ISFIN sees rising perspectives in Tokyo as Japan steps into the Islamic markets

TOKYO — Speaking at the IBA's annual conference (International Bar Association) in Japan last week, Prof Laurent Marliere, CEO of ISFIN pointed out the growing commitment of Japan for the Islamic markets. 

Japan is planning to introduce Shari`ah-compliant dealings into its beefy banking system in a bid to attract lucrative Middle Eastern oil money. 

The government-backed Japan Bank for International Cooperation (JBIC) has formed a four-man advisory board of Islamic legal scholars from Saudi Arabia, Malaysia and Pakistan, the Nihon Keizai Shimbun said.

JBIC will also study Islamic-style finance in a tie-up with Sumitomo Mitsui Banking Corp., Mizuho Corporate Bank and Bank of Tokyo-Mitsubishi UFJ, the business daily said, quoting sources close to the plan.

Japan Asia Investment Co has separately set up an advisory panel of Muslim scholars to confirm that the Shari`ah Asian Investment Fund it manages jointly with a US firm for Middle Eastern investors conforms to religious teachings.

The government also intends to take part as an observer in the Islamic Financial Services Board, a Malaysia-based organization set up by Muslim countries.

The aim is to help Japanese private financial institutions enter the Islamic financial market, according to the paper.

The Islamic banking industry, which began almost three decades ago, has made substantial growth and attracted the attention of investors and bankers across the world.

There are an estimated 300 Islamic banks and financial institutions worldwide holding $300 billion in assets predicted to grow to $1,3 trillion by 2015.

Marliere who was speaking to ISFIN partner firms from 70 countries reminded that Japan is the third economy in the world and that the rising sun's giant is about to rise in the Islamic economy, offering numerous opportunities for inbound and outbound investments.

Other speakers to the ISFIN conference included Stephen McGarry (World Services Group), Javier Magnasco (Estudio Beccar Varela), Itzik Amiel, Stefano Padovani (NCTM), Michael Roch (KermaPartners); Etsuaki Yoshida (Japan Bank for International Cooperation), Stephane Karlozcuk, (Arendt & Medernach); Retno Muljosantoso (Soesmadipradja & Taher); Molly Kamar (ISFIN).

ISFIN is the world’s leading platform for professional firms specializing in Islamic Finance, investments from and to the Muslim world and the Halal industry. The alliance covers more than 70 jurisdictions around the world.  ISFIN’s membership is composed of the most innovative and highly regarded independent law firms, audit & accounting firms and real estate companies in their field.

Contact Information:

Laurent Marliere, CEO ISFIN
+(32) 475422149
LM@isfin.net
www.isfin.net