* Jersey Firm Wins Sukuk From Gulf TourThe recent visit to the Gulf by a team of Jersey finance sector professionals has already borne fruit in the shape of an Islamic financing vehicle created by a Jersey trust company.
Volaw Trust Company has announced that it has been granted consent by the Jersey Financial Services Commission for a newly incorporated Jersey company to issue $US 26 million of Sukuk. Sukuk are Islamic asset-backed investment certificates that have been certified as complying with the requirement of Shari¹a principles, such as the prohibition of the paying or receiving of interest.
Commenting on the new Sukuk, Trevor Norman, Director of Volaw Trust Company, said: "Whilst there have been many Sukuk issues originated by government agencies, this transaction is unusual in that the underlying asset is in the commercial sector. The structure increases still further our business in the Gulf region and reinforces the value to us of the Jersey Finance visits in developing our business."
An earlier Sukuk structure arranged by Volaw and issued in February 2004, was awarded the most innovative product at the Kuala Lumpur Islamic Financial Forum in December last year.
Pierre Horsfall CBE, Chairman of Jersey Finance, said that the Volaw structure was an excellent example of how Jersey finance professionals could demonstrate the skills and innovation necessary to win Shari'a compliant business, an emerging area of global finance which offered huge potential for the Island.
The Jersey Finance delegation visited Bahrain, Abu Dhabi and Dubai and met high-ranking Government officials, central bankers and regulators in a non-stop series of meetings, receptions and presentations. The Jersey delegation was joined by Senator Frank Walker, President of the Policy & Resources Committee; Deputy Gerald Voisin, President of the Economic Development Committee; and John Harris, Director of Financial Services for the States of Jersey.
One of the most important meetings was with His Excellency Mohammed Al Gergawi, CEO of the Executive Office (the office of His Highness Sheikh Mohamed Al Maktoum, Dubai¹s Crown Prince). Mr Al Gergawi is also CEO of Dubai Holding and Secretary General of the Dubai Executive Council for the Government of Dubai, and is one of the leading figures in the region.In addition to the high level meetings, Jersey Finance hosted a presentation and reception in each location attracting more than 300 senior legal and finance professionals.
Senator Walker delivered the keynote speech in which he told delegates that Jersey offered a more welcoming, supportive, business friendly environment than ever before. He drew attention to the enhanced legislative and regulatory measures that had been introduced to make the Island a more favourable location for business and highlighted the multi-million pound Waterfront development as an illustration of Jersey¹s commitment to its own commercial future. Phil Austin, Chief Executive of Jersey Finance, commented: "We were accompanied by some 40 members of the finance industry from Jersey and we have received extremely encouraging feedback from the organisations and businesses that were represented. For many, the visit exceeded their expectations and the signs are that significant levels of new business will result. In the current climate in which the Island is looking for high value new business to help to grow the economy, this is welcome news.
"In addition to our formal presentations, industry firms were themselves engaged in between 350 and 400 meetings with local professionals. Whilst I am confident that business will result from some of the traditional sectors of the finance industry such as trusts, this latest visit was also helpful in exploring the opportunities in some related industries such as tourism and business contingency planning."
A private visit to Qatar was also undertaken by Jersey Finance at the invitation of the Qatar Minister for Economy and Commerce. Meetings were held with senior representatives of the Qatar National Bank, which recently acquired Ansbacher (which has a significant presence in Jersey); with the Central Bank of Qatar and the British Embassy.