Bermuda aims to become a centre for Islamic finance

The Government of Bermuda has plans to promote the country as a western hub for the Islamic financial services industry.

On the signing of a Double Taxation Agreement (DTA) with Qatar, Premier and Minister of Finance, The Hon. Paula A. Cox, JP, MP, said the move “positions us to market Bermuda as an interconnecting domicile for Bermuda and investment from and to those 50 countries with which Qatar has DTAs.”

Bermuda aims to become a centre for Islamic finance
The Premier went on to say that investors in countries that to date do not have a DTA with Qatar can establish a domicile in Bermuda and benefit from the Qatar Bermuda DTA and the DTA network.

“The DTA provides incentive to Qatar entities including Qatar Airways, also Bermuda‚Äôs reinsurance industry and shipping companies around the world that have Qatari or Gul Cooperation Council (GCC) ownership interests,” she said.

At the same time, Bermuda signed a Memorandum of Understanding (MOU) covering economic, commercial and technical cooperation on mining, energy, agriculture, communications, transportation, construction, labour and tourism.

The MOU sets out that Qatar will assist Bermuda to make further inroads in the GCC region and Bermuda will position itself as a hub to assist Qatar to further diversify structures to access western markets.

The Hon. Paula Cox says the combination of the DTA and MOU creates opportunities for Bermudian businesses large and small to explore cross border trade with Qatar and the GCC region.