Islamic Finance in Singapore.

Singapore's qualities are similar to London's. It has experience as an international financial hub, and therefore plenty of talent that other emerging centers lack.

The city-state is throwing its support behind Islamic finance, changing the tax structure to benefit Sharia-compliant financing. It also licensed its first Islamic bank last year, the Islamic Bank of Asia.

Its main rival in the region is Malaysia, which may not have the same talent pool, but which has much more experience nurturing and regulating Islamic finance.

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