Not often do we see regualtory bodies issuing comprehensive statements that directly address the operation of Islamic finance activities, even more so in jurisdictions that are only at the early stages of developing their market offerings. There is a lot to be said about how these guidelines provide direction (they read more as a disclaimer) to market participants and whether it is a valid approach to allow market forces to dictate what is and what is not Shariah compliant. Much to pick through here and a lot of reading between the lines, feedback and comments are - as always - highly appreciated.Monetary Authority of Singapore
May 2009
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