SINGAPORE: Singapore will allow banks to offer investment products through so-called Murabahah, expanding the city-state's Islamic financial offerings, said Heng Swee Keat, managing director of the Monetary Authority of Singapore.
Murabahah is a form of financing or investment where the costs and profit margins are agreed to by all parties before the transaction. The central bank would also review regulatory and tax issues to boost Islamic banking, Heng told reporters yesterday at the International Islamic Finance Forum in Singapore.