It has been stated by the Trade and Industry Minister, Lim Hung Kiang that the Islamic finance sector is likely to expand at double the pace of the conservative banking. It is also expected that it will also cross the US$1 trillion mark in total possessions, this year.

The Minister has given this statement at the launch of the inaugural World Islamic Banking Conference Asia Summit in Singapore on Monday. According to experts, the popularity of Islamic banking is increasing, as more investors take to ethical investments.

The global financial crisis strike many conventional banks. The Islamic financial sectors also experienced the fallout. But according to Singapore, the general outlook for Islamic finance remains optimistic.

"Due to its widening acceptance and its appeal as a means for ethical investment, the industry is expected to continue growing at twice the pace of its conventional counterpart,” said Mr. Lim, the Deputy Chairman of the Monetary Authority of Singapore.

Mr. Lim also said, as a financial hub Singapore is ready to help encourage Islamic finance. The Middle East and Asia can accompaniment each other's progress and discover new development areas for common benefit. The United Arab Emirates (UAE) markets could also tapped by Singapore, as their banking sector saw entire asset over liabilities grow 4.2 % to over US$410 billion last year.