Singapore officials rue low understanding of Islamic finance among investors
Lim Hng Kiang, Minister for Trade and Industry, who is also the Deputy Chairman, Monetary Authority of Singapore (MAS) (the financial regulator), announced at a conference in the island state that Singapore will in due course issue new income tax regulations for Islamic finance to provide greater tax clarity and certainty to the industry.
It is no secret that Singapore is reaching to be a global hub for Islamic wholesale banking services, asset management and capital markets.
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