Could you provide a brief journey of how you arrived where you are today?
I started my career as a lawyer in 1999 in the field of international corporate finance, specializing in securitization, credit derivatives and Basel capital finance. In 2006, when Islamic finance was at its initial stages in Japan, one of my clients asked me to analyze the legal aspects of Islamic finance. Since then, I have been cultivating my knowledge of Islamic finance.
What does your role involve?
My main role is advising clients on regulatory issues and structures in Islamic finance from the viewpoint of Japanese law. I also conduct educational activities such as running seminars, writing articles and teaching in universities as well as advising the government on the necessary legislations for Islamic finance.
Some of my achievements include having advised several mega banks and a government-related bank on Islamic finance, as well as implementing new structures utilizing Islamic finance. Other accomplishments are developing innovative financial products which include securitization, derivatives and Basel finance, several of which were awarded ‘Deal of the Year’.
Which of your products / services deliver the best results?
Various clients have achieved great success with the different financial products. However my best results have been in arbitration cases. During the past two years, I have represented clients in two big arbitration cases. In these two cases, I am proud that our team has achieved the best results for our clients.
What are the strengths of your business?
A commitment to quality, cooperation with clients, experience with innovative financial products, a passion for Islamic finance, and support from the team have allowed me to become a leading lawyer in the Japanese Islamic finance market.
Nishimura & Asahi is one of Japan’s premier law firms, covering all aspects of domestic and international business and corporate activity. It is the largest law firm in Japan and currently has about 500 Japanese and foreign lawyers as well as tax accountants. The firm has accumulated expertise and knowledge in international finance: including securitization, derivatives, funds, project finance, and Islamic finance.
To develop expertise in Islamic finance requires a wide range of knowledge including knowledge on corresponding conventional finance and knowledge of corresponding countries. Expertise in those areas and the firm’s commitment to Islamic finance is the strongest point in our relevant business.
What are the factors contributing to the success of your company?
The firm understands its clients’ growing needs and its fully integrated team of lawyers and professional staff share the same fundamental philosophy: an uncompromising commitment to quality. This philosophy has enabled the firm to provide an unprecedented level of client service in highly specialized and complex areas of commercial law.
What are the obstacles faced in running your business today?
The massive earthquake in March 2011, the Fukushima nuclear power plant accident, and the political disorder following these incidents have affected the Japanese economy and decreased the interest of foreign investors in Japan, including Islamic investor interest in the country’s real estate sector. However, Japan is now safe and has a massive potential market for foreign investors.
Further, there has been inequality between tax treatments of Sukuk and conventional bonds and this inequality has been an obstacle for issuing Sukuk in Japan. However, a law which improves the tax treatment of Sukuk Ijarah has been passed this year, and issuances of Sukuk in Japan are expected.
Where do you see the Islamic finance industry in the next five years?
Although the growth of Islamic finance was affected by the subprime crisis, I expect that it will progress steadily in the next five years.
Name one thing you would like to see change in the world of Islamic finance.
Some people misunderstand the concept of Islamic finance as being quite religious: ‘for Muslims only’ or ‘for terrorists’. Some, on the contrary, say that Islamic finance is superior to conventional finance.
I do not support either one of these ideas. Islamic finance is just one of the ‘usual’ financial tools which can be useful for both Muslims and non-Muslims.