Government seeks to attract Islamic finance to Island
Government announced it planned to continue working to establish Bermuda as a centre for Shariah-complaint finance, and said efforts are paying off.
Islamic finance has expanded rapidly over the past few years and global assets are estimated to soon be in the trillions.
Business Bermuda members have over the last few years been marketing Bermuda as a jurisdiction that can handle and manage Shariah-compliant funds, re/insurance and other types of financial/investment products. Shariah law frowns on alcohol, tobacco and gambling-related businesses and bans interest.
Bermudas regulatory structure can already handle the requirements of Shariah-compliant finance such as takaful and retakaful structures and mutual fund structures.
Plans are in development to actively market Bermuda as a jurisdiction for Islamic Finance, Governor Sir Richard Gozney said in Fridays Throne Speech. Interest has been expressed already at the recent Business Bermuda briefing in New York, where details of the work being done by the Islamic Finance Task Force were shared.
Business Bermuda CEO Cheryl Packwood said: We are very pleased that the Government is in complete support of our initiatives in this region and look forward to a strong partnership in our continued efforts.
Belaid Jheenghoor, asset management director at PwC, has been heading up Business Bermudas Islamic finance campaign.
He worked on the GE Capital Sukuk (Bermuda) in 2009. It was the first Sukuk (the Islamic equivalent of bonds) issued by a US corporation ranking in the top ten Fortune 500 companies. It was based on ownership interests in aircraft and rights under the aircraft assets leases.
Pitbull attacks young boy
Rising anger in our community – Curb
Cashier shaken after armed robbery
Same-sex marriage issue stirs passions
New practice to fill gap in medical services
Eco Diva Channa channels natural beauty
MP’s pancake fundraiser for new wheelchair
Decision will heighten tensions in community
Companies with no health insurance named
Divided but peaceful: hundreds at Cabinet
Designer’s all-black style goes global
Executive badly injured in UK robbery
Tributes to ‘caring and giving’ bus driver
Bermies founder expands swim shorts range
Fire destroys four vehicles in Sandys
‘Immaculate’ group of apartments on offer
Take Our Poll