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.
Unions: talks bear fruit
Lawyer loses pay dispute
Thriving shoe store moves into larger space
Return to the table, says PLP to Government
Feeding the white elephant in the room
When baby joy turns to despair
Team Oracle submits plans for base
Age is just a number for active Olive, 90
Take Our Poll
- Which of the following best describes your opinion on how Senior Civil Servant job positions should be granted?
- Senior civil servants should be appointed on a temporary contract renewable basis.
- Senior civil servants should continue to be appointed on a permanent basis
- Don't Know
- Total Votes: 2155
- Poll Archive