GLOBAL: Bank of
Tokyo-Mitsubishi UFJ (Malaysia) and the Islamic Corporation for the
Development of the Private Sector (ICD), the private sector arm of IDB,
today signed a US$100 million commodity Murabahah agreement, to be
utilized alongside ICD proprietary capital to finance projects in its member
countries. The agreement signifies a crucial milestone for BTMU Malaysia
as it is the first ever financing to be signed by the Japanese bank with
a multilateral international financial entity such as the ICD; and
highlights the growing internationalization of Islamic finance.
“This signing marks another achievement for BTMU Malaysia in expanding
our Islamic financing business. We are committed to work closely with ICD
and support each other especially in the areas of technical assistance
and potential business opportunities. We welcome and look forward to
further opportunities to collaborate with ICD in its effort to support
private initiated economic development projects in its member countries,”
said Naoki Nishida, CEO of BTMU Malaysia.
The landmark agreement, which follows the MoU signed between the two
parties in April under which they have agreed to form a joint strategic
collaboration to tap opportunities in the rapidly growing industry of
Shariah compliant finance, opens up new avenues for scaling up ICD
financing in its member states. It also reflects ICD’s growing global
presence and solid commitment to promote cross-border Islamic investment
as the organization continues to create linkages with non-traditional
markets from the Asia Pacific region.
“Japan has shown growing interest to further develop its Islamic finance
industry with the signing of today’s Murabahah agreement between the ICD
and BTMU Malaysia. We are delighted with this initiative and it has also
cemented our view of Malaysia as the Islamic finance hub from where we
can engage in new relationships with non-traditional partners in the
region,” said Khaled Al Aboodi, CEO of the ICD.
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