MUFG has launched a new Islamic finance business, to be run out of its Dubai branch. The business will comprise a broad range of products including trade finance, deposit and loan equivalent services.

“MUFG’s Islamic Window is ready for business for customers across Emea and its Islamic finance solutions will mirror the award-winning business which has already been successfully implemented by MUFG through its Malaysian subsidiary,” reads a statement issued by the bank. In 2008 it became the first Japanese bank to offer Islamic finance products and services in Malaysia.

According to Shichito Tobari, regional head for the Middle East and general manager of the Dubai branch, the launch reflects the size of the Islamic finance industry in Mena and the fact that it is an area of finance that is growing much faster than conventional financial services. “It also enables us to provide more tailored products and services to meet local customer requirements, particularly relating to the application of shariah rules and principles,” Tobari says.

The Islamic Window’s shariah supervisory board comprises Nizam Yaqubi (chairman), Mohamed Ali Elgari and Mohammad Abdul Rahim Sultan Al Olama.