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 Mizuho Corporate Bank Ltd (MHCB), one of the oldest banks in Japan, will make Malaysia its global hub for Islamic finance once it receives Bank Negara Malaysia's (BNM) approval.
MHCB, part of Mizuho Financial Group Inc, is one of the world's largest full-service financial conglomerates. Add Comment  Mitsui Sumitomo Insurance, a unit of Japan's largest property-casualty insurance firm MS&AD , said on Wednesday it may buy a stake in Malaysia's Hong Leong Tokio Marine Takaful to tap growing demand for Islamic insurance.
The move comes as its Japanese rival Tokio Marine & Nichido said it is considering selling its 35 percent stake in the Islamic insurer to Hong Leong to end its partnership over strategic differences. Tokio Marine & Nichido is a unit of Tokio Marine Holdings .  Japan will alter regulations to give foreign investors tax breaks on sharia bond dividends, the latest country to pursue Islamic finance to woo investors demanding sharia-compliant assets.
Islamic bond dividends received by foreign investors may be declared tax-free as early as end-2011. | 
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