Japan looks for growth and influence from Islamic finance boom

Japan is the latest global financial hub to start making inroads into Islamic finance, a move that could help strengthen regional economic ties and give its lenders an edge in winning business in markets whose growth prospects far outpace their home turf. A regulatory effort is expected to facilitate development of the sector, and could even help Japan counter any loss of regional influence ahead of the launch of the China-led Asian Infrastructure Investment Bank. Japan's Financial Services Agency (FSA) is considering allowing banks to provide Islamic products in the domestic market for the first time.