The latest news in investment offerings, financial products and other services relative to wealth advisors and their clients.

State Street, Shariah Finance
State Street, a US financial group, this week announced that it now offers offering Shariah-compliant global custody and fund administration services. It has obtained a certificate from Amanie Advisors Sdn Bhd, a Shariah advisory firm headquartered in Kuala Lumpur, Malaysia.

“This [certification] comes at a time where we are seeing growing interest in services for Islamic assets that adhere to Shariah principles, especially in Malaysia and Brunei,” Stefan Gmuer, head of Asia-Pacific at State Street, said. “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.”

The London Stock Exchange Group (LSEG) expects the total Islamic finance assets to grow from $4.5 trillion in 2022 to $6.67 trillion by 2027.

State Street established its presence in Malaysia and Brunei in 1996 and 2011 respectively.