The Islamization of the financial world is taking hold in Japan.

Bank of Tokyo-Mitsubishi UFJ is planning a debut sukuk in Malaysia. The bank is also considering offering the world’s first yen-denominated sukuk.

While Japan has no Islamic banking rules of its own, the government amended legislation in 2008 to allow subsidiaries of the country’s lenders and insurers overseas to provide financial services “in accordance with religious tenets.”



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