Singapore sees bright prospects in Islamic finance: MAS

The city-state is the only non-Muslim majority country among the top 15 countries for Islamic finance, says MAS MD Ravi Menon.

A general view of high-rise buildings in Singapore's financial district. (AFP/Roslan Rahman)

SINGAPORE: Singapore's prospects in Islamic finance look bright, with more funds establishing themselves here to tap the Islamic debt market, the Monetary Authority of Singapore's (MAS) top executive said on Tuesday (June 3).'Singapore is the only non-Muslim majority country among the top 15 countries for Islamic finance,' MAS Managing Director Ravi Menon said at the opening of the 5th World Islamic Banking Conference Asia Summit that is being held in the city-state.'More funds continue to be established here, to meet demand from clients in Asia as well as from the Middle East, while several corporations have established sukuk programmes in Singapore to tap the market over the next few years,' he added.Sukuks are bond-like structures that comply with Islamic investment principles, which prohibit the charging or paying of interest.Islamic finance has been growing by double-digits in recent years, making it one of the star performers in international finance. The industry has also become more international, as seen from recent sovereign Islamic bond issues by newcomers Britain and Hong Kong.According to Mr Menon, global Islamic financial assets are estimated to have reached US$1.8 trillion by the end of 2013, up from US$1.5 trillion in 2012.'As more countries cater for Islamic finance, the scope for cross-border Islamic finance increases. We are beginning to see more cross-border sukuk issuance within Asia as well as between the Middle East and Asia,' he said.In Singapore, Mr Menon said Islamic assets under management have surged nearly fourfold over the last five years.There are now 15 banks in Singapore involved in Islamic banking, double the number five years ago. The city-state also had nearly 30 sukuk issuances to date, with seven in 2013 alone, he added.

Tweet Photos, Videos and Update on this Story to #cna

YOU MAY ALSO LIKE From Our Website From the Web

Indian cricket legend Sachin Tendulkar in Singapore

SINGAPORE: Legendary Indian cricketer Sachin Tendulkar on Tuesday (June 3) conducted a special coaching session for more than 30 young cricketers at the Singapore Cricket Club.

The event, organised by the Royal Bank of Scotland, saw the 41-year old sharing the intricacies of batting, bowling and fielding techniques with the aspiring cricketers.

Nicknamed the 'Little Master', Tendulkar is acknowledged as one of the greatest batsmen of all time. He was part of the Indian team that won the 2011 World Cup and is the only player to have scored 100 international centuries in one-day cricket and Test matches.

Tendulkar retired from the sport in November last year.

From Our Website From the Web

Singapore fall to six

The Les Bleus youngsters were too strong for the Lions, who were comprised largely of Under-23 players, as they went down in front of a packed stadium in Reunion Island

A young Singapore side made up of LionsXII and Courts Young Lions players were no match for the France Under-21s as they went down 6-0 in a friendly on Tuesday morning, Singapore time.

Played at the Stade Michel Vornay in Saint-Pierre, Reunion Island, the hosts ran out easy victors in front of a sell-out 8,067 crowd against their Southeast Asian opponents.

Lions coach Bernd Stange had named a youthful 19-man squad for the game, which is a result of a Memorandum of Understanding signed between the Football Association of Singapore and the French Football Federation (FFF) in October last year.

All four over-aged players started the game, namely goalkeeper 24-year-old trio Izwan Mahbud, Faritz Hameed and Afiq Yunos, along with Khairul Amri, 29, who was named captain. The rest of the team comprised U23 players, with Stange having an eye on the Asian Games later this year, where football is a U23 competition.

But the Willy Sagnol's charges proved too strong as they powered to a 4-0 lead at half-time, with Lyon regular centre-back and captain Samuel Umtiti opening the scoring on 21 minutes.

Rennes forward Paul-Georges Ntep grabbed a brace in the 23rd and 35th minutes, with 17-year-old Paris Saint-Germain striker Kingsley Coman netting just a minute before the break. The French added two more through Marseille star Florian Thauvin in the 54th minute and OCG Nice starlet Neal Maupay 10 minutes later to round off the scoring.

Stange had been hopeful of a good performance in this friendly to help convince the Singapore National Olympic Council (SNOC) to send them to the Asian Games, which starts on September 14.

Goal reported two weeks ago that the Young Lions will be sitting out of the Singapore Cup this year with the team set for an overseas tour in preparation for the Asian Games and the SEA Games next year.

Singapore XI: Izwan, Faritz, Madhu, Afiq, Shakir, Anumanthan, Raihan, Faris, Shahfiq, Amri (C), Sahil.Bench: Hassan, Al-Qaasimy, Delwinder, Zulfahmi, Aqhari, Amirul, Ammirul.

Singapore top Asian destination for professionals looking to work abroad: Survey

SINGAPORE: Professionals looking to move abroad to pursue career opportunities have identified Singapore as their top destination in Asia, according to a survey of professionals from around the world.

The United States, United Kingdom and Australia continue to head the list as top destinations for professionals looking to work overseas, according to global recruitment firm Hydrogen Group's fifth Global Professionals on the Move report, which was released on Monday (June 2). In Asia, Singapore (7th) came in ahead of Hong Kong (11th) and China (12th).

The results were based on an online survey conducted in November 2013, comprising 2,444 responses from professionals in 99 different countries. The UK contributed 21 per cent of respondents, with the remainder a 'fairly even spread' of countries in Europe, Australasia, North America, Middle East and Asia, according to the Hydrogen Group.

RISING IMPORTANCE OF 'RETURN HOMERS'

The report also highlighted a segment of respondents who categorised themselves as 'return homers'. About 27 per cent of professionals said they had returned home from an international work stint, and 71 per cent of these were aged between 30 and 60 years, it stated.

This demographic is of increasing importance to a number of Asian states, including Singapore, as they see this group of professionals as a means to help develop local economies as well as alleviate the reliance on expatriates, Hydrogen Group said.

Some of the ways governments are trying to entice this group of workers home include offering tax breaks, it added.

'We now have a worldwide talent pool to draw candidates from. The return homers are of particular interest in Asia, where countries are legislating to ensure their local talent is developed, retained and attracted back,' said Mr Simon Walker, Asia-Pacific COO at Hydrogen Group, in a prepared statement.

However, while these 'return homers' are highly coveted, it appears they are also highly mobile.

About 96 per cent of this demographic said they were willing to work abroad again, and many of these were the most willing to work in the emerging BRICS (Brazil, Russia, India, China, and South Africa) markets where there are clear talent shortages, the report stated.

Singapore top Asian destination for professionals looking to work abroad: Survey

SINGAPORE: Professionals looking to move abroad to pursue career opportunities have identified Singapore as their top destination in Asia, according to a survey of professionals from around the world.

The United States, United Kingdom and Australia continue to head the list as top destinations for professionals looking to work overseas, according to global recruitment firm Hydrogen Group's fifth Global Professionals on the Move report, which was released on Monday (June 2). In Asia, Singapore (7th) came in ahead of Hong Kong (11th) and China (12th).

The results were based on an online survey conducted in November 2013, comprising 2,444 responses from professionals in 99 different countries. The UK contributed 21 per cent of respondents, with the remainder a 'fairly even spread' of countries in Europe, Australasia, North America, Middle East and Asia, according to the Hydrogen Group.

RISING IMPORTANCE OF 'RETURN HOMERS'

The report also highlighted a segment of respondents who categorised themselves as 'return homers'. About 27 per cent of professionals said they had returned home from an international work stint, and 71 per cent of these were aged between 30 and 60 years, it stated.

This demographic is of increasing importance to a number of Asian states, including Singapore, as they see this group of professionals as a means to help develop local economies as well as alleviate the reliance on expatriates, Hydrogen Group said.

Some of the ways governments are trying to entice this group of workers home include offering tax breaks, it added.

'We now have a worldwide talent pool to draw candidates from. The return homers are of particular interest in Asia, where countries are legislating to ensure their local talent is developed, retained and attracted back,' said Mr Simon Walker, Asia-Pacific COO at Hydrogen Group, in a prepared statement.

However, while these 'return homers' are highly coveted, it appears they are also highly mobile.

About 96 per cent of this demographic said they were willing to work abroad again, and many of these were the most willing to work in the emerging BRICS (Brazil, Russia, India, China, and South Africa) markets where there are clear talent shortages, the report stated.

China slams US, Japan for 'provocative' remarks at Singapore forum

SINGAPORE - A Chinese general on Sunday slammed Japan and the United States for making provocative remarks against China at a regional security forum in Singapore.

In an unexpected response, Lieutenant-General Wang Guanzhong, deputy chief the General Staff of the People's Liberation Army, accused Japanese Prime Minister Shinzo Abe and US Secretary of Defence Chuck Hagel of 'coordinating' and 'supporting' each other in their comments targeted at China.

Mr Wang, who deviated halfway through his prepared speech at a plenary session on the closing day of the Shangri-La Dialogue, said that the fact that Mr Abe and Mr Hagel, leaders of two major countries, had made such 'unwanted criticisms against China is unimaginable'.

'It was completely out of my expectation,' the Chinese general blasted.

In his keynote address at the opening of the forum on Friday, Mr Abe had outlined his vision for a more robust Japanese role in the region's peace and security, arguing that no country could secure peace on its own in a complex new environment.

Although Mr Abe did not directly name China as being the country responsible for the change, there was little doubt he was targeting at China as he repeatedly used language that Tokyo had employed in criticising Beijing's behaviour in the region's territorial disputes.

'Movement to consolidate changes to the status quo by aggregating one fait accompli after another can only be strongly condemned,' Mr Abe said in his speech.

On Saturday, Mr Hagel denounced China's 'destabilising, unilateral actions asserting its claims in the South China Sea', at the same forum.

'In recent months, China has undertaken destabilising, unilateral actions asserting its claims in the South China Sea,' Mr Hagel said in his speech.

Not mincing his words, Mr Wang on Sunday hit back at Mr Abe for his veiled comments, saying that 'it is better to be more direct', referring to Mr Hagel's blunt remarks.

Mr Wang, who only got to speak on the last day of the three-day forum, criticised Mr Abe and Mr Hagel for 'taking advantage of speaking first and staged provocative actions and challenges against China'.

'Hagel's speech was full of hegemony, full of words of threat and intimidation. It was a speech to abet destabilising factors to create trouble and make provocations. It was not a constructive speech,' Mr Wang said.

'China has never taken the first step to provoke troubles,' Mr Wang said, referring to territorial and maritime disputes Beijing has with several neighbouring states.

'China has only forced to respond to provocative action by other parties.'

Mr Wang said remarks by Mr Abe and Mr Hagel had gone against the spirit of constructive discussion of the Shangri-La Dialogue.

'Who is actually making provocations and creating trouble and differences? Who is being assertive?' asked Mr Wang.

lingch@sph.com.sg

Singapore top Asian destination for professionals looking to work abroad: Survey

SINGAPORE: Professionals looking to move abroad to pursue career opportunities have identified Singapore as their top destination in Asia, according to a survey of professionals from around the world.

The United States, United Kingdom and Australia continue to head the list as top destinations for professionals looking to work overseas, according to global recruitment firm Hydrogen Group's fifth Global Professionals on the Move report, which was released on Monday (June 2). In Asia, Singapore (7th) came in ahead of Hong Kong (11th) and China (12th).

The results were based on an online survey conducted in November 2013, comprising 2,444 responses from professionals in 99 different countries. The UK contributed 21 per cent of respondents, with the remainder a 'fairly even spread' of countries in Europe, Australasia, North America, Middle East and Asia, according to the Hydrogen Group.

RISING IMPORTANCE OF 'RETURN HOMERS'

The report also highlighted a segment of respondents who categorised themselves as 'return homers'. About 27 per cent of professionals said they had returned home from an international work stint, and 71 per cent of these were aged between 30 and 60 years, it stated.

This demographic is of increasing importance to a number of Asian states, including Singapore, as they see this group of professionals as a means to help develop local economies as well as alleviate the reliance on expatriates, Hydrogen Group said.

Some of the ways governments are trying to entice this group of workers home include offering tax breaks, it added.

'We now have a worldwide talent pool to draw candidates from. The return homers are of particular interest in Asia, where countries are legislating to ensure their local talent is developed, retained and attracted back,' said Mr Simon Walker, Asia-Pacific COO at Hydrogen Group, in a prepared statement.

However, while these 'return homers' are highly coveted, it appears they are also highly mobile.

About 96 per cent of this demographic said they were willing to work abroad again, and many of these were the most willing to work in the emerging BRICS (Brazil, Russia, India, China, and South Africa) markets where there are clear talent shortages, the report stated.