Sumitomo Mitsui Banking Corp Malaysia (SMBCMY), a wholly-owned subsidiary of Japan-based Sumitomo Mitsui Banking Corp (SMBC), has launched Shariah-compliant Islamic finance services in Malaysia.
The banking unit of Sumitomo Mitsui Financial Group has received license for foreign currency-based Islamic finance services in the Southeast Asian country.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
With this licence, SMBCMY will be able to serve the requirements of clients and contribute to the development of financial markets in Malaysia.
Additionally, SMBCMY will start financial services in dollars and other currencies that are fully compliant with Shariah.
The banking group said that it aims to seek clients among local companies and Japanese firms participating in natural resources and infrastructure development projects.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
