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GLOBAL: Following a
landmark agreement signed last month with Bank of Tokyo-Mitsubishi
(Malaysia) (BTMU Malaysia), IDB’s Islamic Corporation for the Development
of the Private Sector (ICD) continues to forge ahead in its efforts to
create linkages with non-traditional markets, particularly Japan, with
its latest partnership with Japan International Corporation Agency
(JICA).
Formalizing their collaboration through an MoU, ICD and JICA will work
towards establishing a platform for international dialogue on Shariah
compliant finance as a potential tool for inclusive and sustainable
growth, aligned with their overarching goal of supporting the development
of the Islamic finance money market and international capital market for
the countries of common interest. To put things into motion, ICD and JICA
will begin by jointly providing technical assistance on Sukuk issuance.
“We are glad to sign the MoU with the IDB Group in the field of Islamic
finance following the one signed for the Palestine Assistance. Partnering
with the ICD, we are ready to utilize Islamic finance for inclusive and
sustainable growth for the ICD’s member countries,” shared Kunio Okamura,
JICA’s senior special advisor.
This historic agreement not only marks the increasing global focus on
Japan as a potential Islamic finance market, but also signifies the
growing acceptance of Islamic finance among Japanese institutions and
their enthusiasm in developing the industry from their home market.
Japanese financial institutions have previously entered the Islamic
finance space by building its capacity in foreign markets as demonstrated
by Japanese banks such as BTMU, Sumitomo Mitsui Banking Corporation and
Mizuho Bank, all of which are extending Shariah compliant products
through their units in Malaysia. “We are keen to implement projects
incorporating Japanese financial institutions, which ultimately would
achieve awareness-raising and penetration of Islamic finance in Japan for
the better interaction of ICD’s member countries and Japan,” expressed
Okamura.
JICA is one of the world’s largest bilateral aid agencies whose mission
is to address global agenda such as climate change and infectious
diseases as well as reduce poverty through equitable growth, improve
governance in various types of institutions and achieve human security.
Resonating with the objectives of the IDB, JICA also provide technical
assistance, concessional official development assistance loan and grant
aid, covering areas from large-scale infrastructure to grassroots
projects.
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