Bermuda Business Promoted in Bahrain

Business Bermuda CEO Cheryl Packwood along with representatives from its member companies PriceWaterhouseCoopers, Apex Fund Services and Conyers Dill & Pearman attended the 4th Annual Fund Forum Middle East Conference in Bahrain from Sunday 3rd October through Wednesday 6th October 2010.

During the conference, Ms. Packwood participated as the Chair of a round table on offshore financial centers, making the case for Bermuda’s leadership on global regulation and tax issues as well as the strength of its underlying economy, which is particularly attractive for international business and Islamic finance. On Tuesday 5th October, Fawaz Elmalki, Associate with Conyers Dill & Pearman delivered a presentation entitled, “Developments In Offshore Financial Centres For Investment Funds With Bermuda As A Case Study,” which enabled the jurisdiction to highlight its double taxation agreement with Bahrain and its leadership in the development of Islamic finance products, particularly in the area of global infrastructure funds and Sukuks.

Commenting on Mr. Elmalki’s presentation and the marketing efforts of Bermuda in the region, 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 centers 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 Kingdom of 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 and others met with Dr. Michael W. Taylor, Adviser to the Governor of the Central Bank. The meeting built on the work of Bermuda’s Ministry of Finance and the double taxation agreement signed between Bermuda and Bahrain in July 2010. During the meeting, 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.

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