Islamic Finance in a Non-Muslim Jurisdiction: Singapore as a Case Study
Yeo Wico, Partner and Suhaimi Zainul-Abidin, Partner
Allen & Gledhill
Yeo Wico and Suhaimi Zainul-Abidin discuss Singapore as a case study offering the potential for Islamic finance to flourish in a predominantly non-Muslim country.
The Islamic finance industry has grown rapidly since its inception in the 1970s and is currently estimated as being a US$1 trillion industry. However, it is still a common but erroneous impression that Islamic financing is only for countries with a large or majority Muslim population. In this respect, Singapore is an interesting case study, holding out the promise of having Islamic finance take root
and flourish in a predominantly non-Muslim country.