The present Summit, the first of its kind to be held in Asia, is evidence of the growing geographical scope of Islamic finance which has emerged from being a niche industry to one that has moved into the financial mainstream. The choice of Singapore as the host for the WIBC’s first Asian Summit marks a further step in the globalization of Islamic finance.
Singapore’s historical role as a bridge in the trade routes linking Arabia, South Asia and South East Asia make it an appropriate venue for such a Summit. Moreover, with its strong infrastructure and reputation for sound and transparent regulation I am sure Singapore will have an increasingly important role to play in the future development of Islamic finance.