Singapore: The country will soon come up with new regulations for Islamic finance to foster its growth, said Heng Swee Keat, managing director of the Monetary Authority of Singapore He said the new measures will assist financial institutions interested in Shariah compliant deals. The regulations are expected to be announced in the next few days. Singapore is trying to catch up with its neighbors Malaysia and Indonesia in attracting funds from the Middle East. Malaysia has the worldâs largest Sukuk market while Indonesia recently issued a global Sukuk which was oversubscribed seven times. Heng said Singapore will take its cue from financial markets on its interpretations of Islamic law. âI suppose not so much market forces, but the shariah interpretation has to be acceptable to investors and depositors,â he added. On another note, Heng said the total issuance for sovereign Sukuk from Singapore, Malaysia and Indonesia is expected to reach US$1.3 billion. âMore private sector issuers are expected to tap the Sukuk market and to attract new investors and clients,â he added. omar1.1 iimm.bnm.gov.my
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