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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: russwinter who wrote (64136)6/20/2006 12:32:08 AM
From: shades  Read Replies (1) of 110194
 
Japan studies Islamic financial practice to lure oil money - report
06.18.2006, 07:17 AM

TOKYO (XFN-ASIA) - Japan will study Islamic financial practices in a bid to attract Middle Eastern oil money amid record oil prices, the Nihon Keizai Shimbun reported.

The government-backed Japan Bank for International Cooperation (JBIC) has formed a four-man advisory board of Islamic legal scholars from Saudi Arabia, Malaysia and Pakistan, the paper said.

JBIC will also study Islamic-style finance in a tie-up with Sumitomo Mitsui Banking Corp, Mizuho Corporate Bank and Bank of Tokyo-Mitsubishi UFJ, the business daily said, quoting sources close to the plan.

The government intends to take part as an observer in the Islamic Financial Services Board, a Malaysia-based organization set up by Muslim countries, according to the report.

The aim is to help Japanese private financial institutions enter the Islamic financial market, it siad.

Japan Asia Investment Co has separately set up an advisory panel up of Islamic legal scholars to confirm that the Sharia Asian Investment Fund it manages jointly with a US firm for Middle Eastern investors conforms to religious teachings.

Islamic financial practices, based on the Koran, ban the payment or receipt of interest and any transactions involving alcoholic beverages or gambling, and require all contracts to be acknowledged by Islamic legal scholars.

forbes.com
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