» Tokyo Opens an Islamic Window in the Middle East and the Central Bank of Jordan Opens its Doors to Islamic Banks

Bank of Tokyo - Mitsubishi gains Islamic Finance License:

For the first time in the Middle East, Bank of Tokyo-Mitsubishi has obtained an Islamic Financial Business endorsement to operate an Islamic window from the Dubai Financial Services Agency. This in turn reflects
Japan’s increasing interest in the Islamic Banking industry.

Central Bank of Jordan enables Islamic Banks to grant medium term advances:

In a positive approach for Islamic banks in Jordan, the CBJ has included Islamic banks in the programme of granting medium term loans, providing a source of finance with appropriate costs to those who are interested in finance in accordance with sharia principles. ‘The decision copes with the increasing demand for the products and alternatives offered by Islamic banks’, the Central bank reported.

It is noteworthy that one of the obstacles facing Islamic financing is the inability of the Islamic banks to face liquidity deficit as they cannot borrow with interest from the traditional banks. Hence, it is recommended by Islamic financing specialists that the Central Banks in Muslim countries should help Islamic banks to overcome the liquidity deficit. Consequently, this step taken by the CBJ is considered a serious start.

The first Islamic bank in the Eurozone Opens:

Kuwaiti Turkish Bank (KuveytTurk) is the first Islamic bank in the Eurozone offering full banking services in accordance with the provisions of Islamic Sharia law. On Tuesday, July 21, 2016 it opened a branch in Frankfurt, Germany which serves around four to five million Muslims living in Germany and that may also attract clients from non-Muslims who may utilise Islamic financing in order to avoid traditional banks and their financial crises.

P.S. “The article is an abridged translation from the original Arabic."