Bermuda Introduces New Laws to Launch Sharia Compliant Services

January 23, 2012

(Creeping Sharia) HAMILTON (Bermuda), 27 Safar/21 Jan (IINA)-Luring Islamic funds into the British island, Bermuda has introduced a set of new laws to launch Sharia-compliant platform amid efforts to become the first western center for the growing global industry, The Royal Gazette reported recently.

“We are looking at the Sharia side of Bermuda’s legislation to become the first Western centre for Islamic finance,” said Peter Hughes, director of Apex Fund Services group.
Hoping to become a western hub for Islamic finance, executives from the Island have been actively reviewing existing laws to launch a Sharia-compliant platform for investors.
These efforts began last November when Hughes, along with Business Bermuda CEO Cheryl Packwood, led a group at the 18th World Islamic Banking Conference in Bahrain.
The delegation tried to show the Island was open for businesses and clients from Asia and the Middle East, being capable of handling Sharia-compliant financial structures.
“We are looking to launch a Sharia platform that will allow us to have Sharia vehicles and products that would enable us to become the first one of its kind,” Hughes said.
“We have made a real push into this niche area,” he added.
The new Sharia complaint rules succeeded in luring new clients from Islamic finance hubs in Asia and Middle East.
We now have strong links in Bahrain and there is a commonality of wanting to create a niche jurisdiction for Sharia compliancy, that is closer to the US timezone,” Packwood, Business Bermuda CEO, said.
Starting almost three decades ago, the Islamic banking industry has made substantial growth and attracted the attention of investors and bankers across the world.
A long list of international institutions, including Citigroup, HSBC and Deutsche Bank, are going into the Islamic banking business.
Currently, there are nearly 300 Islamic banks and financial institutions worldwide whose assets are predicted to grow to $1 trillion by 2013.