S'pore aims to become center for Islamic banking<\/p>\n
Singapore is launching a drive to become a center for Islamic
\nfinancial services as part of attempts to strengthen ties with
\nthe Middle East, former Prime Minister Goh Chok Tong says.<\/p>\n
Islamic law forbids the charging of interest. Islamic banking
\nconforms to this guideline, and appeals to Muslims who don't want
\nto deal with Western-style institutions.<\/p>\n
Singapore already has a major banking and fund management
\nindustry, backed by assiduous government support. The city-state
\npromotes itself as a regional financial center.<\/p>\n
"I want to turn Singapore into a center for Islamic financial
\nservices too," Goh, who is now the central bank governor, said in
\na speech late on Friday.<\/p>\n
Goh said he wanted to focus on boosting ties with the Middle
\nEast, which he pursued as Singapore's leader. Under his tenure,
\nSingapore opened free-trade talks with many Arab states.<\/p>\n
"I want to enlarge our economic space into the Middle East.
\nOne way to do this is to build up expertise to manage Arab
\nwealth," Goh said.<\/p>\n
Singapore's central bank is already reviewing local
\nregulations to see if there are any "impediments" to the spread
\nof Islamic-style financial services.<\/p>\n
"We see Islamic financial services as part of the broad range
\nof financial service capabilities that Singapore, as a financial
\ncenter, should provide," the central bank said recently. -- AP<\/p>",
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