IslamicFinance.de

The Bank of Tokyo-Mitsubishi UFJ (BTMU) hopes to expand its Islamic finance business across Asia and the Gulf, buoyed by a landmark multi-currency sukuk programme set up in Malaysia. BTMU, part of the Mitsubishi UFJ Financial Group, set up its sukuk programme in June. The programme will allow its wholly-owned Malaysian unit, BTMU Malaysia Berhard, to raise the equivalent of $500 million via sukuk with tenors of up to 10 years. It provides an alternative funding source for BTMU Malaysia to manage its liquidity to match increasing and growing exposures in multi-currency sharia-compliant financing. No timeframe was given for the first transaction, although the bank is increasingly active in the Islamic capital market.