The central bank has reiterated its stance that it will not regulate the Islamic banking market here in Singapore. At a conference on Islamic Finance on Tuesday, the Monetary Authority of Singapore (MAS) instead argued that Shariah-compliance should be regulated internally as part of a bank's good practice in governance and control. The Islamic banking market is estimated to be worth as much as US$800...
Islamic Banking
Singapore is stepping up efforts to position itself as a hub for Islamic banking. In the recent Budget, a 5 percent concessionary tax rate was announced for income derived from qualifying Shariah-compliant products. Industry watchers said this would help to draw in key global players. The global Islamic banking sector is estimated to be worth around US$500 billion. And Singapore is making yet another...