Islamic Finance: Growth and Prospects in Singapore

U21Global Working Paper Series, No. 001/2008

10 Pages Posted: 14 Apr 2010

See all articles by Habibullah Khan

Habibullah Khan

U21Global Graduate School

Omar K. M. R. Bashar

Swinburne University of Technology

Date Written: June 1, 2008

Abstract

Islamic finance has been growing rapidly since its launch in the 1970s. The major market for this industry is typically the Middle East and it is gaining popularity in the UK, USA and Southeast Asia. Malaysia is the leading Islamic finance industry in Southeast Asia while its neighbor Singapore is relatively a new market player. Singapore revised its regulatory framework and tax structure and gradually introduced various Shariah-compliant financial products in the last couple of years. This paper argues that despite having small domestic market and competition from Malaysia, Singapore can still position itself in a niche market in the region. Through its strategy of integrated financial and economic development, Singapore can create new opportunities for Islamic finance and related financial products in the region.

Keywords: Islamic finance, growth, Singapore

Suggested Citation

Khan, Habibullah and Bashar, Omar K. M. R., Islamic Finance: Growth and Prospects in Singapore (June 1, 2008). U21Global Working Paper Series, No. 001/2008. Available at SSRN: https://ssrn.com/abstract=1589796 or http://dx.doi.org/10.2139/ssrn.1589796

Habibullah Khan (Contact Author)

U21Global Graduate School ( email )

88B, Level Three, Amoy Street
Singapore, 069907
Singapore

Omar K. M. R. Bashar

Swinburne University of Technology ( email )

Cnr Wakefield and William Streets, Hawthorn Victor
3122 Victoria, Victoria 3122
Australia

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