Jacqueline Loh

The rise of Islamic finance in Singapore

Singapore's strength in conventional financing and capital markets can be adapted to meet the needs of Islamic banking, said Monetary Authority of Singapore (MAS) deputy managing director Jacqueline Loh yesterday. She added that conventional finance and Islamic banking are similarly cross-border in nature. Islamic capital-market activities in Singapore have taken off, with 31 sukuk issuances over the past five years. Ms Loh said sukuks are ideal for funding infrastructure projects and would complement work by Singapore as they are asset-backed and can involve more capital-market participants. MAS is also working with the industry and other government agencies to establish sukuk regulatory and tax regimes.

Syndicate content