Islamic Banking

Islamic Finance Country Report 2025: Singapore

Singapore’s Islamic finance ecosystem is undergoing a dynamic transformation, propelled by ground-up initiatives, strategic innovation, and cross-sector collaboration. In 2024, the industry achieved significant milestones, including the second Singapore Islamic Finance Forum (SIFF), which established five key resolutions to enhance talent development, regulatory collaboration, public literacy, Shariah governance, and the prioritization of Shariah-compliant products.

With 11 new product launches in 2024 spanning banking, asset management, and fintech, institutions like Maybank Singapore and innovative platforms such as RizqX and GivingFridays.com have redefined financial solutions tailored to the modern Muslim community. Looking ahead, 2025 promises an even brighter horizon, with 9 products in the pipeline, the establishment of the Singapore Islamic College, and the Johor-Singapore Special Economic Zone (SEZ) set to enhance regional collaboration.

This report captures the achievements of 24 key players, showcasing how Singapore’s Islamic finance sector laid a strong foundation in 2024 to emerge as a regional hub of innovation, inclusivity, and sustainability in 2025 and beyond.

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IFSG Writers December 19, 2024
Singapore Islamic Finance Country Report 2024

Islamic Finance and Banking in Singapore: Country Report 2024

Singapore, famed for its ingenuity and perseverance in the face of shortage, has maintained its success trajectory in 2023. Sustained prosperity in the country has been attributed to its strategic focus on developing a highly qualified workforce, promoting a vibrant digital economy, preserving top-notch infrastructure and sustaining a strong regulatory framework. On the other hand, the Islamic finance industry, which has been largely founded on the efforts of private citizens and organizations, might seem young. Nonetheless, 2023 established the framework necessary for the success of creative Islamic financing projects. In the upcoming year, these programs aim to establish stronger foundations, promoting increased collaboration and growth.

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Muhammad Ridhwaan Bin Muhammad Radzi December 14, 2023