Japan’s sharia interest slowly growswww.forextradinghg.com
The Japanese government is adapting its banking regulations and markets to fit with the rules of the Shari`ah-compliant lucrative industry of Islamic finance.
07 Ekim 2008 Salı 14:40
 Japan’s Financial Services Agency says it recognises the need for its financial institutions to become competitive in the area and there are amendments to the banking law slated to be in place within about six months that should make it easier, at least for these institutions’ subsidiaries, to become more involved in this area of finance.However, it may be that despite these observations, the FSA and the Ministry of Finance have more pressing issues to deal with.

“Japan, and the FSA in particular, is trying to improve the competitiveness of Japan’s capital markets, both as a global/regional centre and for the Japanese market,” says Stuart Porter, a partner at PwC in Tokyo. “Whilst Islamic finance is quite an interesting subject, it is simply one area they’ll want to encourage.

“They have their hands full trying to break down the firewalls between the banking/securities sector, tightening up compliance, adding new opportunities for investment and access and effectively trying to stop a large part of the asset management industry migrating any further to Singapore and Hong Kong.”

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