US custodian bank State Street Corporation has launched shariah-compliant global custody and fund administration services after being certified by a Malaysian shariah advisory firm, in a move to tap into the Islamic finance market.
According to Stefan Gmuer, State Street’s head of Asia Pacific, there is growing interest in services for Islamic assets that adhere to shariah principles, especially in Malaysia and Brunei.
“The global Islamic finance industry has experienced strong growth over the past few years including the Middle East, US and UK markets, and is expected to maintain its upward trajectory, driven by anticipated lower interest rates and a strong appetite for investments in emerging markets,” Gmuer says in a statement on August 13 announcing the launch, which came after the bank received a shariah-compliant certificate from Kuala Lumpur-based Amanie Advisors Sdn. Bhd.
The London Stock Exchange Group forecasts global Islamic finance assets to grow from US$4.5 trillion in 2022 to $6.67 trillion by 2027.
Boston-based State Street had $44.3 trillion of assets under custody and/or administration as of June 2024.
Source link : http://www.bing.com/news/apiclick.aspx?ref=FexRss&aid=&tid=66bcf61984134120a9c933745c2fd7c9&url=https%3A%2F%2Fwww.asiaasset.com%2Fpost%2F28761-statestreet-240814&c=12218012179257022559&mkt=en-us
Author :
Publish date : 2024-08-14 05:19:00
Copyright for syndicated content belongs to the linked Source.