Sumitomo Mitsui commences Islamic finance services in Malaysia
17 March 2014
Category: News, Asia, Japan, Malaysia
By Asia Asset Management
Japan’s Sumitomo Mitsui Banking Corporation (SMBC) has announced that its wholly-owned subsidiary Sumitomo Mitsui Banking Corporation Malaysia Berhad (SMBCMY) has commenced Islamic finance services as part of the initiatives to strengthen SMBC’s operations in the Asia Pacific region.
The Islamic finance market is continuing to expand, mainly driven by the high economic growth of Muslim states, particularly in Malaysia, which launched the International Islamic Finance Centre Initiative in August 2006 and is playing a leading role in the development of the Asian Islamic finance market as a major business hub.
SMBCMY became the second SMBC group company to commence Islamic finance services by obtaining the approval of the Malaysian authorities on February 10, 2014; the first was Sumitomo Mitsui Banking Corporation Europe Limited. The ability to offer Islamic finance services in Malaysia, the key market in Asian Islamic finance, will enable SMBCMY to better meet the needs of its clients and contribute to the development of the financial markets in Malaysia.