Ng Nam Sin

Singapore Defends Expiry Of Islamic Finance Tax Breaks

Ng Nam Sin, Assistant Managing Director of the Monetary Authority of Singapore (MAS), pointed out that, despite the expiry of certain tax incentives, Singapore is still looking to develop the city's Islamic finance capabilities. To ensure that level playing field between Islamic finance and conventional financial products, Islamic finance activities will continue to be incentivized alongside conventional finance activities under Singapore's other existing schemes. However, others have remarked that Singapore is now lagging behind Malaysia, which is establishing itself as the major Islamic financial hub in the region.

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