9/20/2004 7:53:00 AM GMT
The central bank of Singapore will send a team to the Middle East to explore Islamic banking in an attempt to expand the city-state's standing as a financial center, Singapore’s senior minister, Goh Chok Tong, said Sunday.
Goh Chok, who is also the governor of the central bank, said that the team will start its visit by the beginning of next year. But he did not give any details about the mission.
Last month, Goh said that Singapore should "build up expertise about managing Arab wealth'' to boost the country's economic activity into the Middle East.
"Of course we recognize that Malaysia has a bigger Muslim population, and will be the center for Islamic banking,'' Goh told reporters Sunday on the sidelines of a community event.
"We will therefore work and collaborate with Malaysia and Brunei,'' Goh said.
"It will help us to expand our reputation as a financial center, because we will also offer Islamic banking products.'' He added.
Islamic banking complies with the Islamic law- which prohibits the changing of interest. It appeals to Muslims who do not want to deal with Western-style institutions.
Singapore government supports the country’s major banking and fund management industry. The city-state promotes itself as a regional financial center.