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Deloitte Finance Setting Up In Bahrain

by Lorys Charalambous, Tax-News.com, Cyprus

17 March 2011


Deloitte in the Middle East has announced the opening of a branch of Deloitte Corporate Finance Limited in Bahrain. The branch will be licensed and regulated by the Central Bank of Bahrain.

The move reflects the strength of the economic and business fundamentals that have seen Bahrain become an international business hub and a leading investment destination in the region, according to Shaikh Mohammed bin Essa Al-Khalifa, Chief Executive of the Bahrain Economic Development Board (EDB).

Shaikh Mohammed said: “The pillars that have long formed the basis for steady and sustainable economic growth and stability continue to attract international business to the Kingdom. As we build on the economic reforms and achievements that we have made over the past decade, safeguarding and continuing to grow our economy – and our strong and vibrant private sector – is vital to providing better opportunities for all Bahrainis.”

“Bahrain was selected for the location in recognition of Bahrain’s status as a regional financial hub,” said Roger Nasr, Managing Partner, Deloitte Bahrain. The opening of the new branch reflects the growth of Deloitte Corporate Finance Limited, which now has teams in six locations across the Gulf and employs around 150 people. It represents an extension of Deloitte Bahrain’s offering and provides services that include advising on and arranging corporate finance transactions.

Ahmed Al-Bassam, Director of Licensing & Policy, Central Bank of Bahrain commented: “We welcome Deloitte’s decision to set up a regional branch of DCF in Bahrain. This branch is licensed to provide corporate finance solutions to clients based in Bahrain as well as in the region. In addition the provision of Islamic financial advisory services we believe will contribute significantly to the development of the Islamic finance industry”.

“The establishment of a branch of Deloitte Corporate Finance Limited in Bahrain represents yet another significant milestone in Deloitte’s strategic investment in the Middle East region,” said Dawood Ahmedji, General Manager, Deloitte Corporate Finance Limited in Bahrain.

In addition to the main Deloitte office and the Deloitte Corporate Finance Limited branch, Deloitte selected the Bahrain for the location of its regional Islamic Finance Group, which was launched in 2010. Bahrain is a pioneer in Islamic finance, having been the first in the Middle East to nurture the concepts, rules and common standards of Sharia compliance.

Islamic investors must abide by Shari'ah laws, under which 'unethical' investments, such as in companies involved in alcohol, tobacco, gambling or weapons for example, are banned. Interest is also not permitted under Shariah law. However, in terms of derivatives, Islamic jurisprudence on the subject has translated into a total ban on these instruments in some countries, and limited implementation in others, making hedging activities, which are standard practice across the conventional finance world, more difficult.

TAGS: tax | investment | business | company formation | law | Bahrain | islamic finance

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