Jersey plans to increase its range of Islamic financial services to complement its flexible legislation and tax neutral environment.
Jersey Finance marked the opening of its new representative office in Abu Dhabi with a reception at the British Embassy yesterday for Senator Philip Ozouf, States of Jersey Deputy Chief Minister and a Jersey Finance delegation. The reception was hosted by the UAE British Ambassador Dominic Jermey CVO, OBE and welcomed by guest of honour H.E. Sheikha Lubna bint Khalid bin Sultan Al Qasimi, UAE Minister for Foreign Trade.
The Jersey Finance GCC representative office will provide support services for regional companies in the banking, fund management, trust and legal industries with existing operations in Jersey, as well as acting as a hub to communicate the breadth and depth of its offshore financial services.
Jersey Finance is a leading partner to all the major international financial centres of the world, and aims to strengthen its close ties to the GCC.
UAE British Ambassador Dominic Jermey CVO, OBE commented: “Strategic ties with jurisdictions like Jersey will be increasingly important for the world’s international finance centres. Jersey has important capital flows to the City of London. Jersey and London complement each other as financial centres and they are frequently part of the same transaction chain, facilitating the deployment of mobile international capital. We are confident that a similar relationship can evolve with Abu Dhabi and other financial centres throughout the GCC region.”
Significant connections between the Gulf and Jersey range from business bank deposits, family deposits, fund management, Sukuk structures, asset management, and private wealth management.
Senator Philip Ozouf, Deputy Chief Minister commented: “Jersey Finance’s presence in the Gulf will serve to support the expected growth in the regions’ finance sectors, providing a safe and regulated environment for managing capital and wealth. In turn, the office will help develop broader connections between Jersey and all of the GCC countries.”
Specialist Jersey-based trust companies with GCC offices include Minerva Middle East, Vistra and Sanne Group. Inversely, banking institutions from the GCC with offices in Jersey include Emirates NBD, National Bank of Abu Dhabi and HSBC Middle East, among others, all offering a range of services to both the local and expatriate community.
Sean Costello, Jersey Finance Head of Business Development for the GCC and India commented: “The GCC is a key finance and business centre that we have been visiting since 2002 and we are delighted that we now have a representative office in the region. This is a logical extension of Jersey’s growing links with the GCC and will complement our existing representative office in Hong Kong and dedicated representatives in India and is a reflection of our commitment to growing our finance industry’s presence in international markets in the coming years.”
Throughout the Gulf, Jersey Finance will concentrate on promoting its expanding range of Shariah-compliant financial products, including Islamic asset management and fund domiciliation, Special Purpose Vehicles (SPVs), Sukuk structures and Islamic private wealth management.
Sean Costello, will oversee the Abu Dhabi office and representatives in India.