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I WORLD NEWS
www.pi-media.co.uk
I April 2014
Japanese Bank Group launches Islamic Finance in Malaysia
Japan’s Sumitomo Mitsui Banking Corp will fully launch Syariahcompliant Islamic finance in Malaysia, Japan’s Jiji Press has learned. The core banking unit of Sumitomo Mitsui Financial Group Inc. has obtained a license for foreign currency-based Islamic finance
services in the Southeast Asian country, which promotes Islamic finance under a national policy, Jiji Press quoting informed sources as saying. SMBC hopes to use a fully owned local subsidiary as a key operational base for the whole of Southeast Asia, where fund demand is strong
thanks to growth in the economy and population, the sources said. The local subsidiary, Sumitomo Mitsui Banking Corp Malaysia Bhd, is starting financial services in dollar and other currencies that are fully compliant with Syariah (Sharia law), which bans financial transactions involving interest payments and acceptance. The Japanese bank group aims to find clients among local companies and Japanese firms participating in natural resources and infrastructure development projects, according to the sources. Japanese banks are able to handle Islamic finance following a 2008 law revision. A British unit of SMBC in 2012 led the formation of a Syariah-compliant US$750 million (RM2.46 billion) syndicated loan programme for an airport project in Saudi Arabia. SMBC will be the first Japanese bank to have an Islamic finance operational base both in Europe and Asia.
U.S. Muslim groups to launch new council with political census
Eight major national American Muslim organizations have announced the formation of the US Council of Muslim Organizations (USCMO). US Council of Muslim Organizations will be an umbrella group that will serve as a representative voice for Muslims as that faith community seeks to enhance its positive impact on society. The new national council’s first priority will be to build on Muslim citizenship rights by conducting a census of American Muslims to create a database that will be used to enhance political participation in upcoming elections. In a statement USCMO Secretary General Oussama Jammal said: “A national council unifying Muslims in
the United States has long been a dream of our community. The goal of the US Council of Muslim Organizations is to help strengthen relationships among the member organizations in order to better serve members of the Muslim community and all Americans. “A detailed census will allow the larger Muslim community to better participate in our nation’s political process.” Organizations involved: The Mosque Cares (Ministry of Imam
W. Deen Mohammed) , Muslim American Society (MAS), American Muslims for Palestine (AMP), Council on American-Islamic Relations (CAIR), Islamic Circle of North American (ICNA), Muslim Legal Fund of America (MLFA), Muslim Alliance in North America (MANA) and Muslim Ummah of North America (MUNA).