Manama: Bermuda is a new emerging player in the sector of Islamic Finance and the Business Bermuda has promoted the island as an Islamic finance hub at a series of recent events in Bahrain and Dubai.
A delegation from Business Bermuda attended the World Islamic Banking Conference (WIBC), the world’s largest annual gathering of international Islamic finance industry leaders, which took place in Bahrain from December 9 to 11.
In addition to exhibiting at the event, Business Bermuda’s Chief Executive Officer, Cheryl Packwood, joined a distinguished panel of international experts for a roundtable debate exploring how Islamic finance is being further deepened and mainstreamed in traditional core markets.
Speaking on the panel, Cheryl Packwood said, “Offshore jurisdictions like Bermuda have had a role to play in the development of the Islamic finance industry so far and we can do more to contribute to this natural expansion. The discussion should not be about the offerings of each country as competitors, but rather what we can do together with the international Islamic finance community to expand the industry, grow capital and benefit from its growth.”
“Islamic finance is not just for Muslims. The principles behind it transparency, ethical investment, fair dealing and risk and reward-sharing can appeal to a number of investors. The manner in which companies approach Islamic Finance must evolve to embrace this wider audience. This is about both sides participating in the risk and the profit. It is an alternative way and also potentially a very good way to do business and grow economies,” she added.
Before the conference, Business Bermuda hosted a seminar in partnership with the Bahrain Association of Banks and a networking reception at the Capital Club in Manama before traveling to Dubai for a series of meetings with some of the region’s leading consultancies including Almaali Training and Consultancy, Kane Group and Dar Al Sharia Consultancy.
A second reception was held at the Capital Club in the Dubai International Financial Centre, which attracted key figures from the banking, legal, real estate and professional services sectors.
Speaking after the Dubai reception, Cheryl Packwood said, “Bermuda continues to enjoy close ties with GCC States, especially the United Arab Emirates and the Kingdom of Bahrain and our visit to the region has been a resounding success.”
“Bermuda has long been committed to developing its Islamic Finance offering and we were delighted to further the promotion of Bermuda as a center for international business to distinguished figures in both countries. We have a wealth of experience in Sukuk transactions and a significant number of companies based in Bermuda regularly borrow funds through Murahaba financing,” she concluded.