Bermuda is a strong draw for Islamic investors at conference

This from Cheryl Packwood, who spoke at the annual Fund Forum Middle East Conference in Bahrain on Tuesday.

Other representatives from the island included Cheryl Packwood, CEO of Business Bermuda, and executives from PriceWaterhouseCoopers and Apex Fund Services.

Ms Packwood was chair of a round table on offshore financial centres, making the case for Bermuda’s leadership on global regulation and tax issues plus the strength of its underlying economy, which is particularly attractive for international business and Islamic finance.

Fawaz Elmalki, an associate with Conyers Dill & Pearman, had a presentation entitled 'Developments In Offshore Financial Centres For Investment Funds', with Bermuda as a case study. He highlighted the island’s double taxation agreement with Bahrain and its leadership in the development of Islamic finance products, particularly 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 Bahrain.

“This provides us with incredible momentum and a real opportunity to develop this market.”

Ms Packwood and others are conducting additional marketing meetings in the region with leading advisors and Government officials in Bahrain, Kuwait, Oman, Dubai and Qatar. Ms Packwood met with Dr. Michael W. Taylor, adviser to the Governor of the Central Bank, to build on the work of Bermuda’s Ministry of Finance and the double taxation agreement signed between Bermuda and Bahrain in July.

Bermuda was positioned as an ideal platform for Shari’ah finance, in particular insurance and reinsurance (retakaful), Islamic bonds (sukuk) and Shari’ah compliant funds.

Ms Packwood said: “Bermuda’s tax neutrality is a competitive advantage to attract such business over onshore jurisdictions.”