Asia is likely to be the main driver of Islamic banking growth in the near future given the untapped potential in Indonesia, Bangladesh and India, as well as the increasing uptake in Malaysia and Pakistan.
This is the view of KFH-Research, a subsidiary of the Kuwait Finance House Group, which has issued a report saying that Asia presents huge developmental potential for Islamic finance.
New treasury services chief
Anthony Brady has been appointed managing director and global head of the Business Strategy & Market Solutions (BS&MS) Group for BNY Mellon’s treasury services business.
He has served in leadership positions in a number of important areas during his 31-year career with the company, including new business development and treasury services operations.
“Tony’s appointment reflects his strong performance as interim head of our BS&MS Group,” said Ian Stewart, executive vice-president and chief executive officer of BNY Mellon’s treasury services business. “His leadership skills and extensive operational and organisational experience make him the right person at the right time to guide our development and delivery of client-focused treasury services solutions.”
* BNY Mellon is now a Direct Participant and shareholder in the Clearing House Automated Payment System (CHAPS). As a Direct Participant, with direct clearing capability for sterling-denominated payments, it will use its enhanced global payments infrastructure to send and receive sterling payments settled on the same day. By eliminating reliance on correspondent banks, its membership will improve the efficiency of its payment services. One of only six US banks to join the CHAPS board, BNY Mellon brings the payments system’s total membership to 21.