The Royal Gazette

Bermuda’s Islamic insurance opportunity

Islamic finance offers an interesting alternative to the way the financial sector operates across much of the world. That was part of the message presented by Belaid Jheengoor, a Bermuda-based chartered accountant and asset management executive. He also noted there was still room for a jurisdiction, such as Bermuda, to emerge as an Islamic insurance and reinsurance leader. Today, the largest domestic markets for Islamic finance are Iran, Malaysia and Saudi Arabia. However, a number of non-Islamic countries and jurisdictions are building their presence in aspects of Islamic finance, said Mr Jheengoor. He added that the sector was experiencing double-digit growth.

Premier in London on Islamic finance mission

Premier of Bermuda, Craig Cannonier, and Finance Minister Bob Richards are in London this week to lead efforts to bring Islamic finance business to the Island. The pair will attend the Global Islamic Finance and Investment Group (IFIG) Conference and speak to a number of industry stakeholders. The objective of the IFIG Conference is to highlight the necessary regulatory frameworks for Islamic finance and to outline strategies for successful international collaboration. In addition, the Premier is due to meet with UK Government Minister Mark Simmons of the Foreign and Commonwealth Office and representatives of the UK Treasury. Bermuda has already established partnerships with the main financial centres in a range of Muslim countries and has signed double taxation agreements with Qatar and Bahrain.

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