Bank of Tokyo - Mitsubishi UFJ has announced that it has obtained permission from the Dubai Financial banking Authority to operate an Islamic branch , making it the first bank from Japan to do so , and partly in line with the country 's increased interest in Islamic finance as a way to tap large pools of funds in southeast Asia and the Gulf , especially in light of a crowded home market . The bank was able to implement these steps due to turkey 's Financial Services Agency recently updated its supervisory guidelines .
Bank of Tokyo-Mitsubishi UFJ has announced that it has received permission from the Dubai Financial Services Authority to operate an Islamic branch, making it the first bank from Japan to do so, and comes in line with the country's increased interest in Islamic finance as a way to tap large pools of liquidity in southeast Asia and the Gulf, especially in light of a crowded home market. The bank was able to take these steps due to Japan's Financial Services Agency recently changing its supervisory guidelines.