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May 7, 2009, 11:28 GMT

Singapore issues new rules for Islamic banking to boost industry

Singapore - The Monetary Authority of Singapore, the city state's central bank, Thursday issued new guidelines for Islamic banking to boost the industry with financing products that comply with Muslim sharia law. 'In the coming years, as the sharia principles of using capital to build productive capacity gain wider recognition, Islamic finance will assume a more prominent role,' the authority's managing director Heng Swee Keat said. The focus on the role of finance to develop productive sectors would raise the profile of Islamic finance and create new opportunities, he added. The global assets of Islamic finance were estimated to reach 1 trillion US dollars. The consolidated guidelines issued by Singapore's central bank would provide greater clarity and certainty for financial institutions offering Islamic banking products, Heng said. The various changes would allow banks to conduct a wide range of Islamic financing activities and to have greater flexibility.

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