Singapore to send team to explore Islamic banking
SINGAPORE (AP) - Singapore's central bank will send a team to the Middle East to explore Islamic banking in a bid to boost the city-state's standing as a financial center, senior minister Goh Chok Tong said Sunday.
Islamic law forbids the charging of interest. Islamic banking conforms to this guideline, and appeals to Muslims who don't want to deal with Western-style institutions.
Goh, who is also central bank governor, said the team will visit by early next year.
He didn't give any more details about the trip.
Last month, Goh said Singapore should "build up expertise about managing Arab wealth'' to expand the country's economic activity into the Middle East.
"Of course we recognize that Malaysia has a bigger Muslim population, and will be the center for Islamic banking,'' Goh told reporters Sunday on the sidelines of a community event.
"We will therefore work and collaborate with Malaysia and Brunei,'' Goh said.
"It will help us to expand our reputation as a financial center, because we will also offer Islamic banking products.''
Singapore already has a major banking and fund management industry, backed by assiduous government support. The city-state promotes itself as a regional financial center. - AP
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