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Thursday 29 Oct 2015 - 13:08 Makkah mean time-16-1-1437
Shichito Tobari. Image from Gulf News
Dubai, (IINA) - The Bank of Tokyo-Mitsubishi UFJ (BTMU), the banking arm of Mitsubishi UFJ Financial Group’s (MUFG), has launched Islamic finance business through its Dubai branch based in Dubai International Financial Centre (DIFC), Gulf News reported.
The Islamic window of the DIFC branch is intending to offer a number of Islamic products such as deposits, loans and trade finance solutions, said Shichito Tobari, regional head for the Middle East and general manager of the Dubai branch.
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 bilateral 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 Middle East and North Africa (MENA) 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.
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.
SM/IINA
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