they fall under established fund rules. For a fuller explanation of how this model works, see our guide to tokenised real-world assets in the UAE.
The Shariah dimension adds further context. Zamanat positions the fund within a strategy to build Digital Shariah Assets, a category that speaks to strong demand for products that are both digital and Shariah-compliant. Peter Hughes, Founder and Chief Executive of Apex Group, said the effort supports "the creation of a new category in Digital Assets" and "sets the standard for how this market should be built".
What This Means for UAE Advisors and Wealth Managers
For advisors, the launch is a signal rather than a single product to sell. Tokenised private credit is moving from concept to regulated reality, and eligible clients will start to ask about it. Because the fund is limited to Professional Clients, advisors should first confirm client classification under DFSA rules. They should also treat the token wrapper as a settlement feature, not a reason to relax normal due diligence on credit and liquidity risk.
The practical questions are familiar ones. How does the fund originate and price its loans? What are the redemption terms on a closed-ended structure? How is custody of the tokens handled, and who holds the keys? These sit alongside standard checks on manager track record and fees. Advisors weighing client exposure here may find it useful to review our coverage of the GCC's rapidly growing private credit market.
What Clients are Asking their Advisors
What is a tokenised private-credit fund?
It is a regulated fund that lends to businesses and issues investor holdings as digital tokens on a blockchain. The tokens record ownership and settle transfers electronically. The underlying loans and strategy work exactly as they would in a conventional credit fund.
Who can invest in the Zamanat fund?
Only Professional Clients, as defined under the DFSA Conduct of Business Rulebook Rule 2.3.3. Access is controlled through a whitelisted digital environment. That means tokens cannot be held or traded by anyone who has not passed the fund's onboarding checks.
How is this different from a cryptocurrency investment?
The value comes from loans to real GCC companies, not from a traded crypto asset. Blockchain is used only as the ownership and settlement layer within a DFSA-regulated fund. That is why the vehicle sits under fund rules rather than a speculative token model.
What are the risks of investing in tokenised private credit?
The main risks are credit losses if borrowers default and limited liquidity, because private-credit holdings are hard to exit early. Tokenisation adds technology and platform risk. Investors should read the offering documents and take advice before committing capital.
Further Reading
The Block - Zamanat announces tokenised private-credit fundApex Group - DFSA-regulated tokenised fund launch in DIFC
Finbold - Zamanat brings GCC private credit on-chain
Alternative Investments in the UAE: The Complete Guide for High-Net-Worth Residents