Islamic banking continues Singapore expansion

Middle East banks in Singapore now offering Islamic banking.

Minister for Trade and Industry and Deputy Chairman of the Monetary Authority of Singapore Lim Hng Kiang said Islamic financial activities in Singapore have continued to expand over the past year.

He noted, however, that the potential for Islamic finance in Singapore has yet to be fully realized, and that Singapore can play a role in advancing the growth of cross-border Islamic financing

MAS is presently working with other government agencies to identify and address time-to market issues to further facilitate Islamic finance activities in Singapore.

This includes looking into providing greater clarity and certainty in the regulatory and tax treatment to expedite the issuance of sukuk and other Islamic capital market instruments.