State Street Corporation

13/08/2024 | Press release | Distributed by Public on 12/08/2024 23:34

State Street Offers Certified Shariah-Compliant Global Custody and Fund Administration Services

SINGAPORE - State Street Corporation (NYSE: STT) today announced it is now offering Shariah-compliant global custody and fund administration services following the attainment of a Shariah-compliant certificate from Amanie Advisors Sdn. Bhd, a leading Shariah advisory firm.

"We are proud to be presented with this certification, which further reinforces our ability to manage investors' assets in line with the top standards for Islamic finance. 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," said Stefan Gmuer, head of Asia Pacific at State Street. "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."

S&P Global Ratings forecasts high single-digit growth in total assets within the global Islamic finance industry in 2024-20251, while the London Stock Exchange Group (LSEG) expects the total Islamic finance assets to grow from US$4.5 trillion in 2022 to US$6.67 trillion by 20272.

"On behalf of the Amanie Shariah Supervisory Board, we are pleased to endorse State Street's services for the Islamic community, which empowers them with opportunities that reflect their values and beliefs," said Suhaida Mahpot, CEO of Amanie Advisors. "As the Islamic financial market continues to grow, we look forward to fostering continued collaboration in advancing Shariah-compliant financial solutions."

"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 growth strategy," added Gmuer.

State Street established its presence in Malaysia and Brunei in 1996 and 2011 respectively. It offers a wide range of investment services and trading solutions to institutional investors.

1Islamic Finance 2024-2025: Resilient growth anticipated despite missed opportunities. Islamic Finance 2024-2025: Resilient Growth Anticipated Despite Missed Opportunities | S&P Global Ratings

2LSEG Islamic Finance Development Report 2023: Navigating Uncertainty

About State Street Corporation

State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With US$44.3 trillion in assets under custody and/or administration and US$4.4 trillion* in assets under management as of June 30, 2024, State Street operates globally in more than 100 geographic markets and employs approximately 53,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

* Assets under management as of June 30, 2024 includes approximately US$69 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

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