Many of these Middle Eastern banks service Islamic financing needs. Singapore welcomes more banks from the Middle East to set up here and to partner us in the growth of our financial centre. Beyond Middle Eastern banks, we have also seen international banks such as Citigroup and Standard Chartered introduce Islamic finance and murabaha products from Singapore. More financial institutions are using Singapore as a launch pad for innovative new Islamic products. Singapore will continue to co-operate with market participants and other countries like Malaysia, Indonesia, Bahrain, Kuwait and the UAE on the development of Islamic finance. Integration of Awqaf into Islamic finance Let me now turn to waqf. Historically, the revenue generated in waqf has been applied to traditional uses like maintenance of religious buildings. But this is changing. Proceeds from the estates are now used to contribute more widely to society. Rules governing the administration of waqf have become increasingly progressive. In Kuwait and Qatar, revenue from waqf has been used to build hospitals, universities and commercial and office complexes. Townships have even been built in Morocco. Such innovative financial uses help to unlock the economic potential of waqf. In Singapore, we have the example of an integrated mixed-development at Bencoolen Street, comprising a mosque, service apartments and a commercial complex. This was made possible through the innovative financing solution provided by the launch of the musyarakah bond. MUIS, which administers a number of waqf, has also made use of the proceeds to fund Islamic education.
This was the reason why Singapore had initiated the Asia-Middle East Dialogue (AMED). AMED would help to share developmental experience, promote greater understanding and serve as a bridge between the two regions. Before stepping down as Prime Minister, I stepped up Singapore's relations with the Middle East, and continue to do so in my present capacity. In the past three years, I have visited almost all the Middle Eastern and the Maghreb countries – Egypt, Algeria, Jordan, the Gulf States, Iran, Israel and the Palestinian Territories – to name a few. Trade and investment between Singapore and the Middle East have shot up. To date, Singapore companies have secured more than $ billion worth of projects. Funds from the Middle East managed in Singapore have increased to around $ billion. But there is room for greater growth. I have started a second round of visits to the Middle East, beginning with Abu Dhabi this year. I want to further strengthen Singapore's relations with them. Let me now turn to the theme of today's conference – integrating awqaf into the Islamic financial sector. I have dealt at some length on relations between Asia and the Middle East because I wanted to put this conference in a larger context. The evolution of awqaf and Islamic finance is in a sense about how Muslims are adapting traditional concepts to modern living and how Islamic finance is moving out of the Middle East into the rest of the world.