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Aug. 28, 2004 / 11:45 AM

Singapore seeks closer Arab financial ties

SINGAPORE, Aug. 28 (UPI) -- Singapore announced Saturday a drive to become an Islamic financial center with close links to the Middle East.

Senior Minister Goh Chok Tong, noting Islamic law forbids charging interest, said Singapore already has a major banking and fund management industry, backed by government support, the Singapore Business Times reported.

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The republic's central bank is reviewing local regulations to see if there are any impediments to the spread of Islamic-style financial services in the city state.

"I want to enlarge our economic space into the Middle East. One way to do this is to build up expertise to manage Arab wealth," Goh said.

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Goh Chok Tong

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