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Singapore’s Financial Sector – Positioning for the Upturn

Facilitating the Growth of Islamic Finance

The strong growth of Islamic financial services reflects demand from fast-growing markets in the Middle East and South-East Asia. Singapore is well-positioned as a global financial and business centre in Asia with growing connectivity to the Gulf Cooperation Council (GCC) economies. MAS aims to provide a conducive business environment to the offering of Islamic financial products and services. Regulations are fine-tuned, where appropriate, to provide greater clarity, certainty and transparency for financial institutions offering Islamic finance services within our single integrated regulatory framework. In April 2010, MAS issued a new banking regulation to permit banks to offer Islamic project financing (Istisna) in Singapore, thereby completing its planned review of all major Islamic financing structures. MAS remains committed to working with the industry to refine our rules where needed to keep our regulatory framework responsive and relevant. With the establishment of the International Islamic Law & Finance Centre by Singapore Management University (SMU), the growth and innovation of Islamic finance in the region has seen a further boost of support. The centre aims to promote high quality research, training and professional education in Islamic Finance.