Could you provide a brief journey of how you arrived where you are today?
I embarked on a career in banking and structured finance in 2000 when I joined a leading law firm in Tokyo specializing in real estate finance after qualifying as a lawyer in Japan. From 2005-07 I earned a Masters in Law and thereafter practiced in England where I encountered the concept of Shariah compliant finance arrangements. The global credit crunch in 2008 naturally induced me to seek alternative legal measures to overcome the liquidity shortfall by exploring Islamic finance as a matter of finance practice in Japan.
One of my early explorations into the implementation of Islamic finance in Japanese business was published in 2008 in an international law journal. These theoretical exercises were put into practice when I acted as the issuer’s counsel for the first US dollar Sukuk issuance by a Japanese company in 2010. Moreover, the new Japanese legal framework for Sukuk issuance in Japan, which became effective in 2011, has driven me to further my practice of Islamic finance to encourage the proliferation of Sukuk issuances in Japan.
As a partner in banking and structured finance, I am involved in various aspects of transactions including advising clients on regulatory issues and transactional matters as well as contentious cases. As an advocate for Islamic finance, I frequently give seminars at conferences and universities in Japan and across Asia.
What is your greatest achievement to date?
The most memorable was the Nomura Sukuk which involved a number of interesting legal and practical issues both in the eyes of conventional aircraft finance as well as Islamic finance.
Our efficient co-ordination of parties and lawyers in more than seven jurisdictions to meet the strict time frame while addressing various challenging issues was truly the product of the seamless and close cooperation demonstrated by our team.
Which of your products/services deliver the best results?
Our banking and structured finance practice covers general banking, asset finance, infrastructure finance, securitization, leveraged buyout and private finance initiative areas.
We take pride in our innovative thinking that has enabled or assisted the realization of many groundbreaking transactions in Japan and across the border in each of the above-mentioned practice areas.
What are the strengths of your business?
Mori Hamada & Matsumoto is one of the top law firms in Japan, providing comprehensive legal services across a full spectrum of business law areas including corporate, finance, capital markets, asset management, insolvency and litigation.
What are the factors contributing to the success of your company?
Each lawyer in our firm is encouraged to listen to our clients and understand their business needs in order to provide the best legal advice. Being able to assemble a team of dedicated lawyers from relevant practice areas who share the same goal enables us to work in an efficient and client oriented manner.
What are the obstacles faced in running your business today?
The Fukushima earthquake followed by a nuclear disaster and political turmoil seriously affected the Japanese economy in 2011. However positive steps are being taken regarding Islamic finance by establishing a solid Japanese legal framework for Sukuk issuance in Japan coupled with a favorable tax treatment. From April 2012, a clearing system for J-Sukuk has been implemented to fully accommodate the financial infrastructure necessary for Sukuk issuance in Japan.
Where do you see the Islamic finance industry in the next five years?
Strong demand for Shariah compliant financial products indicate that there is a growing opportunity for Islamic finance especially across the Asian jurisdictions.
With the new Japanese legal framework for Sukuk issuance, which demonstrates the willingness of the Japanese government to develop Islamic finance, I expect that the Japanese efforts will lead to wider utilization and development of Islamic finance across the globe.
Name one thing you would like to see change in the world of Islamic finance.
The crystallization of awareness amongst market participants of a need for harmonization, if not standardization, of Islamic finance arrangements; which should permit greater accessibility to Islamic finance for businesses, not only in established Islamic finance markets but also in secular jurisdictions such as Japan.