This is the 8th IFN Singapore event
Known for being a global financial center with a resilient economy and having a multicultural population, 14% of which are Muslims the Republic of Singapore has kept its Islamic finance and banking industry stable.
There is no specific, separate law on Islamic finance in the country, but the Monetary Authority of Singapore, has made some amendments to existing laws to accommodate Shariah compliant banking and finance, and issued the Guidelines on the Application of Banking Regulations to Islamic Banking in 2009.
Singapore has witnessed 20 international Sukuk issuances and 12 domestic.
In 2018, the FTSE ST Singapore Shariah Index, tracking Shariah compliant companies listed on Singapore Exchange was developed and launched.
Various Islamic fintech start-ups call Singapore home due to the Republics’ conducive fintech environment.
Sandwiched between Malaysia and Indonesia, and itself having its sophisticated wealth management expertise, Singapore is well positioned to develop a strong Islamic asset management repertoire.