Islamic Finance News
Singapore, a globally recognised financial hub, continues to make strides in advancing Islamic finance despite its niche presence in the local financial ecosystem. Renowned for its regulatory excellence, innovation and strategic economic positioning, Singapore presents a unique narrative within the global Islamic finance industry.
Review of 2024
In 2024, Islamic finance in Singapore solidified its foundations through actionable milestones and impactful collaborations. The year showcased Singapore’s enduring appeal to global investors, with SG$5.4 billion (US$4.02 billion) in fixed asset commitments secured in the first half alone. Amid this economic vibrancy, Islamic finance made significant strides, driven by both strategic initiatives and grassroots efforts in five pivotal resolutions:
1. Talent development: Launching scholarships and internships to address skill gaps and foster expertise.
2. Regulatory collaboration: Establishing frameworks for regular engagement with regulators to streamline compliance.
3. Public literacy campaigns: Enhancing awareness through workshops and digital resources.
4. Shariah governance: Forming working groups to ensure cohesive and consistent standards.
5. Islamic product prioritization: Promoting a collective commitment to prioritizing Shariah compliant solutions.
Similarly, Quest Ventures is actively investing in Muslim-focused businesses that leverage technology to scale their offerings. Notable
investments include Ethis, a Shariah compliant crowdfunding platform in Malaysia; Kapital Boost, an Islamic P2P lending platform for SMEs in Indonesia; and Billz, a retail management platform for SMEs in Uzbekistan.
These initiatives underscore the diverse and dynamic growth of Singapore’s Islamic finance ecosystem. By addressing market demands, integrating advanced technology and expanding regional influence, the sector continues to build a competitive and value-driven landscape for ethical financial services.