Interview gif
INTERVIEW WITH Belaid Abdessalam Jheengoor
at PwC in Bermuda
Could you tell us more about your role and responsibilities as Director with PwC Ber- muda in the Asset Management Practice and Chairman of the Bermuda Government Islamic Finance Task Force? I lead the PwC Bermuda Islamic finance initiatives working closely with the PwC glo- bal network and Islamic finance leadership team. My duties involve providing strong political support to the government of Ber- muda and have aided with policies that were announced in the Budget 2011, Throne Speech in 2011 and the Budget 2012.
The taskforce which was set up by the Min- istry of Business Development comprises of representatives from the independent regulator, Ministry of Business Development and private sector. My role involves focusing on business development initiatives in Ber- muda.
Belaid Abdessalam Jheengoor
Bermuda is a growing hub for Islamic fi- nance did the government have to accom- modate any laws for Shariah compliant as- set management ,as this is often the case with many countries wishing to tap into the Islamic finance market? The Feasibility study commissioned by the Ministry of Finance in 2010 did not identify any major legislative or regulatory impedi- ments to introducing Islamic financial prod- uct offerings in Bermuda Bermuda’s practi- cal regulatory framework, which incorporates common law principles, enables effective le- gal and financial structuring, and innovation, to accommodate Islamic finance.
Bermuda’s tax neutrality is a competitive advantage over its onshore competitors,
as more innovative and complex Islamic fi- nancial products are developed by the glo- bal market. Bermuda offers promoters the advantages of effective tax structuring and speed to market for retakaful and takaful services, Shariah compliant funds and Su- kuk.
What is the scope for investors wishing to tap into asset classes such as Shariah compliant hedge funds, ETF’s and equi- ties?
Bermuda is one of the world’s leading juris- dictions for the asset management industry and offers a highly flexible environment, with a wide variety of available fund structures, overseen by risk-based regulation.
We have built a reputation as a sophisticat- ed financial hub delivering on the qualities so critical to building effective global busi- ness structures. The pool of service provid- ers, spanning boutique fund administrators to global law and accounting firms, work to- gether to provide service providers with a highly personalised service in a well-control- led, stable environment.
There have been a number of guidance notes which have been issued by BMA re- garding the benefits of Shariah compliant funds in Bermuda. Such benefits include no legal restriction on the asset type, concen- tration or strategy and this means greater flexibility in approach, i.e. easy to structure Shariah-compliant funds and determine asset allocation strategies. In addition a Bermuda partnership can elect to have a separate legal personality, should this be required and unlike some jurisdictions, no
2012 May Global Islamic Finance 49
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