Sumitomo Mitsui Banking Corporation Malaysia Berhad, Wholly-Owned Subsidiary of Sumitomo Mitsui Banking Corporation, Establishment of in-house Shariah Committee(1/1)
December 1, 2014
Sumitomo Mitsui Banking Corporation Malaysia Berhad, Wholly-Owned Subsidiary of Sumitomo Mitsui Banking Corporation, Establishment of in-house Shariah Committee
TOKYO, December 1, 2014 --- Sumitomo Mitsui Banking Corporation (SMBC, President & CEO: Takeshi Kunibe) announced today that its wholly–owned subsidiary Sumitomo Mitsui Banking Corporation Malaysia Berhad (gSMBCMYh, President & CEO: Yasuhiro Oashi) has established an in-house Shariah Committee comprising people with a degree in Shariah in order to ensure that all Islamic finance transactions of SMBCMY comply with the requirements of the Shariah Governance Framework for Islamic Financial Institutions issued by the Bank Negara Malaysia.
The Shariah Committee, comprising people with a degree and experience in the areas of Shariah, are responsible and accountable for all SMBCMYfs decisions, views and opinions related to Shariah matters. The establishment of in-house Shariah Committee will enable SMBCMY to enhance its capability to meet the needs of its clients for Islamic finance.
SMBC is the only Japanese bank to have two subsidiaries, one in London and the other in Malaysia, that are able to offer Islamic finance. 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.