Bermuda to become a leading centre for Islamic finance
The government of Bermuda plans to become a leading Western destination for Islamic finance, building on its world-leading position in insurance and reinsurance.
Craig Cannonier, premier of Bermuda, is attending the 9th World Islamic Economic Forum in London this week, to promote Bermuda’s position as a hub for Sharia-compliant finance.
Bermuda has rapidly built its capability in and infrastructure for Islamic finance and has established partnerships with the financial centres of a range of Muslim countries.
Bermuda has signed a double taxation agreement with Bahrain and Qatar.
Cannonier said: “We are at the World Islamic Economic Forum to continue the talks and further the relationships that were established two years ago when we first announced our becoming a Sharia-compliant financial hub.
“We recognise that not only is the world around us changing, but that the economy is changing with it. Bermuda is well recognised as the leading offshore financial centre for the insurance and reinsurance industries, with world-class support services such as legal and accounting, which make extension in to Islamic finance a logical development where we have a leading global competitive edge.”
Islamic finance is one of the fastest growing financial sectors and counted approximately $1.2 trillion global Islamic banking assets at the end of 2012.