According to a Dow Jones Newsire report published last week, the Southeast Asian Sultanate of Brunei is looking to Bermuda as a model for the construction of an efficient and successful regional offshore financial center.
Speaking to the news service on Tuesday, Robert Miller, head of supervision at the Brunei International Finance Centre (BIFC) revealed that as a result of perceived Western hostility towards Muslim investors and Islamic countries, Brunei has recently seen a substantial influx of assets.
'The process has been hastened by the unfortunate US attitude to Muslims,' he told Dow Jones Newswire, adding that: 'Brunei draws hope from Bermuda, which is the second largest reinsurance market after London despite its small size.
According to the report, Malaysia and several of the Gulf states are also eyeing the lucrative Islamic investment market, estimated by some analysts to amount to around $1 trillion.
'Our aim is to become a more relaxed Singapore, with a touch of Bahrain,' Mr Miller concluded his interview last week by explaining.
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