Business Bermuda was promoting the Island as a potential centre for Islamic finance and insurance products at a conference in the Middle East this week.

CEO Cheryl Packwood, along with representatives from its member companies PricewaterhouseCoopers, Apex Fund Services and Conyers Dill & Pearman were in attendance at the fourth Annual Fund Forum Middle East Conference in Bahrain from Sunday through to yesterday.

During the conference, Ms Packwood was the chair of a round table discussion on offshore financial centres, making the case for Bermuda's leadership on global regulation and tax issues as well as the strength of its underlying economy.

On Tuesday, Fawaz Elmalki, associate with Conyers Dill & Pearman delivered a presentation entitled 'Developments In Offshore Financial Centres For Investment Funds With Bermuda As A Case Study', highlighting Bermuda's double taxation agreement with Bahrain and its leadership in the development of Islamic finance products, particularly in the area of global infrastructure funds and Sukuks.

Ms Packwood said: "It is clear, based on our discussions in the market and the reception to Fawaz's presentation, that Bermuda is head and shoulders above other international financial centres in terms of understanding the market and providing products and services that meet the needs of Islamic investors.

"We have a well-regulated, economically secure and safe environment and strong relationship between the Government of Bermuda and Kingdom of Bahrain. This provides us with incredible momentum and a real opportunity to develop this market."

Ms Packwood and others have been conducting additional marketing meetings in the region with leading advisors and government officials in Bahrain, Kuwait, Oman, Dubai and Qatar, meeting with Michael Taylor, adviser to the Governor of the Central Bank.

"Bermuda is a common law jurisdiction which makes us more able to adapt to facilitate the needs of Shari'ah compliant financial structures," she said. "Bermuda's tax neutrality is a competitive advantage to attract such business over onshore jurisdictions. We are hopeful that we can build on this work and continue the dialogue with Dr. Taylor and others that will lead to additional business for Bermuda in the Gulf region."

More than 300 lawyers, accountants, investors and their advisors were at the conference.