Singapore calls for Islamic finance improvements
Thursday 25 November 2010 - by Will Henley
The Monetary Authority of Singapore has called for stricter standards of risk management and corporate governance at Sharia-compliant financial institutions.
"We need more universities and training institutes to offer better quality education and training in Islamic law and finance in order to meet the rising demands of the industry as it embarks on the next phase of growth."
The assistant managing director added that he saw potential for "closer cooperation" between the Middle East and Asia.
He said that it was encouraging that bodies such as the Islamic Development Bank, Accounting and Auditing Organisation for Islamic Financial Institutions and International Islamic Financial Market are active in trying to harmonise standards.
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