Islamic Finance and Banking in Singapore: Country Report 2024

Singapore, famed for its ingenuity and perseverance in the face of shortage, has maintained its success trajectory in 2023. Sustained prosperity in the country has been attributed to its strategic focus on developing a highly qualified workforce, promoting a vibrant digital economy, preserving top-notch infrastructure and sustaining a strong regulatory framework. On the other hand, the Islamic finance industry, which has been largely founded on the efforts of private citizens and organizations, might seem young. Nonetheless, 2023 established the framework necessary for the success of creative Islamic financing projects. In the upcoming year, these programs aim to establish stronger foundations, promoting increased collaboration and growth.