News Release


Sumitomo Mitsui Banking Corporation Malaysia Berhad, Wholly-Owned Subsidiary of Sumitomo Mitsui Banking Corporation, Commences Islamic Finance Services(1/1)

 

March  10, 2014

Sumitomo Mitsui Banking Corporation

 

Sumitomo Mitsui Banking Corporation Malaysia Berhad, Wholly-Owned Subsidiary of Sumitomo Mitsui Banking Corporation, Commences Islamic Finance Services

 

@TOKYO, March 10, 2014 --- Sumitomo Mitsui Banking Corporation (SMBC, President & CEO: Takeshi Kunibe) announced today that its wholly–owned subsidiary Sumitomo Mitsui Banking Corporation Malaysia Berhad (gSMBCMYh, President & CEO: Yasuhiro Oashi) has commenced Islamic finance services (*) as part of the initiatives to strengthen SMBCfs 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 International Islamic Finance Centre Initiative in August 2006 and is playing a leading role in the development of 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.

 

(*)Islamic finance  is the generic term for financial transactions conforming to Islamic law (Shariah). The main principles of Islamic finance include the prohibition of interest and uncertainty and transactions involving Shariah non-compliant items such as alcohol, gambling and pork products.




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