MASNA's Sentinel Shield Fund I appoints Al Marji for Sharia assurance as it seeks $150M capacity

RIYADH — Sentinel Shield Fund I, the Saudi defense-focused venture fund backed by MASNA Ventures, has appointed Al Marji Advisory Company to provide independent Sharia assurance, a governance step taken while the fund seeks to lift its capacity from $100 million to $150 million.

The fund is managed by j. awan capital, a CMA-licensed fund manager, with MASNA Ventures acting as technical advisor. MASNA applied to the Capital Market Authority in September to raise the fund's capacity by 50 percent. The appointment of an external Sharia advisor adds an independent audit layer to the fund's governance as that application is reviewed.

Sentinel Shield has been building exposure to Saudi defense technology. MASNA recently led a three-times-oversubscribed round in the SR2 x Vector drone venture, part of a broader push to channel private capital into the Kingdom's localisation drive in defense manufacturing and dual-use technology.

Sharia governance is rarely the headline in venture, but for a fund courting Saudi institutional and family-office money it is part of the product. Independent assurance can widen the LP base that a defense-tech vehicle can realistically approach.

Watch for the CMA's decision on the $150 million capacity increase, which will set the pace of the fund's deployment into Saudi defense startups.

Zawya first reported the appointment.