Bermuda seeks Islamic finance business at Singapore summit
Open for Islamic business: Thats the message Business Bermuda took to the World Islamic Banking Conference: Asia Summit in Singapore.
After a whirlwind of meetings, events, conferences, and media interviews in Shanghai, Beijing, Singapore, and Hong Kong, Business Bermuda concluded the 2012 Asia Business Development Drive on a high note, A Business Bermuda statement said.
The WIBC took place yesterday and Tuesday.
This year, for the first time, Business Bermuda was invited to be a part of the WIBC Asia 2012 through exhibiting and the opportunity to speak, the statement said.
Leading the delegation was Cheryl Packwood, CEO of Business Bermuda, joined by Mr. P Jeyaratnam, Business Bermudas representative in Southeast Asia, Srikumar TE, managing director of Apex Funds Services Ltd, Kung Whooi Phing, director at Conyers Dill & Pearman in Singapore, and Yelena Packwood, marketing and sales executive of Business Bermuda.
With over 500 industry leaders in attendance, there was an overwhelming interest in the opportunities available for Islamic finance clients in Bermuda, especially in the areas of Takaful and Re-Takaful in light of Bermudas strength as one of the top re/insurance jurisdictions in the world, the statement said.
As one of the few Islamic finance centres in the Western hemisphere, Bermudas unique position to expand the Islamic finance market, now valued at over $1.1 trillion, was cause for much excitement.
Hussain AlQemzi, CEO of Noor Islamic Bank said that in order to ensure an orderly evolution of Islamic finance from a niche segment into the mainstream international financial markets, it is vital to further enhance the industrys capabilities for cross-border activities, which in turn will encourage innovative product development, robust and standardised regulatory frameworks and the long term stability of the industry.
Ravi Menon, Governor of the Monetary Authority of Singapore, opened the conference by stating, Islamic Finance must strike roots in the key financial centres of the world and it can grow into diverse areas such as trade and infrastructure development.
Ms Packwood then gave a speech on how Bermuda was ideally suited bridge the gap between Asia, the Middle East, Europe, and North America.
She presented and participated in a panel discussion on the topic, Opening New Frontiers for Islamic Finance — New Geographies, New Developments, and New Products.
After the panel discussion, Ms Packwood was invited to be a guest speaker to present on the role of Bermuda in bridging the divide between East and West at an invitation-only Islamic finance forum hosted in Malaysia in September for decision makers in the world of Islamic Finance.
Man, 27, arrested after pub row
Debt beast is a very dangerous foe
Boardroom with a view
Chelsea Amber nominated for Juno Award
A helping hand for those in need
Capturing life’s precious moments
Do what is right for the majority
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
Costa Rican jailed for money laundering
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