Financial advices for Forex

Bank of tokyo mitsubishi ufj opens islamic finance business in dubai


Oct 29 Japan's Bank of Tokyo-Mitsubishi UFJ (BTMU) has launched its Islamic finance business in Dubai, to focus on sharia-compliant loan syndications with later plans to offer project financing, a bank official said. Large Asian lenders from China to Japan are increasingly interested in Islamic finance as a way to tap large pools of liquidity in southeast Asia and the Gulf. In July, BTMU received approval from the Dubai Financial Services Authority to operate an Islamic window, which it plans to use as a hub for the wider region, said Shichito Tobari, BTMU's regional head for the Middle East. Islamic windows allow conventional banks to conduct Islamic finance by segregating assets from conventional interest-bearing funds, an approach popularised by Western banks such as HSBC and Standard Chartered.

BTMU will initially target commercial loans and trade finance equivalent services, leveraging its existing client base of government-related entities, Tobari said."Our intention is to extend finance on a case by case basis and participate in syndications," said Tobari, adding that BTMU could extend between $50 million to $200 million in financing as part of those transactions. A growing role in Islamic finance of Japanese lenders, traditional heavyweights in project financing, coincides with an industry push to facilitate large-scale infrastructure deals.

BTMU is the banking arm of Mitsubishi UFJ Financial Group, which has $2.4 trillion in assets."The next step is to expand the product line to ijara and istisna. The first half of 2016 is a target to deliver this."

Ijara is a common sharia-compliant sale and lease-back contract, while istisna is a manufacturing contract in which a price is paid for goods that are subsequently manufactured and delivered at a later date. In 2008, BTMU's Malaysia unit set up an in-house sharia board and since then has completed sharia-compliant financing deals in Malaysia, Singapore, Brunei and Indonesia. In September last year, BTMU became the first Japanese commercial bank to issue sukuk via its Malaysia unit.

Learning The Value Of Money


This article describes how my father taught me the value of money and at the same time also showed me how to reach and attain the goals I had in my life.

I have a friend called Peter and for his seventeenth birthday his parents bought him a very impressive car which would have cost them around Ј2000. He was very happy and showed off this car to all of his friends including myself. At this stage he was unable to even drive, however it was still a great present to receive.

Peter lived a couple of doors away from me and I showed my father the car and stated that I would love a car for my seventeenth birthday which was only three weeks away. He responded with words like, I bet you would. Despite this remark I felt sure that he would purchase a car for me as he certainly could have afforded to, in my opinion anyway.

My birthday arrived but no car was presented to me, the main present I received was a pair of trainers. I must admit even though I now feel embarrassed to say it, that I was quite disappointed.

Around eight months later, I managed to pass my driving test and my father was very pleased and congratulated me on my success. I told him that I was very happy, however, what was the point of passing my test if I had no car to drive. He seemed to agree but two months later he still had not bought me a car.

It was now nearing my eighteenth birthday and my father asked me what I would like for my birthday. He explained that your eighteenth is a special birthday and that he would be spending slightly more on me this year. I told him that I would like a car and he started laughing. Despit this I felt sure that he would oblige.

My birthday arrived and yet again no car, the main present I received was a watch, a very nice watch I must add but again I was disappointed.

I waited a further two months and then decided to use the head on approach. I went to talk to my father and told him that I needed a car. He agreed so I asked him, so what are we going to do then? If you want a car, go and buy a car, he responded. I pointed out to him that I was spending per week more than I was earning, socialising, buying clothes etc. He stated that I really wanted a car that I would make sacrifices to get it but also stated that whatever I saved he would match.

This very much annoyed me at the time, but something I am now grateful for as it has taught me that if you want something, you have to work hard and make sacrifices to obtain it.