Bermuda gears up to have first Islamic bank by yearend - Arab News

Bermuda is likely to see the first Islamic financial institution to be up and running by the year-end, a development which will boost the chances for Bermuda becoming an emerging hub for Islamic banking and finance for the world's largest economy, the USA.

Deputy Premier and Minister of Finance Paula A. Cox, who was in Bahrain last week and held talks during her two-day visit to Bahrain with Minister of Finance Sheikh Ahmed bin Mohammed Al-Khalifa, said Bermuda was preparing to host the first Islamic financial institution by the year-end.

After talks with officials and bankers she was positive about the outcome of efforts aimed at establishing the first Islamic bank or Takaful company by the fourth quarter of the year.