[Why Singapore] Singapore poised to become offshore Islamic wealth hub in next five years: panel

SINGAPORE is well-poised to become a global hub for offshore Islamic wealth within the next five years, with increasing investment interest in Islamic finance products and services, said industry players at Maybank’s Invest Asean 2023 conference on Wednesday (Jun 21).

At the event, panellists from wealth management, Islamic finance and trust companies observed that Islamic wealth assets are growing at the same pace as conventional wealth.

In particular, offshore Islamic wealth is growing, offering great opportunities for financial players in South-east Asia, they said.

Maybank Singapore group head of wealth management and community financial services Alvin Lee said global financial data showed that the world economy’s centre of gravity is shifting from the western hemisphere to the Asia-Pacific.

Asia-Pacific accounts for 30 per cent of global high-net-worth individuals’ (HNWIs) wealth, with rising middle-class wealth also supporting the region’s wealth growth, he said. In South-east Asia itself, there is a similar trend of growing wealth from HNWIs and the middle income.

Meanwhile, global investor attention has shifted to alternative and purpose-driven investments such as sustainable investments, digital assets and Islamic wealth.

Source: https://www.businesstimes.com.sg/international/asean/singapore-poised-become-offshore-islamic-wealth-hub-next-five-years-panel