IslamicFinance.de

Singapore’s path to Shari’ah compliant home financing is being chocked by bureaucracy. The Islamic Globe recently noted on the absence of Islamic home financing products despite the Monetary Authority of Singapore having legislated for a range of Shari’ah compliant Islamic banking structures.
Furthermore, The Islamic Globe has learnt from a well-placed source that Maybank Islamic in Singapore has for the past two years been in discussion with local government agencies to pave the way for Shari’ah compliant home financing.
However, the source added that the greatest hurdle lies with the Central Provident Fund, which offers three elements of financial security – retirement, home ownership and healthcare.