Please ensure Javascript is enabled for purposes of website accessibility

People

Big things are happening at Ogier. Change is embedded in everything we do. It is redefining our talent, our ways of working, our platforms of delivery, our culture.

Expertise

Services

We have the expertise to handle the most demanding transactions. Our commercial understanding and experience of working with leading financial institutions, professional advisers and regulatory bodies means we add real value to clients’ businesses.

View all services

Employment law

Intellectual Property

Listing services

Restructuring and Insolvency

Business Services Team

Executive Team

German Desk

Accounting and Financial Reporting Services - Ogier Global

Cayman Islands AML/CFT training - Ogier Global

Corporate Services - Ogier Global

Debt Capital Markets - Ogier Global

Governance Services - Ogier Global

Investor Services - Ogier Global

Ogier Connect - Ogier Global

Private Wealth Services - Ogier Global

Real Estate Services - Ogier Global

Regulatory and Compliance Services - Ogier Global

Ogier Global

Consulting

View all Consulting

Sustainable Investment Consulting

LexTech - Technology Consultants

Business Services Team

View all Business Services Team

Sectors

Our sector approach relies on smart collaboration between teams who have a deep understanding of related businesses and industry dynamics. The specific combination of our highly informed experts helps our clients to see around corners.

View all sectors

Aviation and Marine

BVI Law in Europe and Asia

Energy and Natural Resources

Family Office

Foreign direct investment (FDI)

Funds Hub

Private Equity

Real Estate

Restructuring and Insolvency

Sustainable Investing and ESG

Technology and Web3

Trusts Advisory Group

Locations

Ogier provides practical advice on BVI, Cayman Islands, Guernsey, Irish, Jersey and Luxembourg law through our global network of offices across the Asian, Caribbean and European timezones. Ogier is the only firm to advise on this unique combination of laws.

News and insights

Keep up to date with industry insights, analysis and reviews. Find out about the work of our expert teams and subscribe to receive our newsletters straight to your inbox.

Fresh thinking, sharper opinion.

About us

We get straight to the point, managing complexity to get to the essentials. Our global network of offices covers every time zone. 

No Content Set
Exception:
Website.Models.ViewModels.Components.General.Banners.BannerComponentVm

Cayman and BVI poised to benefit from forecast Islamic finance growth

News

15 February 2017

Cayman Islands, British Virgin Islands, Hong Kong

ON THIS PAGE

Offshore centres are poised to benefit from the enormous growth forecast in Islamic finance over the next few years, says Ogier's Head of Banking and Finance in Asia.

Anthony Oakes, who leads the banking and finance team in the firm's BVI and Cayman-focused Hong Kong office, says that the combination of increasing appetite for Islamic finance products, new variations on existing products and an increased interest in the role of offshore centres in Islamic finance point to a developing area with huge potential.

Research by the International Shar'iah Research Academy for Islamic Finance estimated the total value of global Islamic finance at around $900 billion in 2009 – that figure had reached $2.4 trillion by 2015, with forecasts reaching $3.4 trillion in 2018 and $5 trillion by 2020.

Anthony, who published a chapter on Islamic finance in the Cayman Islands in a recent industry publication, said: "The traditional market in the Middle East remains strong, but we are also seeing growth in Asia, Malaysia and Indonesia.

"At the same time, the industry is developing new products – we are seeing more Shariah compliant retail and corporate banking and trade finance products coming online.

"A further interesting development is happening in non-Islamic countries, where access to Islamic capital markets is being sought – a good example is the sukuks issued by the Hong Kong government in 2014 and 2015.

"Offshore centres, and particularly Cayman, are well-positioned to take advantage of this growing area because of their flexibility and efficiency, and because their underlying legal systems are based on the trusted, well-established and familiar English legal framework."

Anthony was named one of the top ten offshore lawyers in Asia by Asian Legal Business in its Offshore Client Choice List 2016 and recently wrote the chapter on the Cayman Islands in The Islamic Finance and Markets Review.

No Content Set
Exception:
Website.Models.ViewModels.Blocks.SiteBlocks.CookiePolicySiteBlockVm