BTMU launching Islamic Finance business in Dubai
(2 November 2015 – Japan) Bank of Tokyo-Mitsubishi UFJ (BTMU) has launched its Islamic finance business in Dubai, focussing on sharia-compliant loan syndications, with further plans to offer project financing, the bank said.
The Japanese bank received approval from the Dubai Financial Services Authority in July to operate an Islamic window, which it plans to use as a hub for the wider region, said Shichito Tobari, BTMU's regional head for the Middle East.
BTMU will target commercial loans and trade finance equivalent services, leveraging its existing client base of government-related entities, Tobari said.
"Our intention is to extend finance on a case by case basis and participate in syndications," said Tobari.
In 2008, the bank’s Malaysian unit set up an in-house sharia board and since then has completed sharia-compliant financing deals in across South East Asia.
In September 2014, it became the first Japanese commercial lender to issue sukuk via its Malaysia unit.
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