bulletEDITOR'S PICKS

 

Discretionary FuM jumps 28% at Brooks Macdonald

From United Kingdom Jul 24 2014 @ 10:49

Discretionary funds under management at Brooks Macdonald increased by almost 30% during the past...
view article

FCA slaps four and a half month ban on adviser network

From United Kingdom Jul 23 2014 @ 17:09

Using its suspension powers for the first time, the Financial Conduct Authority has banned two...
view article


bulletRELATED ARTICLES

 

bulletNEWS

 

LATEST NEWS

Four celebs who paid the price of tax avoidance

Four celebs who paid the price of tax avoidanceInternational Adviser looks at four cases of celebrities being targeted for their...
view article

Could UK expats miss out on ‘freedom of choice...

From Tax & Technical Jul 24 2014 @ 12:13

Malaysia’s AmInvest offers two feeders...

From Products Jul 24 2014 @ 11:52

MORE FROM Tax & Regulation

LATEST NEWS

CIMB-Principal Asset Management to acquire Finansa AM in Thailand

CIMB-Principal Asset Management to acquire Finansa AM in Thailand CIMB-Principal Asset Management has entered into a deal to acquire Thailand’s...
view article

Discretionary FuM jumps 28% at Brooks Macdonald

From United Kingdom Jul 24 2014 @ 10:49

JPMAM to close five fixed maturity bond funds

From Products Jul 24 2014 @ 08:46

MORE FROM Asia

LATEST NEWS

Praemium appoints new COO for international and UK

Praemium appoints new COO for international and UKPraemium has appointed a new chief operating officer to support its international...
view article

Montello gets regulatory nod for another...

From Products Jul 23 2014 @ 17:23

Ireland introduces voluntary code for fund...

From Europe Jul 23 2014 @ 17:14

MORE FROM People



MAS: Promoting Islamic finance is not just about tax

From Asia Apr 4 2013 BY: Helen Burggraf , Contributing Editor , International Adviser

Add to My News Comments (0)

Add to My News Print

Add to My News

add to twitter

add to linkedin


A top official in the Monetary Authority of Singapore has stressed that the promotion of the island’s Islamic finance industry remains key, even though two tax incentives aimed at promoting it were allowed to lapse recently.

"Like all our tax incentives, they [had] a fixed tenure, in this case, of five years,” Ng Nam Sin, assistant managing director of the MAS, told an audience at an Islamic finance event in Singapore on Tuesday morning.

“It is useful to note that Islamic Finance activities will continue to be incentivised, alongside conventional finance activities, under our other existing schemes,” he added.

“The lapsing of the two incentives is thus no reflection of MAS’ continuing commitment to develop Islamic financial services in Singapore.”

Ng went on to stress that Singapore’s “proposition” for the Islamic finance industry had to be about more than “just tax advantage”.

Instead, he went on, the city-state’s success as a financial centre came from “its high standards of regulation; deep and liquid capital market, the presence of international buy side players, and a critical mass of financial intermediaries with expertise to address a wide range of financing needs”.

The global Islamic finance industry is now worth around US$1.3trn, while the sukuk issuance reached a record level in 2012, Ng noted, with demand for such financial products coming not only from the Muslim community but also from non-Muslim investors.

That said, Singapore is located near two major Islamic finance countries: Malaysia, which has established itself as Asia-Pacific's dominant Islamic finance centre, and Indonesia, which has the largest Muslim population of any country, at more than 200 million. Wealthy individuals from both these countries are among those who  invest in Singapore's financial services industry.

Singapore has been involved in promoting the sector's growth since 2004, Ng said.

To read Ng's comments in full on the MAS website, click here.


 

Add to My News Comments (0)

Add to My News Print

Add to My News

add to twitter

add to linkedin


COMMENTS


Have your say

(Be the first to) Have your say!

Please sign in or register here to leave a comment. Registration is free and only takes a few moments.






Share us on Twitter

SHARE US ON TWITTER
Join the community

Join us on Linked In

SHARE ON LINKED IN
Inform your colleagues

Switch to our mobile site

SWITCH TO MOBILE SITE
News on the go

Back tot he top of the page

BACK TO TOP OF PAGE
Just click here...