Mohammed Dawood – Japan’s Financial Services Agency is right to promote the growth of its Shariah-compliant finance sector.
Japan’s Financial Services Agency has given the green light for banks to move into Islamic financing.
The Japanese supervisory body has allowed banks under its watch to engage in so-called Islamic finance at their overseas branches starting this month. It was previously allowed only at their subsidiaries.
Acting early will further secure Japan’s rightful place as a leading financial market in a fast evolving global system. It will also strengthen links with the Middle East and Southeast Asia — two of Japan’s fastest growing export markets.
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By Mohammed Dawood is global head of Sukuk Financing at HSBC Bank Middle East and has worked in Islamic finance for the past 15 years.