May 7 (Bloomberg) -- The Monetary Authority of Singapore issued new Islamic finance regulations to boost the industry, betting demand will grow as investors seek alternative assets.

There’s still interest in bonds and other products that comply with Muslim Shariah law amid the global financial crisis, the central bank’s Managing Director Heng Swee Keat said in an interview in Singapore yesterday. The city state will maintain its regulation standards as it grows its Islamic finance market, he said.

“Maintaining a very high standard of regulation is a very important part of this whole development effort,” Heng said. “It’s undesirable to pull the shoots to get it to grow faster. It has to be organic.”

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