Bank of Japan beginning to learn about Islamic finance
The Bank of Japan, will work to learn about how Islamic finance works, according to BoJ Governonr Toshihiko Fukui. The development follows the announcement by the Japan Bank for International Cooperation (JBIC) in November of its upcoming issue of Shari'ah-compliant sukuk. Japanese lender Bank of Tokyo-Mitsubishi UFJ Ltd. is working on sukuk issues with Malaysian CIMB Group Bhd, parent company of CIMB Islamic.
Earlier this month, Dr. Zeti Akhtar Aziz, governor of Bank Negara Malaysia, urged Japan to become more involved in the Islamic finance industry.
Utama Banking Group denies knowledge of EPF bid for stake in RHB
Utama Banking Group which holds 32.8% of Rashid Hussain Bhd, says it is unaware of an unnamed source's claim of a bid from Employers Provident Fund, which currently owns 30 percent of RHB, for UBG's holdings of RHB.
Emirates Global Islamic Bank to offer istisna'
Emirates Global Islamic Bank Limited, which was certified as an Islamic bank by the State Bank of Pakistan on February 13, 2007, announced that it will offer istisna' as a form of new home finance. Istisna' is a means of finance for projects with a longer manufacturing process where the agreement lays out the financing timeline for the project. The chairman of Emirates Global Islamic Bank, Sheikh Tariq Bin Faisal Al Qassimi, is also chairman of Emirates Investment Group.
Mobily to borrow $2.8 billion
The funds will be borrowed through Shari'ah-compliant means, but the specifics were not released.