Islamic Finance is not only confined in Muslim countries now but Non-Muslim countries also getting ample benefits from it.
Dubai – UAE: Japan, the country of lowest interest rate and third largest national economy of the world, has big potential to get better financial positioning in international and regional financial markets by virtue of Islamic Banking and finance which is a missing component of Japanese financial industry, it was stated by renowned Islamic financial expert, Mr. Muhammad Zubair Mughal, the Chief Executive officer, AlHuda Center of Islamic Banking and Economics during his recent participation in Japan Halal Forum in Tokyo and meetings with different stake holders of banking and finance industry in Tokyo.
He mentioned, Islamic finance is now not only confined to Muslim world but non-Muslim countries are also equally benefitting from it, as we have very good examples of USA, South Africa, U.K and many other non-muslim countries, therefore, Japan have a good proposition to expand its financial Mix by entering this niche market which will not only develop financial and economic activities within the country through different unique feature of Islamic Banking and Finance products but also help out to increase their financial ties with other regional financial centers i.e Malaysia, Indonesia, Singapore etc and expand financial vision to Muslim world especially oil rich Muslim states i.e. UAE, Qatar, KSA etc. which will assist to diversified the product mix of Japanese financial industry.
He mentioned that to enter into Islamic financial market is not a new phenomena for Japan financial industry as some of the Japanese Banking and financial companies are already providing Islamic Banking and Takaful ( Islamic Insurance ) services in Malaysia, Middle east and some other countries, even Japan also have experience to issue the Sukuk after the amendment in financial regulatory regime for the facilitation of Islamic financial products which was highly appreciated in international financial industry. Asian Largest Stock Exchange (Tokyo Stock Exchange) can also attract new investor base through Islamic indices and Sukuk listing which would be another milestone for the Japanese Economy.
Zubair Mughal said that AlHuda Center of Islamic Banking and Economics has long term vision to develop Islamic Banking and Finance industry in Japan, at the initial stage, we are offering capacity building services for Japanese banking and Financial market, and pleased to announce different specialized training workshops for Islamic Banking and Finance industry in Tokyo at the end of February, 2015 with the Association of Nippon Asia Halal Association, all these programs will be conducted in Japanese language.
Originally published on www.zawya.com