MAS issues guidelines for Islamic banking

The Monetary Authority of Singapore (MAS) announced earlier on May 7, 2009 that it has issued a set of guidelines that will provide greater clarity and certainty for financial institutions offering Islamic banking products in Singapore

The Monetary Authority of Singapore (MAS) announced earlier on May 7, 2009 that it has issued a set of guidelines that will provide greater clarity and certainty for financial institutions offering Islamic banking products in Singapore. It also announced that with immediate effect, Singapore-based banks may enter into Diminishing Musharaka financing - a full partnership or joint venture held between a bank and a group of individuals. In addition, MAS has ensured equal tax, regulatory and liquidity treatment of the Singapore dollar sukuk - or Islamic bonds issuance - with Singapore government securities, effective immediately. Link: http://www.cibafi.org/NewsCenter/English/Details.aspx?Id=3298&Cat=0