The Monetary Authority of Singapore (MAS) provides guidelines for structured products and also facilitated the issuance of Singapore's first Islamic bonds.
Singapore’s common law system covers the basic securitization structure, with the Monetary Authority of Singapore (MAS) responsible for approval and supervision. MAS has issued guidelines for banks participating in securitization transactions.
Singapore was the first country in Asia, outside of Japan, to introduce a regulatory framework and tax incentive scheme to encourage the listing of real estate investment trusts (REITs). The Property Fund Guidelines relating to the governance of REITS can be found by following the link below.
In June 2005, MAS issued a circular introducing an enhanced tax incentive scheme for approved special purpose vehicles (ASPVs) involved in asset securitization. The circular explains the incentive schemes available to ASPVs in detail.
The Monetary Authority of Singapore (MAS) announced initiatives to develop SGD-rated sukuk to promote the growth of Islamic finance. MAS announced that it was in the final stages of setting up a sukuk (Islamic bond) issuance facility to provide shari'a-compliant regulatory assets to financial institutions. Sukuks issued by the facility will be given equal regulatory treatment as Singapore Government Securities (SGS) and returns will be tied to the risk-free yield of SGS of equivalent tenor. The facility will be open to all financial institutions that are shari'a-compliant. Issuance will be on a reverse enquiry basis where the size and the time of issuance will be according to the needs of the financial institutions. In January 2009, Singapore launched its first Islamic bond program worth a total of SGD200 million.















