Encouraging the issuance of Islamic bonds — known as sukuk — could be the way forward for Bermuda if it is to diversify and attract new business, MPs heard on Friday.

Business Development and Tourism Minister Patrice Minors said the Islamic bond sector had already been identified as having "great promise".

She said the first ever sukuk issued by a Fortune 500 company came from a Bermuda limited liability GE company in the first quarter of 2010.

"This in itself is evidence of a new area which we are exploring and, as soon as this announcement was made, the tap had opened and now we see other western firms ready to tap into the religious investors in the Middle East."

She added: "We just don't go into this area without doing our due diligence and we have done just that."

She said PricewaterhouseCoopers had reviewed the sector and found there was nothing to stop Bermuda "pursuing its interest in this area".

"We are also engaged in active dialogue with the GCC, the Gulf Cooperation Council," she said.

Ms Minors said her Ministry — responsible for the Island's two main economic pillars of tourism and international business — was looking at the possibility of tax benefits for hoteliers.

She spoke of the need for a strategy to make the Island's tourism product work and said international business would be behind that.

Ms Minors told the House of Assembly during the Throne Speech debate that she and Transport Minister Terry Lister had met with JetBlue CEO Dave Barger on his first visit to the Island.

She said he mentioned that Bermuda was never talked about as a possible vacation destination by him or his affluent business circle.

"It just re-emphasised what I'd heard before," said Ms Minors. "How recognisable is Bermuda to certain sectors in the US? There is work for us to do.

"We are not going to be shy in doing so because at the end of the day we have to bring up our numbers, bring the visitors in. At least let's market ourselves so that we are recognised and Bermuda is a place to come."

She said Mr. Barger told them other islands had multiple JetBlue flights. "Why can't we do this in Bermuda? He's open to this."

Mr. Lister later said of JetBlue: "There is an opportunity for them to expand their routes in and out of Bermuda and to double up and increase the service."

Ms Minors spoke of the need to get more Bermudians into the tourism industry and said Bermuda Hospitality Institute was aiming to do that.

And she reminded MPs that today is annual eMonday, when about 30 local online retailers will offer discounts to customers, as part of a Department of eCommerce initiative. More information on that is at www.emonday.bm.