Bermuda seeking to boost Bahrain trade [Gulf Daily News, Manama, Bahrain]

July 06--MANAMA -- Business and financial ties between Bahrain and Bermuda will be strengthened today at a major conference on global financial and insurance services. A top-level delegation from Bermuda, led by Deputy Premier and Finance Minister Paula Cox will meet leading Bahraini businesses and financiers in an event hosted by the Central Bank of Bahrain and supported by the Industry and Commerce Ministry and the Bahrain Association of Banks.

The two nations already have strong ties through a double tax agreement but are looking to build on this as Bahrain develops as a Middle East insurance and re-insurance hub while Bermuda aims to develop as the Islamic financial centre of North America.

Bermuda is one of the world's leading offshore financial centres and the third largest re-insurance market in the world after London and New York.

"Nothing is more important to the Ministry of Finance than promoting increased economic ties between Bermuda and its many trading partners," said Ms Cox.

"This includes not only encouraging Bahraini companies to increase their business in Bermuda, but also helping Bermuda companies to grow in Bahrain.

"The goal of the conference is to connect Bermudian companies and Bahraini firms to stimulate commercial growth.

"The event will include presentations by senior Bermudian officials and company executives and will give our companies the opportunity to meet potential business partners and key government officials."

Central Bank of Bahrain executive director of financial institutions Abdul Rahman Al Baker said the event would further enhance areas of co-operation and co-ordination among key players in the financial services sector of the two countries.

New York-based Noormark Capital principal Paul C Homsy, who is working with Bermuda to develop its Islamic finance industry, said that the country was looking to be the centre of North American Islamic finance.

He pointed out that there were more than 10 million Muslims in the US, more than in most GCC countries, and they tended to be professional people looking for financial services.

Ms Cox said that Bermuda saw Bahrain as a gateway for Bermudian companies to expand their offerings from the kingdom across the Middle East and North Africa market while offering Middle East clients access to Bermuda and its markets.

"Many of our local service providers have an extensive experience of Islamic structured finance including both conventional and Sharia-compliant funds.

"Moreover, it is likely that the global market for Islamic insurance will continue to grow, opening exciting possibilities for Bermuda re-insurers."

International Executive Service Corporation's senior trade adviser Rudy N Vogel, who works closely with the Industry and Commerce Ministry, said that the double tax agreement between the two countries which was signed in Washington in April was yet another spin off from Bahrain's free trade agreement with the US which would further help to strengthen ties between the two nations. business@gdn.com.bh

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