Business bermuda strengthens ties with Bahrain's banking

Business Bermuda, an organisation working with Bermuda-resident companies and government to develop and promote Bermuda internationally as the jurisdiction of choice, represented Bermuda’s burgeoning Islamic Finance industry at a seminar held in partnership with the Bahrain Association of Banks today at the Capital Club in Manama, Bahrain. The seminar, entitled ‘Offshore jurisdictions and their role in Islamic Finance: a case study of Bermuda’ included a presentation by Business Bermuda’s Chief Executive Officer, Cheryl Packwood, who provided a detailed introduction to the merits of choosing Bermuda as a centre for international business. Presentations were also delivered by Fawaz Elmalki, Partner at Conyers Dill & Pearman, Dubai, Dr. Hatim El-Tahir, Director of the Islamic Finance Group at Deloitte, and Nicolas Angio, Managing Partner at Apex Fund Services, Dubai, who discussed Bermuda’s standing as a centre of financial excellence. Cheryl Packwood, Chief Executive Officer of Business Bermuda, commented: “Bermuda has long been committed to developing its Islamic Finance offering and continues to enjoy close ties with GCC States, including the Kingdom of Bahrain. “We have a wealth of experience in Sukuk transactions and a significant number of companies based in Bermuda regularly borrow funds through Murahaba financing. We are delighted to be in Bahrain again and to be building our relationships with the Kingdom’s banking community.”