Singapore has also similarly witnessed rising interest and activity - the establishment of its first Islamic bank, The Islamic Bank of Asia (IBA) in 2007, the launch of the first corporate sukuk arranged by CIMB Singapore for City Developments Ltd in 2008, and the inaugural issuance of the first sovereign-rated sukuk by the Monetary Authority of Singapore (MAS) in 2009.

The MAS has, over the years, refined its banking regulations to accommodate and facilitate the growth of Islamic Finance. The MAS has also worked with Inland Revenue Authority of Singapore and the Ministry of Finance to level the playing field in terms of taxes for such financing structures. As a result, Singapore now has several international and local financial institutions offering Shariah-compliant financial products and services. More local corporates are taking advantage of the unique strengths of Islamic finance to fulfill their funding and investment needs and understand that Islamic finance is not just for Muslims and Muslim-run companies. Due to its prohibition against activities associated with alcohol, gambling and manufacture of munitions, this growing form of finance is seen as being more socially responsible and ethically sound.

This seminar, the first of its kind, is a joint collaboration between the SBF, MAS and industry players. It aims to promote greater awareness of Islamic finance as a viable, alternate mode of financing for corporates to access new sources of liquidity and investors as well as to raise their business profile as they penetrate new markets in Asia and the Middle East.