Bank of Tokyo-Mitsubishi UFJ Dubai Branch obtains Islamic Finance license

Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) obtained an Islamic Financial Business endorsement to operate an Islamic Window from the Dubai Financial Services Agency on 8 July, 2015. This approval has enabled its Dubai Branch to offer both conventional and Islamic financial services to customers. BTMU commenced its Islamic finance services in 2008 through its Malaysian subsidiary. 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 (now Dubai Branch) in 2007. It will be the Bank’s central hub of Islamic finance services in Europe, Middle East and Africa region.

Seeking sukuk success

Like all financial services, Islamic finance needs an appropriate supervisory framework and legislation is often the first step towards opening a new market. Financial institutions also need to ensure they have sufficient shariah expertise and advice to develop appropriate products. Three factors are driving the market’s growth. First, it is becoming part of normal retail and corporate banking in core Islamic countries, such as Saudi Arabia. Second, its growth appeals to other markets, particularly in the Muslim world. The third driver is innovation. In the end, greater availability of sukuk offers more choice to companies and investors and allows issuers to offer products tailored to specific needs.

Allianz has seen robust performance in Muslim markets

Allianz Indonesia grew by 8.5 % and is the fourth biggest life insurer in the country. In 2008 the MENA region has proven to be one of Allianz's growth powerhouses. Revenues from the region grew to 2.4 billion euros, an increase of 40 percent from last year. In Asia Pacific Property and casualty business (P&C) remains growth driver, unique opportunities to strengthen distribution.

Allianz offers conventional and Islamic coverage.

Syndicate content