| Singapore is struggling to make inroads into Islamic finance even as neighbouring Malaysia is on the cusp of another record-busting year. Bankers say Singapore is hobbled by a lack of a domestic market for Islamic finance products, while Middle East investors are still US dollar-based and conservative.
The situation appeared to be improving when Malaysian sovereign wealth fund Khazanah in 2010 sold S$1.5 billion sukuks or Islamic bonds here, and Sabana, the world's largest Syariah-compliant real estate investment trust (Reit), raised S$664 million through its initial public offer...............................................Full Article: Source
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