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OUR MISSION
OUR OBJECTIVES
 
Supervision
Inspections and
Supervisory Reviews
New Legislation
Enhancing Regulatory Frameworks
Market and Business Conduct
Risk Management
B THE FINANCIAL SECTOR: KEY SUPERVISORY
AND REGULATORY INITIATIVES
 
  Enhancing Regulatory Frameworks 45
 
Regulations for Islamic Finance  
45
 
Revision to Requirements on Submission of  
Annual Audited Accounts  
45
 
Revision to Regulatory Framework for Money
 
Changers/Remittance Agents  
46
 
Box 9 – Policy Owners’ Protection Fund Scheme  
46
 
Phase II Amendments to the Securities
 
Futures Act and Financial Advisors Act  
47
 
Keeping Pace with Product Innovation  
49
 
Reviewing the Authorisation Framework for Representatives  
49
 
Establishing Sound Risk Management Guidelines  
49
 
Box 10 – Enhancing Internet Banking Security  
50
 
  ENHANCING REGULATORY FRAMEWORKS

Regulations for Islamic Finance
 

After a review and industry consultation, MAS has opted to regulate Islamic banking under the existing banking regulatory framework as many of the supervisory processes and prudential measures are common to both conventional and Islamic banking activities. In September 2005, we fine-tuned banking regulations so that banks in Singapore can offer Murabaha financing, where the bank purchases the goods upon the request of a customer and on-sells them to the customer at an agreed profit margin, with payment made on a deferred basis.