Getting ahead in Islamic finance

LACKING the domestic appetite for Syariah-compliant products, Singapore must take advantage of its position as a global banking hub to tap the lucrative Islamic Finance market.

As the gateway to South-east Asia, Singapore has cemented its place among the world's top international financial centres. However, it is far from reaching its potential as an international hub for Islamic finance, an increasingly important component of global financial markets.

The rapid global growth of Islamic finance is well documented, with assets estimated to be around US$1.8 trillion at the end of 2013 and an estimated year-on-year average growth rate of 19.7 per cent through 2018.