The main objective of the thesis is to explore synergies between Islamic funds and SRIs as well as to evaluate and compare the financial performance of Islamic funds with SRIs, conventional funds, and the market benchmarks in light of SDGs. The analysis of the study was conducted based on a time series data of 41 Islamic funds selected from 11 countries distributed in four geographical areas. The performance evaluation was conducted using the methods of Absolute Performance Evaluation and Risk-Adjusted Performance Evaluation methods.