The Bank of Tokyo-Japan: BTMU Malaysia Signs MoU with Islamic Corporation for the Development of the Private Sector. Mitsubishi UFJ, Ltd. (BTMU) announced the other day that its subsidiary, Bank of Tokyo-Mitsubishi UFJ (Malaysia) Berhad (BTMUM), has recently signed a Memorandum of Understanding (MOU) with Islamic Corporation for the Development of the Private Sector (ICD) in Tokyo, Japan on April 25, 2014.
ICD, headquartered in Jeddah, Saudi Arabia, is a multilateral organization established in 1999 as a part of Islamic Development Bank (IDB) Group. The mission of ICD is to promote economic development of IDB’s member countries by providing Islamic finacial services to their respective private sectors.
In 2008, BTMUM obtained an approval from Bank Negara Malaysia for its International Currency Business Unit to conduct Islamic banking business in any currencies other than Malaysian Ringgit. Being the only Japanese bank with its own in-house Shariah Committee, BTMUM is dedicated to provide Islamic financial services. Shariah committee is formed by a team of Shariah scholars who provide Shariah compliance supervision and advisory on Islamic financial transactions.
With the signing of this MOU, BTMU and BTMUM intend to further contribute to the development of Islamic finance and would strive to provide stronger support to customers’ demands for Islamic financial services not only in Malaysia but also in other Asian and Middle East countries.