Mitsubishi UFJ Financial Group Launches Islamic Finance Business in UAE - Rawan For Media Artistic and Productio
DIFC branch-based Islamic window to offer financial services across Europe, Middle East and Africa (EMEA)
Mitsubishi
UFJ Financial Group’s (MUFG) banking arm, the Bank of Tokyo-Mitsubishi
UFJ (BTMU) has launched Islamic finance business through its Dubai
branch based in Dubai International Financial Centre (DIFC).
The
Islamic window of the DIFC branch is intending to offer a number of
Islamic products such as deposits, loans and trade finance solutions,
Shichito Tobari, Regional Head for the Middle East and General Manager
of the Dubai branch told Gulf News.
MUFG’s
Islamic Window is intends to offer Islamic finance solutions for its
existing customers and new customers across Europe, Middle East and
Africa (EMEA) from its DIFC branch.
“We
are the first Japanese bank in the region to offer Islamic finance
solutions from our branch located in the region. With our presence on
the ground, we expect to reach to a significant number of customers,”
said Tobari.
On
the lending side of the business, the bank has plans to offer both
bi-lateral loans and is keen on participating in syndication deals as
opportunities arise. The bank said it believes, Islamic finance offers
big growth opportunities.
“This
launch reflects the size of the Islamic finance industry in Mena
[Middle East and North Africa] and the fact it is an area of finance
that is growing much faster than conventional financial services.
Introducing an Islamic Finance proposition in the Middle East made sense
as it ensures proximity to our clients in the EMEA region, who are
increasingly requesting these products,” said Tobari.
As
one of the largest global banking groups with total assets of
approximately $2.4 trillion (Dh8.8 trillion), MUFG’s Islamic window is
not limited to one market or limited in size. The launch of Islamic
finance business through its DIFC branch, according to Tobari is a
continuation of its presence in the Middle East where it has been active
for nearly 90 years and of its tradition of leading the way in Islamic
finance since 2008 started in Malaysia.
“This
latest move demonstrates MUFG’s commitment to both EMEA and the Islamic
Finance sector where we see great growth potential. It will also help
towards establishing Dubai as one of the leading global hubs for the
Islamic economy and MUFG’s robust balance sheet enables us to have a
strong and stable presence in this market,” he said.
MUFG’s
EMEA Islamic window has a prestigious Sharia Supervisory Board
comprising of Dr. Nizam Yaqubi, chairman of BTMU Sharia Supervisory
Board; Dr Mohammad Ali Elgari, is a professor of Islamic Economics and
is an expert at the Islamic Jurisprudence Academy (OIC), Jeddah and Dr
Mohammad Abdul Rahim Sultan Al Olama, is a professor of Islamic
jurisprudence at the Sharia faculty of the United Arab Emirates
University in Al Ain and an acknowledged expert in Sharia compliant
finance.
By Gulf News
Mitsubishi
UFJ Financial Group’s (MUFG) banking arm, the Bank of Tokyo-Mitsubishi
UFJ (BTMU) has launched Islamic finance business through its Dubai
branch based in Dubai International Financial Centre (DIFC).
The
Islamic window of the DIFC branch is intending to offer a number of
Islamic products such as deposits, loans and trade finance solutions,
Shichito Tobari, Regional Head for the Middle East and General Manager
of the Dubai branch told Gulf News.
MUFG’s
Islamic Window is intends to offer Islamic finance solutions for its
existing customers and new customers across Europe, Middle East and
Africa (EMEA) from its DIFC branch.
“We
are the first Japanese bank in the region to offer Islamic finance
solutions from our branch located in the region. With our presence on
the ground, we expect to reach to a significant number of customers,”
said Tobari.
On
the lending side of the business, the bank has plans to offer both
bi-lateral loans and is keen on participating in syndication deals as
opportunities arise. The bank said it believes, Islamic finance offers
big growth opportunities.
“This
launch reflects the size of the Islamic finance industry in Mena
[Middle East and North Africa] and the fact it is an area of finance
that is growing much faster than conventional financial services.
Introducing an Islamic Finance proposition in the Middle East made sense
as it ensures proximity to our clients in the EMEA region, who are
increasingly requesting these products,” said Tobari.
As
one of the largest global banking groups with total assets of
approximately $2.4 trillion (Dh8.8 trillion), MUFG’s Islamic window is
not limited to one market or limited in size. The launch of Islamic
finance business through its DIFC branch, according to Tobari is a
continuation of its presence in the Middle East where it has been active
for nearly 90 years and of its tradition of leading the way in Islamic
finance since 2008 started in Malaysia.
“This
latest move demonstrates MUFG’s commitment to both EMEA and the Islamic
Finance sector where we see great growth potential. It will also help
towards establishing Dubai as one of the leading global hubs for the
Islamic economy and MUFG’s robust balance sheet enables us to have a
strong and stable presence in this market,” he said.
MUFG’s
EMEA Islamic window has a prestigious Sharia Supervisory Board
comprising of Dr. Nizam Yaqubi, chairman of BTMU Sharia Supervisory
Board; Dr Mohammad Ali Elgari, is a professor of Islamic Economics and
is an expert at the Islamic Jurisprudence Academy (OIC), Jeddah and Dr
Mohammad Abdul Rahim Sultan Al Olama, is a professor of Islamic
jurisprudence at the Sharia faculty of the United Arab Emirates
University in Al Ain and an acknowledged expert in Sharia compliant
finance.
By Gulf News
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