Singapore is challenging established wealth centres more fiercely than anywhere else in Asia, according to UBS bank and Campden Research. Yet, in Islamic banking, it lags behind. Even though Singapore has had Islamic banking since 1995 and there are investments such as the NTUC Income Takaful Fund, banks generally offer only a few choices such as savings and checking accounts. Some banks have far less.
DBS’ Islamic Bank of Asia offers corporate banking and asset management, for example, and not consumer products. And when Standard Chartered Bank launched new Islamic financial solutions for private banking clients in June, it did so in London, Geneva, Jersey and Dubai - but not Singapore, where it is still working on regulatory approvals………………………………………..Full Article: Source