Japan’s Bank of Tokyo-Mitsubishi (BTMU) has received permission from the Dubai Financial Services Authority to operate an Islamic window.
The lender is the first Japanese bank to get approval for Islamic finance operations from regulators outside Japan.
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The approval will enable BTMU will provide conventional as well as Islamic financial services to customers through its Dubai branch.
BTMU launched its Dubai Representative Office in 2007 to offer loans, project finances or other related services for customers in the Middle East region.
The Dubai Branch will serve as the lender’s central hub of Islamic finance services in Europe, Middle East and Africa region.
The bank started Islamic finance services in 2008 through its Malaysian subsidiary BTMU Malaysia, following amendment of Ordinance for Enforcement of the Banking Act.
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