With increasing competition among offshore banking hubs to attract Islamic finance business, the offshore hub of Cayman Islands has introduced dual language – Arabic and English – registration and issuance of certification.
The Arabic language facility for Cayman Islands offerings is specifically aimed at the Islamic finance market. This means that Arab banks or that matter any other aiming a product at the Arab world, can now structure offshore international investment and other products in their mother tongue – Arabic.
According to Deborah Drummond, Deputy Financial Secretary (Financial Services) of Cayman Islands government, the local office of the Alkhobar-based Saudi conglomerate, Saad Group, helped in facilitating the Arabic language registration and certification service.
“The ability of the Cayman Islands to quickly implement service enhancements such as this Arabic language facility is a clear indicator of the jurisdiction’s nimbleness in responding to commercial opportunities, such as the growth of Islamic finance,” says Charles Quinn, QC, president of the Cayman Islands Law Society.