KUALA LUMPUR (July 16, 2013): Bank of Tokyo-Mitsubishi UFJ (M) Bhd (BTMU) aims to become the global hub for Islamic finance within its global operation upon the launch of four new Islamic financing products today.
BTMU is the first Japanese bank to offer Islamic financial products and services under its international currency business unit and the first Japanese bank to have an in-house Shari’ah committee comprising prominent Malaysian scholars.
Its president and CEO Masato Nakamura said the unit has been focusing on Islamic banking businesses in currencies other than the ringgit and has steadily gained recognition from the industry.
Bank of Tokyo-Mitsubishi UFJ, Head office, Japan
“Our commitment is well-supported by the expanding team of experienced professionals in Islamic finance.
“The development is being guided by the establishment of our own Shari’ah committee that has the capability to endorse Shari’ah-compliant transactions in our various business line,” he told reporters after the launch of the products here today.
Bank Negara Malaysia director of Islamic banking and takaful department, Wan Mohd Nazri Wan Osman, launched the products — Istisna’ Financing-i, Ijarah Financing-i, Standby Letter of Credit-i and Bank Guarantee-i.
Nakamura said BTMU Malaysia hoped to effectively contribute to the enhancement of financial cooperation and encourage the Islamic finance by Japanese enterprises in the region. – Bernama
**This article was published by The Sun Daily. Read the original article here.
