liability. this is particularly relevant for asia as industrialisation and infrastructure investments in this region will propel demand for insurance solutions to mitigate construction and project cargo risks. we have established a group of interested lead and follow markets in singapore to offer coverage in these two lines. the markets comprise leading insurers, reinsurers and lloyd ’ s syndicates operating in singapore. we look forward to the industry ’ s active participation in this bold venture. conclusion 29 ladies and gentlemen, insurance is fundamentally about risk management. as the region around us continues to grow, the insurance industry can support this growth and development by creating relevant risk management solutions that can pave the way for a broader range of corporates and investors to participate in its growth. 31 the two strategies of ils and public - private partnerships that i have highlighted earlier mark the metamorphosis of singapore ’ s reinsurance industry as we transform from a mainstream traditional reinsurance hub, to a sophisticated full - fledged global capital for asian risk transfer. 32 i invite you to be a part of this metamorphosis, as we chart new paths together in this journey that singapore is embarking on. 33 thank you very much. 4 / 4 bis central bankers'speeches

heng swee keat : the first shariah - compliant etf in singapore congratulatory remarks by mr heng swee keat, managing director of the monetary authority of singapore, at the launch of daiwa ftse shariah japan 100 etf at sgx centre, singapore, 27 may 2008. * * * president and ceo, daiwa asset management, mr michihito higuchi vice - president and head of listings, singapore exchange, mr lawrence wong distinguished guests ladies and gentlemen, good morning. i am pleased to join you at this ceremony to mark the debut of the daiwa ftse shariah japan 100 exchange traded fund ( etf ), the first shariah - compliant exchange traded fund to be launched in singapore. the daiwa ftse shariah japan 100 etf will provide retail and institutional investors the opportunity to access the japanese capital markets via a shariah - compliant product traded on the singapore exchange ( sgx ). etfs are one of the fastest growing asset classes in the investment funds industry. they aim to track the performance of indices and provide access to a wide variety of markets. as at the end of 2007, global assets managed via etfs are estimated to have increased by 41 % over the previous year to reach about us $ 800 billion while the total number of primary listings has increased by 64 % to 1, 171. there are currently 18 etfs listed on sgx covering regional markets such as the asiapacific and asean, and individual markets such as china, india, south korea, taiwan and japan, as well as alternative investments such as gold and commodities. these provide investors with the opportunity to access key asian markets, to diversify their investment portfolios and to execute their investment strategies. daiwa ’ s ftse shariah japan 100 etf marks a key development for our islamic finance industry. to facilitate the development of this growing industry, over the past few years, we have reviewed and refined our regulatory framework and tax structures. in february this year, the finance minister announced in the budget that a 5 % concessionary tax rate would be granted for income derived from shariah - compliant fund management, lending, and insurance & reinsurance. the tax exemption on income from sukuks that are qualifying debt securities will also be extended to all investors. a few weeks ago, mas announced that it will be developing a facility for the issuance of singapore dollar, sovereign - rated su