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16 Jul | Tuesday
Bank of Tokyo-Mitsubishi UFJ (Malaysia) Berhad Launches Islamic Financial Products
Bank of Tokyo-Mitsubishi UFJ (Malaysia) Berhad (BTMU) launched four new Islamic Financing products, Istisna' Financing-i (ISF-i), Ijarah Financing-i (IJF-i), Standby Letter of Credit-i (SBLC-i), and Bank Guarantee-i (BG-i), officiated by Mr. Wan Mohd Nazri bin Wan Osman, Director of Islamic Banking and Takaful Department, Bank Negara Malaysia during a ‘Majlis Berbuka Puasa’ held in conjunction with the launch in Kuala Lumpur, today. His Excellency, Mr. Shigeru Nakamura, Ambassador, Embassy of Japan in Malaysia, Mr. Hiroshi Naka, Deputy Director General of International Bureau, Ministry of Finance Japan, and Mr. Masato Nakamura, CEO/President of Bank of Tokyo- Mitsubishi UFJ (Malaysia) Berhad, were also present to witness the launch.

BTMU is the first Japanese bank to offer Islamic financial products and services under its International Currency Business Unit (“ICBU”) that obtained license in 2008 from Bank Negara Malaysia (BNM), and also the first Japanese bank to have an in-house Shariah Committee which consists of prominent Malaysian Shariah scholars. ICBU was setup with the aim to attract business transactions to Malaysia, whilst participating in transactions originating from the Middle East and other regions on Islamic banking business in currencies other than the Malaysian Ringgit.

BTMU also recognises the prospects of Islamic financing and aims to grow BTMU Malaysia as the global hub for Islamic finance within its global operation. This is in support of BNM’s initiative of “Internationalisation of Islamic finance” as announced in “Financial Sector Blueprint 2011-2020”.

Along with the continuous success in supporting the economic ties between Malaysia and Japan for the last 55 years, BTMU’s development in Islamic finance will also contribute to the efforts under the bilateral financial cooperation established between Malaysia and Japan under the “Joint Working Group for Development of Malaysia- Japan Financial Cooperation (JWG)” that signifies commitment of both countries to collaborate in making Islamic finance as an effective tool to deepen the cross-border trade and investment activities.

Steadily gaining recognitions from the industry, BTMU Malaysia managed to close many Islamic Financing (direct lending) deals not only for local Malaysian corporations but also Japanese corporations based in Malaysia, cross-border deals within South- East Asia region and cross-border deal for Gulf Coast Countries (GCC). BTMU’s recent achievement in terms of cross-border deal was initiating the US$170 million Islamic syndicated project finance for Liquefied Natural Gas (LNG) vessel for Brunei Gas Carriers Sdn Bhd in Brunei, which has been awarded with the “Structured Finance Deal of the Year”.

Having successfully offering the murabahah-based financial solutions as one of the main product in the market, the launched of these two new guarantee facilities and two new financing facilities will set another milestone for BTMU in providing alternative and attractive Islamic financing solutions to their customers and to strengthen the economy ties between Malaysia and Japan.
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