The Monetary Authority of Singapore has argued at a conference on Islamic finance that Shariah compliance should be regulated internally as part of a bank’s good practice in governance and control, according to a Channel NewsAsia report. The MAS implied that regulation might be counter-productive in small markets. Chia Der Jiun, executive director of MAS with responsibility for prudential policy, is quoted as saying: “Much of the business is going to be wholesale, off-shore, international counter parties, and these counter parties may reside in the Gulf, in South East Asia, and they have Shariah interpretations and standards that may be somewhat unique in their jurisdictions.” This statement was made after some industry players had been saying that Shariah regulation would bring more Islamic private wealth from overseas and further increase Singapore’s status as a wealth management hub. Although the MAS said there is no need for a separate Islamic banking regulatory framework, it did say that more disclosures are needed to help investors make more informed decisions.