Global asset manager State Street Corporation has launched its Shariah-compliant global custody and fund administration services following the attainment of a Shariah-compliant certificate from Malaysia-headquartered Shariah advisory firm Amanie Advisors.

High single-digit growth in total assets within the global Islamic finance industry in 2024-2025 is forecast by S&P Global Ratings, while the London Stock Exchange expects the total Islamic finance assets to grow from US$4.5 trillion in 2022 to US$6.67 trillion by 2027.

“This certification further reinforces our ability to manage investors’ assets in line with the top standards for Islamic finance,” says Stefan Gmuer, State Street’s Asia-Pacific head. “This 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.

“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.

“This Shariah-compliant certification demonstrates our commitment to expand our business globally, but most immediately in Malaysia and Brunei, while providing best-in-class global custody and fund administrative services across our markets. These services are integral component of our Southeast Asia (SEA) growth strategy.”