IslamicFinance.de

Lim Hng Kiang, the Deputy Chairman of the Monetary Authority of Singapore (MAS), and Minister for Trade and Industry, said that Singapore’s Ministry of Finance will issue new income tax regulations for Islamic finance.
He underlined the fact that there was a need to ensure that the legal and regulatory regimes remain robust in ensuring the soundness of Islamic markets and institutions, and yet conducive for Islamic finance to grow at a sustainable rate.

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.