Posted by: islamicfinancingnews | December 20, 2012

Islamic finance gaining momentum

islam21 With its expansion into worldwide markets, Bermuda is one of the places where Islamic finance is gaining momentum. According to a recent article in The Gulf Daily News, this popular destination in the North Atlantic Ocean has been working on increasing its partnership with the Middle East. This interest is evidenced by the annual representation of Cheryl Packwood, chief executive of Business Bermuda at the World Islamic Banking Conference, including the most recent summit held in Bahrain earlier this month. With offshore finance a large sector of Bermuda’s economy, she views the growing popularity of Islamic finance in the West as a “natural progression” in the region and wants to promote the island as a center of activity for Islamic finance.

Recognizing Islamic financial institutions were not impacted after the 2007-2008 financial crisis and noting some of the factors fueling demand for Islamic finance include its ethical principles, the basis of transactions on real assets, as well as growing Muslim populations in the West, Packwood regards products that are Sharia compliant as the way of the future. With its expertise in offshore insurance and reinsurance, Business Bermuda is preparing to open the doors to its first takaful company.

Closer to home, a reputable Islamic finance lender can provide the expertise you need when it comes to financing options like Islamic mortgages free from Riba.


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