24 Mar '11, 7pm

Islamic finance has strong growth potential in S'pore: SINGAPORE : With a supportive regulatory and tax framewor...

Islamic finance has strong growth potential in S'pore: SINGAPORE : With a supportive regulatory and tax framewor...

SINGAPORE : With a supportive regulatory and tax framework, it is only a matter of time before Singapore becomes a major player in Islamic finance, according to experts. Industry watchers said Singapore also stands to gain from its proximity to large Muslim populations in its neighbourhood. They said sukuk, or Islamic bonds, and Syariah-compliant real estate investment trusts are two products that have strong growth potential in Singapore. Malaysia's CIMB is among nine international Islamic financial institutions that are now operating in Singapore. So far, CIMB Bank in Singapore has sponsored four sukuk issues worth more than S$1.5 billion. Devan Selvanathan, director of Debt Capital Markets & Syndicate, CIMB Bank Singapore, said: "We have the largest market share in Singapore for sukuk structuring, in understanding sukuk structure, in facilitating the tax treatment and i...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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