By Angelo M. Venardos
The exceptional around the world improvement over the last decade of Islamic banking and finance is drawing a lot awareness to Southeast Asia, which, at the platform of its personal financial development good fortune, is usually proving to be the gateway for center japanese petrodollar investments into the 2 nice rising markets of India and China.
This publication offers a well timed exam of the problems confronting this US$300 US$500 billion marketplace starting to be at 15% 20% each year, with stories of the various monetary markets, be they capital (Sukuk), retail or wealth administration. It additional contains reports from a few of the jurisdictions together with Malaysia (the front-runner), Singapore (the local monetary hub), Brunei (an offshore Islamic marketplace participant) and the napping tremendous, Indonesia, in addition to newly rising members akin to Japan and the U.S.. members, all famous major practitioners of their fields, diversity from attorneys, accountants, bankers and educators to coverage advisors, and are available from associations corresponding to CIMB, Kuwait Finance condominium, OCBC financial institution and PricewaterhouseCoopers, between others.
This publication, the 1st of its variety, could be of significant gain to these trying to higher comprehend present advancements and concerns affecting Islamic banking in South East Asia, from either international and nearby views.
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Extra resources for Current Issues in Islamic Banking and Finance: Resilience and Stability in the Present System
The Legal and Regulatory Framework Singapore is a common law jurisdiction. As a Republic, it also enacts its own statutes. The common law applies only to the extent that it does not conflict with the Singapore statutory laws. In the application of laws, the principles of judicial precedent are observed. The Singapore courts will take into cognisance judgements passed by the courts of other common law jurisdictions when the law and facts are similar. To this extent, in the application of laws, there is uniformity with the laws of other Commonwealth jurisdictions, such as England.
Qxd 2/9/2010 3:40 PM Page 41 Legal and Regulatory Changes — Singapore 41 during his lifetime, he shall be deemed to have the capacity to so create the trust or transfer the property if he has capacity to do so under any of the following laws: (a) the law applicable in Singapore; (b) the law of his domicile or nationality; or (c) the proper law of the transfer. (2) No rule relating to inheritance or succession shall affect the validity of a trust or the transfer of any property to be held on trust if the person creating the trust or transferring the property had the capacity to do so under subsection (1).
Services cannot be offered relating to domestic insurance business, but a licensed international insurance broker may, notwithstanding any other written law, handle the re-insurance of domestic insurance business (Source : BIFC summary on IITO ).