May 6, 2021

Islamic Finance Group meetings set to meet bi-annually

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Alden_McLaughlin,_Premier,_Cayman_IslandswebGRAND CAYMAN, Cayman Islands – The Global Finance and Investment Group, to which Premier Hon. Alden McLaughlin has been appointed, has agreed to meet bi-annually.

Mr. McLaughlin travelled to London last month with Home Affairs Chief Officer Eric Bush and Financial Services Councillor Roy McTaggart. The total cost of the trip, which was from 23-28 March, 2014, was $19,056.02.

Premium economy airfare for the three was $11,913.88; Holiday Inn Mayfair hotel was $4,442.14; and per diem allowances totalled $2,700.

While in London, Mr. McLaughlin had separate meetings with FCO Minister Mark Simmonds and the UK Treasury regarding the budget and various Cayman Islands Government projects. He also met with Lord Blencathra whose contract as the Cayman Islands Representative in London ended on 31 March, 2014.

The Islamic Finance and Investment Group was hosted by Foreign and Commonwealth Senior Minister of State The Right Hon. Baroness Sayeeda Warsi.

The Group was announced at the World Islamic Economic Forum on 30 October, 2013, and the Premier was in London attending its first meeting at Lancaster House.

Ten of the world’s 25 fastest growing markets are Muslim majority countries and globally, Islamic investments are set to grow by CI$2.4 trillion by the end of 2014. British landmarks, including the Olympic Village and the Shard skyscraper, have been financed with Islamic investments, as have Britain’s first deep-sea container port and the Battersea power station.

The Group includes Premiers, Ministers, CEOs of major Islamic banks, central bank Governors and regulators – people who can make a real difference to the global landscape of Islamic Finance.

“The global development of Islamic Finance is a huge opportunity for all of us,” said Baroness Warsi. “Interest in its potential both from within the Muslim World and outside of it demonstrates that it may be the next big thing. I’m confident that by harnessing the technical expertise, business knowledge and political influence of all our members, this group will accelerate the global growth of the Islamic Finance industry. Our ambition is to get things done.”


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