BNY Mellon Asset Servicing launches offering for European-domiciled Islamic funds

Source: BNY Mellon Asset Servicing

BNY Mellon Asset Servicing, the global leader in securities servicing, has launched Islamic Fund Services, an expanded suite of fund administration solutions for European collective investment funds that is designed to meet the specific needs of Shari'ah-compliant portfolios.

Islamic Fund Services bundles investment restriction monitoring, custody, trustee, fund accounting, and transfer agency services into a comprehensive service offering for investment managers launching and running Shari'ah compliant funds.

The product suite not only meets the operational needs of traditional Islamic equity funds, but also Sukuk and Murabaha funds.

Nadine Chakar, executive vice-president and head of Europe, Middle East & Africa (EMEA) at BNY Mellon Asset Servicing, said: "The universe of Islamic funds registered and serviced in key European locations is growing rapidly, and our new offering underlines our commitment to supporting our clients as they develop Shari'ah-compliant portfolios to expand their investment offerings globally."

Hani Kablawi, managing director and head of Middle East & Africa (MEA) at The Bank of New York Mellon, said: "This launch illustrates our ability to move swiftly to support the evolving and diverse needs and priorities of asset managers, fund distributors and investors across the European and MEA regions, leveraging our broad expertise in the area of funds servicing to the benefit of our clients."

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