| Bermuda’s efforts to establish itself as a global leader in the Islamic re/insurance sector, are an economic priority for the island. Business Bermuda CEO Cheryl Packwood told a recent London conference the island is intent on leveraging its position as a dominant regional financial and business hub to attract new, Shari’ah-compliant business from the Islamic world. “Bermuda is the world’s number one reinsurance domicile, and it is only natural for us to layer Takaful and reTakaful on top of this,” she was quoted as saying in a number of Middle Eastern news outlets this week. Last year Ms Packwood appeared on the BBC’s “Middle East Business Report” during a Business Bermuda swing through the Arab Gulf states to highlight the fact the island’s re/insurance, investment and wealth-management sectors had long-since introduced practices consisent with the principles of Islamic finance and law. |
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