Governmental officials from Jersey and Bahrain met recently to discuss opportunities for cooperation in the financial services sector, including the advancement of Sharia’h-compliant investments.
As a result of the dialogue, one possible area of cooperation that has been identified includes using Jersey’s trust regulations and legislative framework to support aspects of an Islamic trust.
The possibility of outsourcing funds and custody business, and the possibility of the secondment of staff between the jurisdictions was also explored.
The regulatory authorities in both jurisdictions have previously signed a Memorandum of Understanding and co-operate fully on regulatory matters.
Phil Austin, Chief Executive of finance industry promotion agency Jersey Finance noted that there is a “compelling case” for closer cooperation between the two jurisdictions.
"Islamic finance is a significant growth area in Bahrain alongside banking, funds and insurance; and Jersey’s diverse range of specialist financial services and its particular expertise in estate and succession planning, means there is huge potential,” observed Mr Austin.
A return delegation from Jersey will visit Bahrain next month.
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