Business Bermuda Hosts Bahrain Reception
Business Bermuda, an organisation working with Bermuda-resident companies and government to develop and promote Bermuda internationally as the jurisdiction of choice, hosted a reception for the financial services community in Bahrain as part of their participation at the 18th annual World Islamic Banking Conference, currently being held under the patronage of Prince Khalifa bin Salman Al Khalifa, the Prime Minister of Bahrain.
Business Bermuda highlighted the island’s commitment to growing its Islamic Finance sector during the event, which brought together key figures from the Bahraini financial services industry.
Guests at the event were able to network and discuss Bermuda’s growing Islamic Finance offering with leading members of Bermuda’s Islamic Finance industry including Cheryl Packwood [pictured], CEO of Business Bermuda, Belaid Jheengoor, director of asset management for PricewaterhouseCoopers in Bermuda and chairman of Bermuda’s Islamic finance taskforce and Nicolas Angio, managing director at Apex Fund Services Bahrain and UAE.
Leading members from the Bahraini financial services community also attended the event including Khalid Hamad, executive director of banking supervision, Central Bank of Bahrain, Abdulkarim A. Bucheery, chairman of Bahrain Association of Bank and Chief Executive of BBK and Ijlal Alvi, CEO of International Islamic Financial Market.
Belaid Jheengoor took part in a panel session, as part of a pre-conference event hosted by the IFM, “Trends in Global Sukuk Market” where panellists discussed the latest developments and growing trends in the industry as well as sukuk structures, ownership rights, the role of SPV’s and standardisation requirements in sukuk.
Belaid Jheengoor also took part in a panel session discussing the prospects and challenges in “Collateralized Repo in Islamic finance”, also hosted by the IFM. Panelists focused on the regulatory and legal environment, challenges in margin maintenance and structuring challenges as well as the types of securities suited for collateralization. The panel also considered the effects of capital treatment, Basel III and the role of the custodian bank in Islamic Finance.
Cheryl Packwood and Belaid Jheengoor will be taking part in the panel discussion “Upgrading Regulatory Frameworks and Risk Management Capabilities: New Approaches to Ensure Stability and the Successful International Development of Islamic Finance”.
The panel, will be held today [Nov. 23] at the World Islamic Banking Conference, will discuss what needs to be improved in current regulatory frameworks and assess new international regulatory developments as well as the new dimensions in Risk Management & compliance.
Belaid Jheengoor and Fawaz Elmalki, Director at Conyers Dill & Pearman, will also represent Bermuda at the “Country Focus Roundtable: New Frontiers – - New Opportunities Exploring New International High-Growth Markets for Islamic Finance”. The panel will discuss Bermuda’s initiatives that are underway in Islamic finance and examine the appetite and potential for Islamic finance in non-Islamic countries such as Bermuda.
Cheryl Packwood, CEO, Business Bermuda, said, “We have a strong relationship with Bahrain and recognise its pre-eminence as the Middle East’s Islamic Finance centre.
“Bermuda is a growing centre in the West for Islamic Finance and there is a great deal to be gained from a closer working relationship with colleagues in Bahrain. It was a natural opportunity, while attending the World Islamic Banking Conference, to get together with members to discuss the prospects of greater synergies and further existing business relationships.”
Nicolas Angio, Managing Director, Apex Fund Services Bahrain and UAE, said, “Bermuda is a key international financial centre providing Islamic finance clients with all the professional and regulatory support services they need to serve the $1 trillion industry. Bermuda provides high quality banking, legal, accounting, financial, e-business, trust and management services for Shariah compliant institutions.”
Belaid Jheengoor, director of asset management for PricewaterhouseCoopers in Bermuda and Chairman of Bermuda’s Islamic finance taskforce, added, “Bermuda’s tried and tested regulatory framework has helped it to become a trusted jurisdiction for structured finance transactions, such as sukuk and Shariah compliant funds, including private equity funds.
“Bermuda is now one of the primary jurisdictions for sukuk issuance for aircraft financing. With these financial structures, Bermuda is also well placed to be a major player in Islamic insurance — the takaful and retakaful industries. Bermuda signed a double taxation agreement with the Kingdom of Bahrain in 2010 which provides structuring opportunities for both conventional and Shariah compliant investors accessing the GCC
I am all for the move to developing Islamic Finance opportunities in Bermuda, but I am uncomfortable that we have gone to Bahrain to advertise ourselves so soon to their having crushed pro-democracy demonstrations (and with Saudi help at that). Such actions are inherently un-Islamic and we should not be giving them any form of legitimacy. I realise our competitors are going/there, but where’s the ethics? Admittedly, business isn’t about ethics, it’s about profit, but the whole premise of Islamic Finance (properly conducted at least) is a financial system rooted in ethics and respect for one’s fellow humans. Can we develop an ethical business niche here by working with blood-soaked reactionaries like the Bahraini’s?