ARTICLE · 30 JULY 2010

A New Era for Islamic Finance in Asia Pacific

Norton Rose Fulbright Australia

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Japan has been talking about Islamic finance for several years with Japan Bank for International Cooperation leading the way in terms of local research and development. However, up until recently, only a small number of Islamic finance deals have been done in this market.

GlobalStrategy

Davide Barzilai

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Introduction

Japan has been talking about Islamic finance for several years with Japan Bank for International Cooperation leading the way in terms of local research and development. However, up until recently, only a small number of Islamic finance deals have been done in this market. This is all changing - Japan has made headlines in the Islamic finance market over the last couple of months with the issuance of US$100 million sukuk - al - ijarah, listed on the Bursa Malaysia, as well as the establishment of commodity murabaha facility (which, due to strong investor demand, was upsized from US$50 million to US$70 million). Following closely on Nomura's heels, Sumitomo Corporation has announced that it is planning to launch Japan's first yen - denominated Islamic funding deal.

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