Welcome to the 8th IFN Singapore event.
The nation is best 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 throughout the years and it has also shown positive growth.
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 Republic's 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.
We invite you to gain insights from our expert panelists on the opportunities, trends and key highlights that lie ahead of this ambitious country in this impactful session.
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Land of Opportunity: Shariah Compliant Finance and Asset Management in Singapore
What does the Singaporean Islamic finance and asset management ecosystem still require from regulators and market participants for it to flourish across multiple product areas and asset classes? With such measures in place, what would constitute success for Islamic finance in Singapore? How does Singapore further leverage on its status to become a regional and global centre for Shariah compliant asset and investment management? Can Islamic finance be further deployed to fund the Singaporean SME, corporate and government-linked sectors? Are the salient features and benefits of Islamic finance being effectively deployed to promote financial inclusion and social impact in Singapore, and if not, what more can be done to promote this interaction? We ask a respected panel for their views.
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