Bank of Tokyo-Mitsubishi UFJ (BTMU) has opened an Islamic finance business in Dubai, to focus on sharia-compliant loan syndications along with plans to later offer project financing. The bank said it would open a branch office there next year and that the first projects will be for small businesses such as bakeries or food stalls.
Bank of Tokyo-Mitsubishi UFJ (BTMU) has opened an Islamic finance business in Dubai, to focus on sharia-compliant loan syndications along with plans to later offer project financing. A growing number of large banks from Japan and China are increasingly interested in Islamic finance as a way to tap large pools of liquidity in the Gulf and southeast Asia.