A major conference on global Islamic finance in London was “very encouraging” for Bermuda, Premier Craig Cannonier said last night.

Now Government plans to invite key players from the multibillion dollar Islamic financial work to the Island in a bid to drum up business.

Mr Cannonier — speaking just after he returned from the UK trip to the Global Islamic Finance and Investment Group forum with Finance Minister Bob Richards — said the Island had improved its position as a viable centre for Islamic funds.

He added: “Building on the speech and subsequent contacts that were made at the World Islamic Economic Forum held in London in October 2013, where Bermuda was the only country invited to speak from the UK Overseas Territories, this particular trip gave us another strategic opportunity to address the group of UK and Middle East stakeholders and practitioners of various financial industries about the benefits of investing in Bermuda — a message I believe was well-received.

“I let them know that Bermuda is committed to becoming a viable option for Islamic Finance. I also advised them that we have further opened our doors to foreign investment from around the world inclusive of the Islamic countries, both in terms of establishing international financial entities and in terms of foreign direct investment in our various infrastructure projects.”

The summit was designed to identify opportunities and barriers for Islamic finance and meet experts in the field with the aim of creating a global Islamic finance market that adheres to Sharia law — which requires socially responsible, ethical objectives and social equity.

Mr Cannonier told the conference that the entire world should support the integration of Sharia principles into the global financial system and called for the UK and Islamic nations in the G20 group of nations to take a major role. He added: “The next steps for Bermuda will be to document our value propositions and invite the various Islamic finance stakeholders to the Island to see our potential first hand.”

Participants at the conference included heads of Islamic central banks from Kuwait, Libya, Malaysia, Bahrain, Oman, Saudi Arabia and the United Arab Emirates.