Islamic finance in Singapore: legal and regulatory challenges

Zul Kepli, Mohd Yazid (2013) Islamic finance in Singapore: legal and regulatory challenges. Singapore Law Review , 31. pp. 279-301. ISSN 0080-9691

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Abstract

Islamic finance has grown tremendously since its first revival in the 1970s. Strong support from Muslims and non-Muslims resulted in a market estimated to be around USD1.6 trillion. It is still growing at 15 percent to 20 percent per year, making it one of the fastest growing sectors in the finance industry globally. In recognition of the global trend, Singapore decided to make the best out of it. As Senior Minister Goh Chok Tong described it, “Singapore cannot be a complete international financial centre, if we do not offer Islamic financial services.” This article analyzes the characteristics of Islamic finance, the benefits and obstacles it brings, as well as its development and progress in Singapore. This article concludes with the challenges and possible solutions from the legal and regulatory aspects.

Item Type:	Article (Journal)
Additional Information:	6861/35155
Uncontrolled Keywords:	Islamic finance, Islamic bank, Singapore
Subjects:	K Law > K Law (General)
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Ahmad Ibrahim Kulliyyah of Laws > Department of Civil Law
Depositing User:	Dr Mohd Yazid Zul Kepli
Date Deposited:	30 Jan 2014 08:54
Last Modified:	21 May 2018 15:27
URI:	http://irep.iium.edu.my/id/eprint/35155

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