Video: Bermuda’s Role In Islamic Finance
Business Bermuda CEO Cheryl Packwood explains why the island is poised to play “a vital role” in Islamic Finance in this interview shot at a major regional conference in Bahrain last November.
At the time, Ms Packwood [pictured] told the “Gulf Daily News” she has already committed to coming back to the country’s next World Islamic Banking Conference – and hoped to bring Bermuda’s Minister of Business Development along for the 2012 edition. “We clearly see that a financial centre like Bermuda has to have a role in the growing world of Islamic finance and clearly Bahrain is the centre where you need to be in this industry, Ms Packwood said.
“We have been very excited about what we have seen and heard at this event. I thing it has been fantastic and for us it has been a major success. 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.”
Global Islamic finance is a fairly new industry, only having been in existence for the last 25 years and the market currently stands at about $1 trillion.
Numerous studies by global industry leaders say this $1 trillion, within the next three to five years, could grow to be anything north of $3 trillion to $6 trillion.
Cheryl Packwood in conversation with Isla MacFarlane, Editor, Islamic Business & Finance on the sidelines of the WIBC in Bahrain in November 2011
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