Singapore’s Islamic financial services industry has been lagging for almost two decades due to the lack of a critical mass of consumers, the arcane nature of products and profitability concerns. Despite the progress, more needs to be done. One area which the Monetary Authority of Singapore has been working on is the review of regulatory and tax treatment to speed up the issue of Islamic financial instruments. Educational institutions, on the other hand, need to develop human capital for the sector and a good example is the masters programme in Islamic law and finance offered by the Singapore Management University.