Islamic Banking

Singapore Gets Recognition from Islamic Banking Group

Contributing Editor, 8 April 2005

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Singapore has been granted full membership of the Islamic Financial Services Board, which serves as an international body that sets regulato...

Singapore has been granted full membership of the Islamic Financial Services Board, which serves as an international body that sets regulatory and supervisory standards for the Islamic financial services industry.

The Monetary Authority of Singapore (MAS) will sit alongside the central banks of 15 major predominately Muslim countries, including Saudi Arabian Monetary Agency, the Central Bank of Egypt, and Bank Indonesia.

The move is an endorsement of the growing importance of Islamic finance in Singapore. There are more than 210 million Muslims in the South-east Asian region.

The MAS is currently revising rules that hinder the offering of products which comply with Islamic principles. The government recently increased tax incentives to promote Islamic financial services, which it sees, along with wealth management, as a major growth sector in financial services.

Islamic banking is estimated to be worth between $200 billion and $500 billion, and many wealth managers are increasingly constructing products to be Islamic-compliant.

Separately, Geneva is hosting the first private banking seminar on Islamic wealth management on June 8 and 9. Estimates place Muslim funds managed out of Geneva to be at least $100 billion, but very little of this is actively managed according to Islamic principles.

More information on the conference can be found on:
http://www.islamicfinance.de/islamicwealthmanagement.pdf

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