Financial institutions across the globe have been transformed in the past few decades. This revolution has been mainly influenced by globalization, privatization, and dramatic advancements in technology, (ukessays). Islamic finance, specifically the demand for Shari’ah-compliant financial products, is in its evolutionary phase, and has experienced exponential growth worldwide over the past few decades. The increasing population of Muslims in the Middle East has driven the rapid expansion of this financial system. After Singapore achieved independence from Malaysia in 1965, the island-state focused on an outward facing economy, due to lack of basic natural resources and a relatively small domestic market. This reflects onto how the country has developed their financial industry, and is the basis for their strong economic fundamentals. While Islamic and traditional finance companies in Singapore offer similar products, both types of banks have different interest rate policies and ______ to the Global Economic Crisis of 2007-2008.
History of Islamic Finance in Singapore
In Singapore, Islamic finance is less established in comparison to traditional financial corporations. The country hosts approximately 120 commercial banks, while only 15 institutions offer Islamic financing options in Singapore, (source). Although this is a very small percentage, it is important to note that the portion of banks offering Islamic services in is increasing significantly. Only five years ago, there was only half of this presence in Singapore, (MAS GOV).
Although expanding, the overall lack of Islamic capital markets in comparison to neighbouring countries is mainly due to the fact that the Muslim society accounts for a very small percent...
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... GST was removed from any Islamic banking products.
In order for there to be the significant expansion in the industry over the next few years, as anticipated, more regulatory support may be mandatory. There are several regulatory burdens in place that have hindered the growth of the Islamic economy in Singapore. For instance, capital adequacy requirements and other prudential regulations required under Basel III. Therefore, this upcoming industry may have difficulty thriving without proper government intervention and the development of a standardized framework.
Singapore’s strategic location has been a key factor in the country’s success to become an established global financial hub. Because Singapore acts a gateway to several South-east Asian countries, their traditional banking sector has been able flourish and expand from direct foreign investment
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