IslamicFinance.de

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.

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.