Speaking at an Islamic finance event at SMU on Wednesday, Monetary Authority of Singapore (MAS) Assistant Managing Director Ng Nam Sin said that Islamic finance is expanding in Singapore and MAS is committed to further developing this important segment of the financial services industry. Mr Ng noted that the value of the total assets of the global Islamic finance industry is more than US$1.3 trillion (S$ 1.6 trillion). There was also a record high in the issuance of Islamic bonds (Sukuk) in 2012. Demand for Islamic financial products has come from non-Muslims as well. Mr Ng also shared the three-prong approach adopted to grow the sector.
Source:
Lianhe Zaobao
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