and finance 12. as we have seen in recent times, financial centres are important nodes in ensuring that the world economy continues to function well. they need to be responsive to the dynamic market place in order to perform their critical roles to sustain growth by ensuring that capital is channeled to the most productive uses. 13. singapore as a vibrant and cosmopolitan global city is well - positioned for businesses to connect to asia and international markets. over time, we have established the necessary infrastructure, global connectivity and pool of expertise with the requisite knowledge, understanding and experience of local conditions in asia that can add value to companies entering the region. 14. as a financial centre offering a full suite of financial services, singapore stands ready to play a wider developmental role in promoting islamic finance in response to rising regional demand for shariah - compliant products and services. mas has worked closely with the industry and other government agencies to ensure a levelplaying field between islamic and conventional finance such that islamic finance is not disadvantaged for tax and regulatory purposes where the economic substance and risks are similar. 15. many market players are already leveraging on singapore ’ s strengths and capabilities to raise capital, create infrastructure and real estate funds and conduct wealth and asset management activities. for instance, the islamic development bank and city development ltd have tapped our capital markets to raise shariah - compliant singaporedollar funding. another notable development is the joint venture by singapore ’ s keppel t & t and saudi arabia ’ s al rajhi group to create the world ’ s first shariah - compliant data centre fund. last week, the fund managed to secure an initial us $ 100 million from institutional investors in asia and middle east. we also understand that various market players are in the midst of preparations to launch and list islamic real estate investment trusts ( reits ), which will further boost singapore ’ s position as the largest reit market in asia ex - japan. 16. in talent development, several credible players have initiated training courses and programmes to enhance the financial sector ’ s capabilities in islamic finance. for example, the singapore management university has started an international islamic law & finance centre to promote high - quality research, training and professional education. such efforts will further support the growth and innovation of islamic finance in the region. conclusion 17. i am therefore pleased to launch the inaugural wibc asia summit today. such events serve to bring industry leaders together to explore and create business partnerships to capitalize on new opportunities in the middle east and asia.

lim hng kiang : seeking new growth horizons opening address by mr lim hng kiang, minister for trade and industry and deputy chairman of the monetary authority of singapore, at the 1st annual world islamic banking conference : asia summit 2010, singapore, 14 june 2010. * * * h. e. governor rasheed mohammed al maraj, central bank of bahrain, h. e. governor sultan bin nasser al suwaidi, central bank of the united arab emirates, distinguished guests, ladies and gentlemen introduction 1. good morning and a warm welcome to our overseas guests. first of all, let me thank governor rasheed and governor sultan for joining us at this inaugural world islamic banking conference : asia summit ( wibc asia ). your presence here today is testimony to the strong and long - standing ties that singapore enjoys with the gulf cooperation council ( gcc ) countries and warm relationships between mas and your respective central banks. 2. the world islamic banking conference has been held successfully in bahrain for the past sixteen years. we are honoured that wibc asia is now anchored in singapore. we hope that the summit will become an important event on the islamic finance calendar over time and catalyse even greater engagement between the middle east and asia. hence, the theme : “ seeking new growth horizons ” is highly appropriate for this inaugural summit. strengthening asia - middle east engagement 3. uncertainty and fear from the financial crisis have abated somewhat, but risks still remain. global economic output had begun to pick up from the second quarter of 2009. the pace of recovery however varies across regions. though global conditions have improved, recent developments in europe have once again unsettled financial markets as doubts have arisen over the fiscal sustainability of several countries in the euro zone. these episodic concerns serve as broad reminders that the world economy still faces serious challenges as governments, financial institutions and corporations adjust to the new realities of greater prudence, tighter market conditions and lower tolerance for weak governance and excessive leverage. 4. in asia, economic growth has rebounded strongly above pre - crisis levels and become more broad - based. fundamentals in asia continue to be strong, boosted by robust domestic demand, healthy balance sheets and strong resurgence in intra - regional trade. according to the international monetary fund ( imf ), asia is expected to grow by an average of 7. 1 % in 2010 and 2011, up from 3. 4 % in 2009. having reformed and restructured their economies following the asian crisis a decade