http://www.kuna.net.kw/Home/Story.aspx?Language=en&DSNO=947426
ECO-JAPAN-ISLAMIC FINANCE Islamic finance drawing attention in Japan By Miyoko Ishigami (with photo) TOKYO, Jan 30 (KUNA) -- Islamic finance has been gaining attention here given that there is the opportunity for Japan to attract funds from oil-rich Gulf states, estimated to be worth over USD 2 trillion. Nationwide broadcaster TV Tokyo aired a special report about Islamic finance featuring Kuwaiti Ambassador to Japan Ghassan Al-Zawawi, who played an active role in realizing Japan's first major seminar on the issue. "Islamic finance has a broader market and deeper history," Al-Zawawi said in an interview televised on Monday, adding that international conflicts after the 9/11 attacks has also impacted on the migration of the petro-dollars to this interest-free banking. Last week, Tokyo hosted the international seminar, which was designed to create awareness of Islamic finance among Japanese government agencies and firms. The two-day forum drew nearly 300 people including policymakers, banking regulators, commercial bankers, investors, economists, researchers as well as those involved in Islamic banking in the Middle East and Asia. Al-Zawawi spoke highly of Japan's strong interest in Islamic finance which stems from various institutions, while urging the Kuwaiti Islamic banking industry, as a market leader in this industry, to build relations with Japanese players. With half of the world's Muslim population living in the Asia-Pacific region, the Japanese Islamic banking market has the potential for long-term growth. The forum was co-sponsored by the government-backed Japan Bank for International Cooperation (JBIC) and the Islamic Financial Services Board (IFSB), a Malaysia-based organization set up by Muslim countries, of which Kuwait's central bank is a founding member. It was the first such seminar organized by the IFSB in the G8 major countries; Japan, US, Britain, Canada, France, Germany, Italy, and Russia. Japan will be the first state within the G8 to issue Islamic bonds, known as Sukuk. JBIC Director General Takeshi Maeda told Kuwait News Agency (KUNA) that Islamic finance has drawn increasing attention here since last summer, when British business daily reported his bank would issue Sukuk. According to Maeda, JBIC plans to issue up to USD 500 million worth of Sukuk in Malaysia later this year, becoming the first Japanese lender to issue bonds managed by rules in accordance with Islamic Shari'ah. While forming an advisory board of Islamic legal scholars, JBIC also set up last year a joint panel with three Japanese megabanks -- Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corp., and Mizuho Corporate Bank -- to study Islamic financial practices. In a related move, the three banks are scheduled to open offices in Dubai in coming months as part of their efforts to gain more understanding about the Islamic banking industry. Islamic financing is based on Shari'ah, or Islamic law, which prohibits charging or paying interest. Instead, there are schemes for partnerships in trade in goods and services, direct investment, and renting as well as profit sharing. Shari'ah also bans financing businesses related to alcohol, pork, gambling, and weapons. With its assets worth more than USD 300 billion and annual growth exceeding 15 percent, the Islamic financial service industry promises great potential, according to the IFSB.(end) mk. wsa KUNA 301306 Jan 07NNNN +++ -------------------------- Want to discuss this topic? 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