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| Bermuda Open For Islamic Investment |
by Mike Godfrey, Tax-News.com, Washington
Thursday, May 05, 2011
The Bermuda Monetary Authority (BMA) has released a set of guidelines outlining the
regulatory requirements necessary for the establishment of Islamic investment
funds in Bermuda, designed to promote understanding, compliance and investment
levels.
In line with Bermuda's efforts to promote itself as a domicile of choice for
Islamic financial products, the publication of these new Guidance Notes is intended
to demonstrate that the jurisdiction's regulatory framework is capable of accommodating
the funds. Published on April 28, the Notes follow a BMA review of Bermuda's
fund regulation regime, which found no impediment to the authorization of Islamic
investment funds under the existing framework.
The Notes are, however, designed to offer guidance on compliance issues likely
to face such funds. These include required disclosures, notification of material
changes, and the role and responsibilities of the Shariah Supervisory Board,
a body required under Islamic law to ensure such fund products conform to Islamic
principles.
Commenting on the release, the BMA's CEO Jeremy Cox said that: "By issuing
the Guidance Notes we are helping the market take advantage of this potential
business opportunity for Bermuda, while ensuring the sector remains appropriately
regulated. As Bermuda’s financial services regulator, the Authority is
keen to ensure that this jurisdiction upholds the highest standards in regulation,
while at the same time maintaining a regulatory environment that supports business
growth and development. This development is a clear example of the Authority’s
work in this regard".
A comprehensive report in our Intelligence Report series
giving a country-by-country analysis of offshore investment funds, stock exchanges
and trusts, with an analysis of the US QI regime, is available in the Lowtax
Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report9.asp
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