IslamicFinance.de

The rise of Islamic finance and sukuk issuances have brought with it a growing phenomenon: Shariah banking is increasingly taking advantage of offshore banking jurisdictions. Many offshore centres around the world meanwhile offer a wide range of features allowing Shariah principles to be upheld when creating Islamic financial products. Many offshore jurisdictions also offer multiple other benefits such as low income, capital gains, profit or withholding taxes or no taxes at all, no restrictions on foreign exchange or foreign ownership, experienced service providers and operational support. Offshore financial centres that since have attracted Islamic finance are, among others, Cayman Islands, Jersey, Bermuda, British Virgin Islands and Labuan in Malaysia.