Islamic finance in Bermuda - Bermuda: Islamic finance hub in the western hemisphere
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www.pwc.com/bermuda/islamicfinance
Islamic finance
in Bermuda
Bermuda: Islamic
finance hub
in the western
hemisphere
Contents
Page
1. Bermuda: Islamic finance hub in the western hemisphere 2
2. Why Bermuda 3
3. Retakaful and captive Takaful 4
4. Shariah-compliant funds 6
5. Sukuk and Shariah-compliant structured products 8
6. Private wealth management 10
7. Work with you 11
8. Contacts 12
Note
The term ‘Shariah-compliant’ in this document refers to financial products
and structures that are compliant with Islamic financial principles. PwC 1
Bermuda: Islamic finance hub
in the western hemisphere
The Bermuda Government welcomes standards and ensures high standards
Islamic finance. of behaviour, while fostering an
environment that remains attractive to
The Bermuda Government is actively business and enables them to grow and
engaged in promoting the development develop successfully.
of Islamic finance in Bermuda and
ways to support its growth. These Bermuda’s legislation is robust, but
initiatives build on the existing flexible enough to accommodate
relationship between Bermuda and Islamic financial products and
the Gulf Cooperation Council (GCC). structures.
Investors from the GCC already invest
heavily in Bermuda-based investment
funds, including Shariah-compliant
funds, and have significant interests in
the local hospitality industry. Financing
vehicles originating from the GCC use
Bermuda exempt companies and trusts
in Sukuk, investment holding and
wealth management structures.
Bermuda is attractive as an
international finance jurisdiction
because it seeks to strike the right
balance between maintaining an
effective regulatory framework
that meets relevant international
2 Bermuda: Islamic finance hub in the western hemisphere
Why Bermuda
Recognition - Bermuda is a transparent
and very well-regulated jurisdiction.
Bermuda has executed over 20 Tax
Information Exchange Agreements and
has received international recognition
for its successful efforts to get onto the
Organization of Economic Cooperation
and Development (OECD) “white list”.
Bermuda has been elected Joint Vice-
Chairman of the Steering Group of the
OECD’s Global Forum for Economic
Cooperation and Development, and
hosted the 2011 Global Forum Plenary.
Bermuda’s financial sector regulator, the
Bermuda Monetary Authority (BMA),
adopts a principle-based regulatory
regime. The BMA has been appointed a
member of the Executive Committee of
the International Association of Insurance
Supervisors.
Political stability – Bermuda is a self-
governing British Overseas Territory; the
legal system is based on English common
law, the doctrines of equity and Bermuda
statute law dating from 1612. over its onshore competitors. As more
innovative and complex Islamic financial
Experience and expertise – Bermuda products are developed by the global
has unrivalled talent and intellectual market, Bermuda offers promoters the
capital in key sectors, including advantages of effective tax structuring
insurance, investment funds and financial and speed to market.
services.
Bermuda has signed a double tax
Infrastructure – A substantial agreement with the Kingdom of Bahrain
infrastructure of IT, high quality transport which provides structuring opportunities
links, and professional services have for investors accessing the GCC region.
been developed to support the financial
industry in Bermuda. Accessibility – Bermuda’s situation
geographically (with easy access to and
Economic stability – Over the past from New York and London) makes it an
decade, Bermuda’s economic growth important hub for the global insurance/
has surpassed that of the US and UK; reinsurance and asset management
Bermuda enjoys a high standard of living industries.
with all the amenities and conveniences
of an advanced economy. Modern legislation – Bermuda has
modern corporate and trust laws
Potential tax benefits – Bermuda’s tax which are attractive for Islamic finance
neutrality is a competitive advantage structures.
PwC 3
operator provides an interest-free loan to
Retakaful and captive Takaful the policyholders’ fund that is repaid out
of future surplus in the fund. The diagram
Innovation, entrepreneurialism and the Takaful and Retakaful arrangements. in figure 2 shows how a Wakala model
leadership of Bermuda insurers with the Specific Retakaful and captive Takaful might work in Bermuda.
cooperation of the Bermuda Government requirements are addressed in the
has fostered a highly successful entity’s business plan and constitutional The hybrid model is a mix of the
reinsurance industry. Today, Bermuda is documents. The most widely used Mudharaba and Wakala models. In this
home to more than 50 major international Takaful/Retakaful models which are model, the operator receives a Wakala
insurance and reinsurance firms and Mudharaba, Wakala and the hybrid fee for managing the insurance operation
there are 1200 international insurers and model can be structured under Bermuda of the policyholders’ fund as well as
reinsurers licensed here. laws. a Mudharaba fee for managing the
investment fund. The diagram in figure 3
As the largest offshore reinsurance and Mudharaba is known as the profit-sharing shows how a hybrid model might work in
insurance domicile, Bermuda offers a model. The shareholders share in the Bermuda.
range of opportunities for Retakaful profit or loss with the policyholders.
(including retrotakaful) operators to The diagram in figure 1 shows how In the Wakala Waqf model the
assist in the growth and expansion of a Mudharaba model might work in policyholders’ fund is replaced by a trust,
the global Takaful market. A number Bermuda. which is the Waqf fund. Part of the capital
of Bermuda-based insurance and of the shareholders’ fund is used to create
reinsurance companies as well as global this trust, which is considered charitable
In the Wakala model, the operator acts
insurance firms with a Bermuda presence under local law.
as an agent of the participants. In this
are establishing relationships with GCC model, shareholders are paid a pre-
countries. agreed proportion of the contributions
paid by the policyholders in return for
Bermuda is also the world’s leading running the insurance operations of the
captive insurance market, with over 900 business on behalf of the policyholders. If
captive insurers, making it an attractive the policyholders’ fund makes a loss, the
center to service the relatively untapped
captive Takaful market.
Figure 1: Mudharaba model
Structuring Retakaful and captive
Takaful in Bermuda Operating
Participants expenses
Balance of surplus after paying portion to shareholders’ fund
The captive insurance and reinsurance
industry is regulated by the BMA. The Contributions Policy
Insurance Act provides the statutory benefits
basis for regulating insurance and
Islamic Policyholders’ Reinsurance/ Shareholders’
reinsurance in Bermuda, dealing with the investments funds funds
retakaful
establishment, operation and regulation
of captive insurance and reinsurance Reserves
companies. The Insurance Act also
provides for the licensing and supervision Investment
of Bermuda insurance managers. profit Interest-free loan
if there is a deficit
The same principles and requirements
under the Bermuda Insurance Act
Surplus/
apply to Retakaful and captive Takaful. Base management fee plus percentage share of any surplus
(deficit)
Bermuda law provides significant
flexibility with respect to corporate Source: PwC
structures and governance, which allow
for establishing and operating of captive
4 Bermuda: Islamic finance hub in the western hemisphere
Bermuda: Unique value • A Bermuda Segregated Accounts • The Companies Act 1981 makes
proposition for structuring Company (SAC) is a useful Retakaful provision for mutual companies which
Retakaful and captive Takaful structuring tool for ring-fencing the is beneficial for structuring Bermuda
shareholders’ fund from the funds Retakaful by virtue of their mutuality.
• Bermuda’s strong reinsurance and belonging to the operator. A SAC could
captive industry, well regarded be used wholly for Retakaful business, • A number of Bermuda reinsurers and
regulatory environment, speed to or by a conventional reinsurer who financial institutions are governed
market and talent pool makes it a wishes to operate a Retakaful window by private act. It is therefore possible
natural home for Retakaful and captive without having to incorporate and for Retakaful and captive Takaful to
Takaful. license a new entity. petition the Bermuda Parliament for
private bespoke legislation to give
• Rapid expansion in the global Takaful enhanced flexibility.
market and the limited availability
of Retakaful capacity make it very Figure 2: Wakala model
attractive for reinsurance companies in
Operating
Bermuda to develop Retakaful models.
Participants expenses
Wakala Fee (percentage
of contributions)
• Bermuda’s established reinsurance
companies have access to significant Contributions Policy
capital resources and are at the leading benefits
edge of the conventional reinsurance Islamic Policyholders’ Reinsurance/ Shareholders’
100% of any surplus
industry. There are clear synergies investments funds retakaful funds
to develop partnerships between
Bermuda’s conventional reinsurance Reserves
operators and global Retakaful
operators which have the requisite Investment
Interest-free loan
expertise and market knowledge. profit if there is a deficit
• Either a fully-fledged Retakaful
company or a Retakaful unit of a Surplus/
conventional reinsurer are attractive (deficit)
options in Bermuda.
Source: PwC
• Bermuda offers opportunities to
develop Retakaful for a nascent US Figure 3: Hybrid model
Takaful market.
Operating
Participants expenses
• Bermuda as the world’s leading Wakala Fee (percentage
domicile for captives provides of contributions)
opportunities for GCC corporations to Contributions Policy
form Bermuda captive Takaful. benefits
Islamic Policyholders’ Reinsurance/ Shareholders’
100% of any surplus
Other key structuring investments funds retakaful funds
considerations
Reserves
• Bermuda insurers are allowed
considerable flexibility in their Investment
Interest-free loan
profit
investment policies. This is an if there is a deficit
important consideration for Shariah-
compliant asset classes.
Surplus/
(deficit)
Share of investment return paid for managing investment
Source: PwC
PwC 5administration professionals. Bermuda
Shariah-compliant funds has long recognized the changing needs
of investors, including calls for greater
transparency and regulatory oversight,
Bermuda provides a favourable while maintaining an efficient and
environment for the establishment of entrepreneurial environment that allows
Shariah-compliant funds given its position funds and fund managers to flourish.
as one of the world’s leading jurisdictions
for the asset management industry and Bermuda Monetary Authority
the Government’s receptive attitude to Guidance Notes on Islamic
new entrants to the market. Bermuda
Collective Investment Schemes
offers an excellent and very stable
platform from which fund promoters and
The BMA recently published its
investment managers seeking to expand
Guidance Notes on Islamic Collective
their Shariah-compliant product offerings
Investment Schemes (‘Guidance Notes’),
globally can confidently launch, manage
strengthening Bermuda’s case as a
and administer such products.
favourable domicile for the establishment
of Islamic investment funds. The
The investment fund industry is regulated
Guidance Notes are principle-based,
Shariah-compliant by the BMA. The Investment Funds Act
non-discriminatory (providing level
provides the statutory basis for regulating
innovative investment funds in Bermuda, dealing with the
playing field with conventional funds),
hence adding to Bermuda’s competitive
funds and global establishment, operation and regulation
advantages by offering flexibility to
of investment funds. The Investment
investment fund Funds Act also provides for the licensing
Islamic investment fund promoters who
can confidently structure, manage and
platforms and supervision of Bermuda fund
administer such funds in Bermuda,
administrators.
bringing innovative investment products,
such as Sukuk funds and ETFs, to the
Structures commonly used in the
global market.
investment fund industry can be created
and utilized in Bermuda. Common
There are no impediments to authorising
structures include:
Islamic investment funds in Bermuda
under the current framework. The
• Exempted companies;
Guidance Notes provide clarity on a
• Segregated account companies;
number of issues which such funds may
• Exempted partnerships; and
need to consider in complying with the
• Unit trusts.
existing regulatory framework, such
as required disclosures, notification
Shariah-compliant fund sponsors benefit
of material changes, and the role
from the presence in Bermuda of world-
and responsibilities of the ‘Shariah
class asset management firms, fund
Supervisory Board’, an independent
administrators and other professionals.
governance body to ensure such fund
Funds can be listed on the Bermuda Stock
products conform to Islamic financial
Exchange (BSX), and Bermuda umbrella
principles.
funds can be created as SACs.
Bermuda boasts a wealth of expertise in Structuring Shariah-compliant
the area of mutual funds, hedge funds, investment funds in Bermuda
private equity funds and real estate funds.
Bermuda is home to hundreds of fund Shariah-compliant funds are similar
managers, nearly two thousand funds in their set up to conventional funds
are registered here, and still thousands and compliance with Islamic financial
more administered by its world class fund principles can be viewed very much
6 Bermuda: Islamic finance hub in the western hemisphereas an overlay, comparable to a fund
established with a “socially responsible”
investment ethos. The same principles
and requirements under the Bermuda
Investment Fund Act apply to Shariah-
compliant funds. Generally there are no
restrictions in the investment objectives
under the Bermuda’s Companies Act
and Investment Fund Act. The specific
Shariah-compliant requirements and
restrictions can easily be incorporated
into a fund’s offering memorandum/
prospectus.
Structuring Shariah-compliant
private equity/venture
capital, real estate and global
infrastructure funds in Bermuda
A Shariah-compliant private equity/
Asia regions who are seeking to diversify investment products targeting emerging
venture capital, real estate or global
their global Islamic investment portfolios markets. To facilitate such cross-border
infrastructure fund is typically structured
and access US investments can do so investment flows, it is vital to have tax
as a limited partnership. Bermuda’s
by investing in Shariah-compliant US efficient global fund platforms in a
limited partnership rules accommodate
securities such as Sukuk, listed securities reputable jurisdiction such as Bermuda
both the Mudharaba and Musharakah
screened for Shariah-compliance and and benefit from its highly regarded
structures. The Bermuda Partnership Act
private equity. regulatory environment, high quality
does not attempt to regulate the affairs
infrastructure, and world-class fund
of a partnership to any great extent.
Innovative alternative Shariah- administrators and other professionals.
The specific requirements of either
structure can easily be incorporated into compliant investment funds –
Bermuda, as a centre of excellence for the The key benefits of having Bermuda-
the partnership agreement. Bermuda
alternative fund industry, can assist in based global fund platforms are as
structures are also suitable parallel
the development of innovative Shariah- follows:
vehicles to accommodate both Muslim
and non-Muslim investors. compliant alternative investment funds
such as hedge funds, exchange traded • They provide access to alternative asset
funds and fund of funds, commodities classes in emerging markets.
Bermuda: Unique value • They are attractive to US/global ethical
funds and Sukuk funds.
proposition for structuring investors seeking access to socially-
Shariah-compliant funds Global Shariah-compliant fund responsible investments in emerging
markets.
platforms – US/global investors seeking • They are attractive to US/global
Access to US investments - geographic and product diversification
Investors such as sovereign wealth investors seeking global Islamic
may invest in Sukuk issuances (either investment diversification.
funds, institutions and high net worth
directly or via Sukuk funds) and other
individuals from GCC and South East
Bermuda is a leading jurisdiction in innovative
investment products focusing on reinsurance risk
such as insurance-linked securities, catastrophe
bonds, insurance swaps, and weather derivatives
PwC 7finance), Wakala (agency), Ijara wa Iqtina
Sukuk and Shariah-compliant (finance lease), Salam (payment for
future delivery), Arbun (pre-purchase of
structured products right to acquire asset).
Bermuda offers administrative and cost
The recent credit crisis did much to efficiencies in that issuers may structure
strengthen the case for alternative and list Sukuk in a single jurisdiction.
investment approaches and ways of
raising capital in the global capital Bermuda: Unique value
markets. Sukuk is one of the fastest proposition for structuring global
emerging alternative instruments and is
Sukuk transactions
increasingly used by governments and
corporations in the GCC and South East
Sukuk structured and listed in Bermuda
Asia to access global capital markets.
are particularly attractive for the
Investors invest in Sukuk for their
following cross-border transactions:
attractive yields and institutions can use
Sukuk for liquidity management. The
Sukuk market is rapidly permeating the Access to global capital markets
global capital markets as many Western
jurisdictions are also tapping into it. • European and US-based corporations
seeking alternative ways of raising
capital globally (mainly from GCC and
Structuring global Sukuk South East Asia) may structure and
The GE Capital transactions in Bermuda list a Bermuda-based Sukuk. Bermuda
corporate and trust vehicles have been
Sukuk, offered under Sukuk and other Shariah-compliant trusted by investors and capital markets
Regulation S and structured products often involved an globally for many years.
offshore structure in the form of a special
structured using a purpose vehicle (SPV), which typically • Sukuk issuers from GCC and South
Bermuda limited takes the form of an exempted company East Asia seeking to raise capital from
in Bermuda under the Companies Act
liability exempted 1981.
Western economies may structure
and list a Bermuda-based Sukuk to
company, represents benefit from Bermuda’s reputation as
Already recognized as a centre of
a significant excellence for the domicile, management,
a jurisdiction of choice for structuring
cross-border transactions.
development for the administration and listing of investment
funds and financing structures, Bermuda
global Sukuk market is a natural choice as a jurisdiction
for Sukuk issuers. The GE Capital
Sukuk, offered under Regulation S and
structured using a Bermuda limited
liability exempted company, represents
a significant development for the global
Sukuk market.
Bermuda SPVs and trusts are attractive
for various Shariah-compliant structured
products created under common
Islamic contracts such as Mudharaba
(partnership/ finance trusteeship),
Musharaka (joint venture), Ijara
(leasing), Murabaha (purchase order),
Istisna (manufacturing or project
8 Bermuda: Islamic finance hub in the western hemisphereListing of Sukuk on the Bermuda Key benefits of using Bermuda
Stock Exchange SPVs for structuring Sukuk BSX with its
and other Shariah-compliant innovative and
Besides its modern corporate and structured products
trust laws, Bermuda also offers listing flexible approach is
facilities for Sukuk on the BSX, which
has developed into a major offshore
• Bermuda offers SPVs that are tax an attractive location
efficient, based under common
exchange for the listing of international law principles, where the rights of
for cross-border
securities. The BSX specializes in listing all parties are clearly understood, Sukuk listing
and trading capital market instruments recognized and consistently applied.
such as stocks, bonds, mutual funds
(including hedge fund structures), • The GE Capital Sukuk is proof that
insurance-linked products and depository Bermuda’s laws are tried and tested be licensed under Bermuda trust
receipt programs. It provides high by rating agencies, regulators and legislation, provided that by the terms
regulatory standards, visibility for issuers investors globally for Sukuk structures. of its memorandum of association it is
and transparency for investors, which empowered to act as trustee of only a
facilitates cross-border flow of capital and • Bermuda-based SPVs and trusts limited number of identifiable trusts.
bridges cross-border investment gaps. vehicles are suitable for financing
structures for the acquisition of global • Financiers/institutions benefit from
The BSX’s fully electronic capabilities portfolios of assets. effective structuring of Shariah-
offer attractive opportunities for compliant structured products through
Regulation S Sukuk offerings. The BSX • There are no restrictions in the ‘objects’ a combination of Bermuda SPVs and
adopts a non-discriminatory, religion of a company under Bermuda company trusts, for example to create ‘off balance
neutral regime for Sukuk listing under its law. An entity may apply the principles sheet’ or ‘bankruptcy remoteness’
Specialized Debt listing rules. The BSX is of Islamic finance to its business structures.
suitable for the listing of a diverse range dealings to achieve its objects.
of Islamic financial products, including • There is no exchange control for
investment funds and ETFs. • Bermuda companies may adopt a non-resident undertakings and no
secondary name in non-roman script restriction on repatriation of funds.
PwC recommends that Sukuk listing is such as Arabic with the approval of the
viewed as a four step process: Registrar of Companies. • There is no stamp duty on any
instrument affecting or relating to
• Listing strategy • Bermuda’s private trust company international businesses in Bermuda.
• Filing and communication with the legislation is attractive for Islamic This is a key consideration for global
competent authorities finance structures. A private trust Sukuk issuances.
• Continuous reporting company is a company with trustee
• Coordination of the listing process powers which is not required to
Review
Guidance on Set up vehicle regulatory & Submit
strategy structure comliance file
Admission
Support
continuous
reporting &
compliance
Project management
PwC 9excellent charitable structure for Islamic
philanthropy such as Waqf.
Bermuda has a pool of talented people
and service providers including trust
administrators, lawyers and accountants
who have expertise in dealing with
complex estate planning, providing
investment services and day-to-
day administration. As a high-end,
sophisticated jurisdiction, Bermuda is
also an attractive location for family
offices, philanthropy and foundations.
Bermuda also benefits from the
presence of the world’s top investment
management firms, as well as large
independent hedge fund and private
equity fund managers. Asset managers
Private wealth management locate their operations in Bermuda
because it offers one of the world’s
highest standards of living and low taxes
Bermuda provides sophisticated solutions together in a prestigious international
designed for wealthy individuals and financial centre. Bermuda is a perfect
families and their advisers, for example: location for Shariah-compliant asset
managers to expand globally, access
• Family wealth management- wealth the US market and develop a globally
Bermuda is a creation, enhancement, protection and recognized Shariah-compliant asset
distribution. management brand.
premium private • Family offices or asset managers
wealth management seeking a cross border platform The presence of asset managers and
complementary to their local providers. a significant number of alternative
centre • Investments outside of the Gulf: investment funds domiciled in Bermuda
real estate, private equity, financial offer investment opportunities to
instruments, foreign direct investments. HNWIs, pension funds, sovereign wealth
• Entrepreneurs wanting to funds, financial institutions, Waqf and
internationalize their business. endowments. Bermuda-domiciled funds
• Philanthropy. and fund managers offer HNWIs and
institutions significant choice of tax
Bermuda offers various types of trust efficient investment strategies, with
structures which can be customized to product and geographical diversification.
accommodate varying personal estate
planning objectives. Bermuda trusts, Bermuda’s major banking groups and
when properly structured, can offer other wealth management firms offer
tax-efficient global solutions, whereby advisory and discretionary investment
assets are legally entrusted to a politically services, and make available a wide
stable environment, with high level range of investment vehicles from around
protection and confidentiality. A Bermuda the world, including bonds, equities,
foundation is a corporate alternative derivatives, structured products, mutual
to the creation of a trust. Aside from funds, and hedge funds.
serving family estate planning matters,
Bermuda trust or foundation can be an
10 Bermuda: Islamic finance hub in the western hemisphereassets. As companies start to develop their
Work with you fund ranges, PwC can offer staff training
on Shariah principles.
PwC Bermuda is the leading provider of has carried out work for all elements For administrators, PwC can review the
assurance, advisory and tax services to of Takaful/Retakaful business, from existing administration cycle of funds in
Bermuda’s banking, asset management, reviewing business plans and helping order to identify gaps and to implement
reinsurance and financial services people deal with investors, to financial changes required to be within the scope of
industry. We provide audit services to modeling of Takaful business on an IFRS Shariah precepts, covering custody, cash
a significant proportion of the leading basis and on an AAOIFI basis. PwC has management, fund accounting, financial
insurance and reinsurance companies in helped Takaful/Retakaful businesses reporting, trustee/fiduciary oversight,
Bermuda and have ongoing advisory and at all stages of their development; from transfer agency, ancillary services and
other relationships with a vast majority helping companies get established to ‘Shariah’ board support.
of the remainder. Our asset management reviewing and optimizing their reserving,
clients include investment partnerships underwriting and finance processes and Sukuk
and trusts, private equity funds, hedge controls and helping CEOs plan their
funds, pension funds, treasury operations strategies for growth. PwC has a dedicated, multi-disciplinary
and investment managers, advisors, and global team of industry experts,
banks. including tax and advisory specialists,
who specialize in Sukuk and have the
PwC’s global network has a dedicated, knowledge to assist with a variety of
multi-disciplinary team of industry areas including structuring, operations,
experts, including actuaries, tax and compliance, and tax.
advisory specialists, who specialize in
Islamic finance. PwC industry experts PwC can support clients throughout
have extensive global experience in the Sukuk listing value chain, starting
offering assurance and advisory services from guidance on strategy to the final
within the Islamic finance industry. PwC admission on the Bermuda Stock
bring to the table the global resources Exchange.
of one of the world’s largest networks
of Islamic finance experts, with centers
of excellence in Bermuda, Malaysia,
the Middle East and North Africa and Shariah-compliant funds
London.
PwC has significant experience in
Retakaful advising on launches of Islamic fund
structures, including private equity,
Globally PwC has more than 700 mutual funds, Sukuk, Islamic exchange-
actuaries and Takaful/Retakaful traded funds and funds of funds. Our
specialists serving general, family, health tax specialists can advise on the most
Takaful and Retakaful markets. appropriate tax structure for each fund
type.
PwC has solutions for the major
challenges facing Takaful/Retakaful For fund promoters PwC can offer
operators, such as tax issues, the potential guidance on eligible investments under
lack of IT and operating infrastructure. Islamic principles and the monitoring
PwC offers cutting-edge solutions for of investment restrictions. PwC works
optimizing capital requirements, design with companies to monitor Shariah
and development of management compliance function effectiveness. Advice
information systems, to managing the is also available from PwC experts on the
impact of an insurer’s conventional purification of non-Islamic income, cash
and Takaful/Retakaful portfolio. PwC management and the custody of Islamic
PwC 11Contacts
Islamic Finance Private Equity
Colm Homan George Holmes
+1 (441) 299 7116 +1 (441) 299 7109
colm.homan@bm.pwc.com george.holmes@bm.pwc.com
Belaid Jheengoor
+1 (441) 299 7190 Banking and Financial Services
belaid.jheengoor@bm.pwc.com Andrew Brook
+1 (441) 299 7126
andrew.brook@bm.pwc.com
Reinsurance
Caroline Foulger
+1 (441) 299 7103 Hedge Funds
caroline.j.foulger@bm.pwc.com Scott Watson-Brown
+1 (441) 299 7156
scott.watson-brown@bm.pwc.com
Captive Insurance
Richard Patching
+1 (441) 299 7131 Tax
richard.patching@bm.pwc.com Rick Irvine
+1 (441) 299 7136
richard.e.irvine@bm.pwc.com
12 Bermuda: Islamic finance hub in the western hemispherewww.pwc.com/bermuda/islamicfinance PwC firms provide industry-focused assurance, tax and advisory services to enhance value for their clients. More than 161,000 people in 154 countries in firms across the PwC network share their thinking, experience and solutions to develop fresh perspectives and practical advice. See www.pwc.com for more information. © 2011 PricewaterhouseCoopers. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers (a Bermuda partnership), which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity.
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