Seminar on Social Security System and Islamic Finance Held in Tokyo

Tokyo, June 2, 2024 – A seminar on the social security system in Japan and the principles of Islamic finance was held today at the Otsuka Masjid, Tokyo, drawing a diverse audience of community members and professionals eager to learn about these important topics. The event featured esteemed speakers from Prudential Life Insurance, including Mr. Tajima Kunihiko and Mr. Yoshihara Eiji, as well as Professor Koseki Takashi and another distinguished guest speaker.

The seminar commenced with an insightful introduction to the Japanese social security system by Mr. Tajima Kunihiko and Mr. Yoshihara Eiji from Prudential Life Insurance, Japan. They provided a comprehensive overview of the system’s structure, highlighting key aspects such as pensions, health insurance, and welfare programs. Their presentation emphasized the importance of understanding these systems, particularly for foreign residents living in Japan.

“Our goal is to demystify the social security system and make it more accessible to everyone,” said Mr. Yoshihara Eiji. “By understanding how these benefits work, individuals can better plan for their future and make informed decisions.”

Following this, Professor Koseki Takashi, a renowned expert in social policy, delved deeper into the concept of housing loans for Muslims in Japan. He discussed in detail why Japan is not yet ready to establish a home-based Islamic banking system and explored the alternatives available for Muslims to own houses in the country. Professor Takashi highlighted the challenges and potential solutions, providing a thorough analysis of the current landscape and future possibilities.

The final segment of the seminar focused on Islamic finance, presented by a distinguished guest speaker. She outlined the fundamental principles of Islamic finance, including the prohibition of interest (riba) and the emphasis on ethical investments. She explained the concepts of Takaful (Islamic insurance), Musharakah (joint venture), and Ijara (leasing), detailing the Islamic financial options available for Muslims seeking to borrow money based on Islamic Shariah.

“Islamic finance offers a unique perspective on managing wealth and ensuring social justice,” Ms. Al-Farsi explained. “It promotes risk-sharing and ethical investments, which can complement traditional financial systems and enhance social security.”

The seminar concluded with a lively Q&A session, where attendees had the opportunity to engage with the speakers and ask questions about the topics discussed. Many participants expressed their appreciation for the informative and engaging presentations, noting that they gained valuable insights into both the Japanese social security system and the principles of Islamic finance.

This seminar at Otsuka Masjid, Tokyo, was part of an ongoing effort to educate the community about important social and financial issues, fostering greater understanding and collaboration among diverse groups.