Thousands hear of Bermuda's merits at Islamic Economic Forum

Premier Craig Cannonier was a panelist at the 9th World Islamic Economic Forum held today in London and spoke on the topic ‘Changing World, New Relationships.

Bermuda attended the Forum on the personal invitation of the Chairman of the WIEF Foundation: Tun Musa Hitam.   Minister Hitam stated that this was the first time that the WIEF Forum was hosted in a non-Muslim European Nation.  The Chairman also stated that there were 17 prominent leaders in the opening session – of which Premier Cannonier participated.  Making reference to the Leaders Panel, Minister Hitam commented that this was the first time non-western states were represented at the Forum i.e. the United Kingdom and Bermuda.

Premier Cannonier told the 2700 registered attendees and the 128 countries represented at the event, that Bermuda came to the Forum to continue the talks that were established two years ago, when it was first announced that Bermuda was a Sharia-compliant financial hub.  He added that the Bermuda government also came to discuss new opportunities to build and strengthen relationships with members of the Islamic Financial community.

 He highlighted Bermuda’s enviable reputation as being a center for excellence for captive insurance and that the country currently occupies 36% of the global reinsurance market, with 1200 international companies with licenses valued at $450 billion dollars and invited the audience to engage with the government to engage with the government in Bermuda.

Premier Cannonier commented” We recognize that the world around us changing and that the economy is changing with it. Bermuda is well recognized as the leading offshore financial centre for the insurance and reinsurance industries, with world-class support services such as legal and accounting.  Coming to this Forum like this to highlight our unique value propositions makes sense.  We have a captive audience of key role-players.  The extension into the Islamic financial arena is a logical development and one where Bermuda can have a leading global competitive edge."