Singapore to host Islamic Financial Services Board's 2009 summit
By Jonathan Peeris/Pamela Almeda, Channel NewsAsia | Posted: 02 April 2008 1628 hrs

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SINGAPORE: Singapore will host the annual summit of the Islamic Financial Services Board in May next year.

It will be the first time the event will be held in Asia. Previous summits were held in London, Doha, Beirut and Dubai. This year's summit will be held in Amman.

The annual summit is the single largest concentration of top financial regulators from IFSB member countries taking part in an industry-led event.

Singapore will play host to central bank governors, top executives of securities and insurance regulators, and major private sector participants, who will discuss key issues and developments on the regulation and supervision of Islamic financial services.

The IFSB is the international standard-setting organisation that promotes the soundness and stability of the Islamic financial industry.

The IFSB currently has 163 members, comprising 41 banking, securities and insurance regulatory and supervisory authorities, six international organisations and 116 market players and professional firms from over 31 jurisdictions worldwide.

Hosting the event will underscore Singapore's role as an international financial centre, says the Monetary Authority of Singapore (MAS). And it comes amid a push to develop the fast-growing Islamic financial sector in Singapore.

Singapore is gearing up to offer more Shariah-compliant products and services as part of efforts to tap into the industry, currently valued at US$750 billion and growing by over 20 percent annually.

In recent years, Singapore has taken steps to level the playing field between Islamic financing and conventional financing deals.

But the MAS notes that there is currently a shortage of expertise in the area.

Tai Boon Leong, MAS executive director, said: "As the Islamic industry develops, we foresee that there will be a need for adequate supply of talent and expertise in Shariah-compliant concepts and structuring as well as Shariah law.

"We urge more training institutes and other ancilliary service providers to offer such training... MAS will work with interested parties to tie up with local educational institutes and bodies to offer such programmes here."

Mr Tai was speaking at the inaugural Singapore Islamic Finance News Forum on Wednesday.

According to some industry players, the opportunities for Islamic financial activities in Singapore are huge.

CIMB Islamic Bank's CEO, Badlisyah Abdul Ghani, said: "Islamic financial market is not just confined to capital market - it is banking, it is 'takaful' which is Islamic insurance, it is wealth management, it is asset management.

"Singapore has a lot of value proposition in these activities. It's a matter of choosing which one to do first, and eventually to end up with a full spectrum of Islamic financial activities in Singapore." - CNA/ir