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Islamic Finance Briefing - Categorized | Emerging Trends, Insurance (Takaful) more

Bermuda: Island could play key role in Islamic insurance

Posted on 06 January 2011

From Bernews.com: Bermuda is well positioned to play a key role in the swiftly growing Islamic insurance, or takaful, industry, says local law firm Conyers, Dill & Pearman. In a newly released background paper on Islamic insurance, CDP says despite the island’s small size and isolation a sophisticated legal system, a regulatory framework supervised by the Bermuda Monetary Authority (BMA) and a world-class pool of insurance and reinsurance talent has allowed the island to keep pace with global developments in the market — making it a prime jurisdiction for the development and expansion of the takaful industry.
“In widely reported comments made at the Bahrain/Bermuda Conference on Global Financial and Insurance Services in July 2010, now Premier Paula Cox said that Bermuda’s Government and private sector are actively involved in promoting the development of Islamic finance in Bermuda, and would welcome the development of takaful,” said the Hamilton law firm…………………………………….Full Article: Source

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