According to recently published statistics the Channel Islands
cornered 25% of new launches of Islamic funds in 2010.
Shariah-compliant products are booming and the Channel Islands are
becoming known as a preferred location for Islamic fund asset
classes such as equities, money market, commodities, real estate,
mixed assets and sukuk. Shariah compliant expertise, including the
provision of the Shariah board, abounds in the Channel Islands.
The Channel Islands are at the forefront of Islamic finance and
other fund frontiers for a number of key reasons, including their
credibility, evidenced by their highly regarded regulatory status
as viewed by international organisations. The OECD and IMF have
given their stamp of approval. Further, it is clearly anticipated
that the Channel Islands will offer AIFM Directive compliant
The Channel Islands' success in the Shariah market place
reflects the success of active marketing in the Middle East and
Asia, and Tax Information Exchange Treaties are assisting the
Channel Islands in nurturing co operative relationships.
Further, Channel Islands service providers are both familiar
with and equipped to operate in markets which demand unconventional
and complex solutions. The islands not only have sophisticated
legal and regulatory frameworks, but also have highly qualified
regulators who understand the products with which they work.
It seems clear that the same factors which appeal to investors
in Channel Islands funds in general, have served to make them
equally attractive to investors in Shariah compliant funds.
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The Cayman Islands Government today issued a report stating that it will continue its current method of providing beneficial ownership information to law enforcement, tax and regulatory authorities, as the method adheres to global standards.
On 6 December 2013, after a period of consultation with industry practitioners, the Cayman Islands Monetary Authority – the Islands’ financial regulator – released its Statement of Guidance for Regulated Mutual Funds.
The record keeping obligations applicable to BVI companies and partnerships were amended in November 2012 and again in September 2014.
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