What is in Singapore an Islamic bank without interest ?
In Singapore, an Islamic bank without interest is defined by a MAS-regulated bank that offers banking services fully compliant with Shariah, meaning it does not lend or price money at interest (Riba); instead, it intermediates using real-economy, asset-backed contracts—such as murabaha (cost-plus sale), ijara (leasing), musharakah (partnership) and mudarabah (profit-sharing).
To operate in Singapore, such a bank maintains a Shariah Supervisory Board, internal Shariah compliance and audit, and transparent product documentation aligned with local law and tax rules.
For Singapore’s local Muslim community, this is crucial because it enables religiously compliant participation in everyday finance—paychecks, savings, mortgages, car financing, SME growth—without compromising faith.
In Singapore, an Islamic bank without Riba broadens financial inclusion for Muslim households and micro-businesses, channels community savings into real-economy halal activity, and supports social finance linkages (e.g., zakat and waqf integration, affordable housing initiatives).
Can a non-Muslim use the services of an Islamic bank in Singapore ?
Yes, absolutely. In Singapore — as in most countries — Islamic banks are open to both Muslims and non-Muslims; their products are designed in line with Shariah principles (avoiding interest, speculation, and financing non-permissible activities), but they are still regulated under Singapore’s financial laws and overseen by the Monetary Authority of Singapore (MAS).
Which Islamic banks have a presence in Singapore ?
Here are some Islamic / participatory banks / Islamic-banking services with a presence in Singapore:
Islamic Banks / Islamic Banking Providers in Singapore
- Maybank Singapore — offers Islamic products via Maybank Islamic. maybank2u.com.sg
- CIMB Islamic (CIMB Bank Singapore) — provides Shariah-compliant savings accounts, deposits etc. in Singapore. cimbislamic.com
- Ascent Islamic — a Singapore-based Islamic financial advisory / services provider.
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