IslamicFinance.de

Although Singapore has the stated ambition of developing the island-state into a global hub for Islamic capital markets products, the only other regulatory development of note has been the consultation on the proposal of the Monetary Authority of Singapore (MAS), the central bank, to amend the country’s Deposit Insurance Act to allow MAS to prescribe products as insured deposits, and to prescribe Murabaha as an insured deposit.
MAS launched the public consultation on Feb. 25, 2010 as part of its review with the Singapore Deposit Insurance Corporation (SDIC), on whether to amend and enhance various features of the Deposit Insurance Scheme in Singapore.