Current Issues in Islamic Banking and Finance: Resilience by Angelo M. Venardos

By Angelo M. Venardos

The exceptional all over the world improvement over the last decade of Islamic banking and finance is drawing a lot cognizance to Southeast Asia, which, at the platform of its personal financial development good fortune, can also be proving to be the gateway for center jap petrodollar investments into the 2 nice rising markets of India and China.

This publication presents a well timed exam of the problems confronting this US$300 US$500 billion marketplace becoming at 15% 20% each year, with experiences of different monetary markets, be they capital (Sukuk), retail or wealth administration. It additional comprises stories from some of the jurisdictions together with Malaysia (the front-runner), Singapore (the neighborhood monetary hub), Brunei (an offshore Islamic industry participant) and the napping huge, Indonesia, in addition to newly rising contributors similar to Japan and the U.S.. members, all famous best practitioners of their fields, diversity from attorneys, accountants, bankers and educators to coverage advisors, and are available from associations comparable to CIMB, Kuwait Finance condominium, OCBC financial institution and PricewaterhouseCoopers, between others.

This ebook, the 1st of its variety, may be of significant profit to these trying to larger comprehend present advancements and matters affecting Islamic banking in South East Asia, from either international and nearby views.

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The Report Brunei Darussalam 2008, Oxford Business Group. qxd 52 2/1/2010 10:10 AM Page 52 Khairul A. Khairuddin and Sukor Ashak and Takaful activities. The purpose for the introduction of the IITO in 2002 is clearly defined in the long title, which is “An order which is to provide for licensing and regulations of person carrying on international insurance business and international insurancerelated activities, to provide for the security and protection of long-term international insurance business and to provide for matters incidental thereto or connected to therewith”.

1 1 See the address by Mr. Heng Swee Keat, Managing Director of MAS, on 12 June 2006. qxd 2/9/2010 3:40 PM Page 19 Legal and Regulatory Changes — Singapore 19 Islamic banks seeking to do business in Singapore are subject to the same processing requirements under the Banking Act. 2 In addition, Islamic banking services are offered by international banks with Islamic windows. 3 Financial Services Singapore’s Securities and Futures Act (Cap. 289) (SFA) regulates the business of financial services outside banking and insurance.

40 Under this award, a 5% concessionary tax rate will apply for 5 years to income from qualifying activities, which has been endorsed by the approved Shariah Board of the financial institution. There are two types of FSI-IF awards: (1) lending and related activities; and (2) fund management and investment advisory services. The award is open to all existing FSI award holders and new applicants. In the assessment for the grant of the award, the number of experienced professionals who are significantly involved in the qualifying activities as well as the business development plans in Singapore will be taken into consideration.

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