Bahamas' financial sector turns its sights on the Middle East
The Bahamas Financial Services Board (BFSB) is targeting the Middle East, as it hosted a round of meetings in events in Dubai to explore opportunities in the region.
The Bahamas Financial Services Board (BFSB) and Ministry of Financial Services teamed up for the Society of Trust & Estate Practitioners (STEP) summit that was held on Sunday, November 17, on board the Queen Elizabeth 2 vessel.
BFSB CEO Tanya McCartney said the event gave valuable exposure to The Bahamas and added: "Bahamian firms are already providing Sharia complaint trust and corporate structures. There is an opportunity for us to familiarize the Middle Eastern and Northern Africa region with the offerings of The Bahamas. We see participation in this event as a first step in our focus on this market."
Bahamian firms are already providing Sharia complaint trust and corporate structures. There is an opportunity for us to familiarize the Middle Eastern and Northern Africa region with the offerings of The Bahamas."
"While in Dubai we also had the opportunity to meet with the executive committee of STEP Arabia, who outlined the needs and solutions that would be best suited for MENA clients," she added.
The objective of the STEP Arabia conference was to provide delegates with the latest regional legacy planning developments and practical examples from professionals in the field of trust and estate planning.
The Bahamas' delegation, included BFSB CEO Tanya McCartney, Minister of Financial Services Elsworth Johnson and Bahamas' Ambassador to the UAE and the State of Qatar Tony Joudi.
The conference attracted wealth managers and estate planners from the world's leading financial services jurisdictions as the delegation introduced the UAE to The Bahamas' financial services portfolio.
The BFSB's sponsorship and attendance at the STEP Arabia Conference was designed to show The Bahamas is open for business, while committed to international best practices and compliance standards
The conference was attended by more than 135 registered trust and estate practitioners from Guernsey, Isle of Man, Jersey, Switzerland, the UK, Singapore and the Netherlands, as well as STEP members resident in the United Arab Emirates (UAE).
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