| Singapore's strength as a finance hub is key to allowing Islamic financial services to flourish, said Monetary Authority of Singapore (MAS) assistant managing director Ng Nam Sin. Mr Ng said the country's three-pronged approach to the sector is underpinning its rapid growth.
One tack is to accommodate Islamic finance products within Singapore's regulatory and tax framework where possible. He said: "We have ensured the neutrality of the rules insofar as Islamic financing is similar to conventional financing in economic substance and risk."..............................................Full Article: Source
|