While Malaysia continues powering ahead in Islamic finance, which is based on ethical principles and bans interest, Singapore seems to have given up the ghost.
At least one leading player has already exited the retail Islamic finance market here to focus on Malaysia. Even headhunters have been relocating from Singapore to Kuala Lumpur to help international banks set up Islamic finance teams there. And now a key tax incentive for the business in Singapore has been allowed to lapse………………………………………..Full Article: Source