Words of Wisdom - the Editor

Peace.
Got busy with a new project. So couldn’t add more news. Although I came across a fine article by a brother on the history and future of Islamic Banking. I was surprised to know that Islamic banking had beginnings in 1975. Wow. That’s almost as early as my birth. And I guess if there are enough like minded people any idea is bound to grow. I too used to wonder if I can invest without plunging into interest based transactions.

UK I noticed is taking some fine initiatives to promote Shariah Finance. Also came across a western brother or atleast who calls Muslims his brothers and sisters but laughs cynically at the DOW Islamic index as 'bending backwards' to accommodate those guys who have four wives and cut of peoples hands. O well some people just don't get it, do they?

Monday, February 2, 2009

Singapore launches first Islamic bond program

SINGAPORE -- The Monetary Authority of Singapore (MAS) announced on Monday its first Islamic bond program worth 200 million dollars (about 134 million U.S. dollars).

The bond program, also named sukuk, is the Sharia-compliant equivalent of Singapore Government Securities (SGS), and will help Islamic banks and other investors in Singapore manage their liquidity and investment portfolio. The sukuk will be issued on a reverse-enquiry basis, based on the demand of financial institutions operating in Singapore.

"This sukuk issuance facility underscores our strong commitment to the development of Islamic finance in Singapore. We invite eligible financial institutions to approach MAS to register their interest," said Heng Swee Keat, Managing Director of the MAS.

The MAS said it will continue to work closely with the industry to ensure that the regulatory and tax framework, and other necessary infrastructure and conditions are in place to foster good risk management and the further growth of Islamic finance in Singapore.
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