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Japan: Recent Developments in Practice and Law

December 2010 - Finance. Legal Developments by Mori Hamada & Matsumoto.

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The successful closing of two Islamic fi nance transactions which was announced in July 2010 by Nomura Holdings have paved a concrete path for Japanese corporations to consider overseas Islamic fi nance markets for their fund raising activities. The fi rst transaction was in Asia for the issuance of Sukuk Ijarah and the second was in the Middle East for the establishment of a Commodity Murabahah facility (Nomura Deals).

The diversifi cation of the funding source is a common challenge not only for fi nancial institutions but also for other corporations in Japan. As such, the feasibility of accessing the overseas Islamic fi nance market, as demonstrated by Nomura, would certainly be an attractive and foresighted suggestion for many Japanese corporations. This article will discuss up-to-date observations on how Japanese corporations, including fi nancial institutions, are looking to the Islamic fi nance market, as well as how the Japanese government agency is aiming to address local law/ taxation issues after the relaxation of fi nancial regulations in 2008.


This article was first published in Islamic Finance News, September 29, 2010 "Country Report - Japan: Recent Developments in Practice and Law" Author:Naoki Ishikawa

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