Bank of Tokyo-Mitsubishi UFJ has secured an Islamic financial business endorsement to operate an Islamic Window from the Dubai Financial Services Agency. Th permission has enabled the bank’s Dubai branch to offer both conventional and Islamic financial services to customers. This is the first ever case of a Japanese bank obtaining approval of an Islamic finance business from regulators outside Japan. Islamic finance has been growing rapidly across the globe amongst Muslim and non-Muslim customers, along with the development of related products or services. BTMU commenced its Islamic finance services in 2008 through its Malaysian subsidiary, the Bank of Tokyo-Mitsubishi UFJ, Berhad (BTMU Malaysia). Since then, the Bank has accumulated various skill sets and expertise regarding Islamic finance services such as deposits and loans. BTMU opened its Dubai representative office in 2007, consistently providing loans, project finances or other related services for customers in the Middle East region. The Dubai branch, leveraging the experience in BTMU Malaysia, will be the bank’s central hub of Islamic finance services in Europe, Middle East and Africa region.
