Ravi Menon: An economic history of Singapore – 1965–2065 Keynote address by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the Singapore Economic Review Conference 2015, Singapore, 5 August 2015. *  *  *  It is always wise to look ahead but difficult to look further than you can see” – Winston Churchill. Everything about the future said here is pure imagination. It does not represent in any way a forecast or projection by MAS or by me. My intention is merely to paint a plausible scenario for Singapore. I can only be sure that someone reading this in 2065 will view it as totally lacking in imagination or realism or both. Professor Euston Quah, ladies and gentlemen, good morning. This year, Singapore celebrates 100 years as an independent nation. The Global-Asian Economic Review, or GAER, is relatively young, at 25 years old. But the GAER comes from a long tradition that goes back to the very beginnings of Singapore. •  It began life as the Malayan Economic Review in 1956, was renamed the Singapore Economic Review in 1969, and took new birth as the Global-Asian Economic Review in 2040. •  As the leading journal on economic issues that lie at the intersection of the world and Asia, the GAER’s evolution has mirrored that of Singapore itself – starting life as part of Malaya, becoming independent, and then expanding its vision to become a Global-Asian entity limited neither by geography nor history.
Ravi Menon: Islamic finance – continued growth Remarks by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the 5th World Islamic Banking Conference Asia Summit, Singapore, 3 June 2014. *  *  *  Distinguished guests, ladies and gentlemen, good morning. And to all our foreign guests, a warm welcome to Singapore. The sun is shining on Islamic finance. Let me highlight three promising global developments. First, Islamic finance continues to grow rapidly. The industry grew at double digits last year, as it has for the previous five years, despite global economic uncertainties and market volatility. Global Islamic financial assets are estimated to have reached $ trillion by the end of 2013, from $ trillion in 2012. Second, global regulatory standards and best practices are being established for Islamic finance. The Islamic Financial Services Board (IFSB), the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), and the International Islamic Financial Markets (IIFM) have been at the forefront of this effort, helping to narrow differences in market practices and regulatory treatment. Common standards are good for facilitating cross border transactions. They help to address risks that are idiosyncratic to Islamic finance, such as Shariah non-compliance risk. In so doing, these standards serve to bolster confidence in the safety and soundness of the Islamic finance industry. Third, more countries are catering for Islamic finance. In Asia, Indonesia has set out to significantly grow its Islamic banking sector and develop its Islamic capital markets.