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Islamic project financing prescribed as “permitted business” under banking regulations

Posted on 23 April 2010

From Lexology.com: The Monetary Authority of Singapore has issued the Banking (Amendment) Regulations 2010, which introduce a new Regulation 23E on prescribed procurement business. This regulation clarifies that Singapore banks may enter into Istisna transactions.
Isitisna is a sales transaction whereby an asset is transacted before it comes into existence. It is a flexible form of transaction which is widely applied in project finance and in the financing of manufacturing and pre-export transactions………………………………………Full Article: Source

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