“Introducing the seminar, Michael Imeson, contributing editor at the FT, said Bahrain and Malta are both islands that punch above their weight. This was not the first seminar organised by Finance Malta.
It held a successful seminar some time ago in London and another later in Frankfurt. It will hold a seminar later on this year in China to explain that Malta offers an EU-compliant regime”
One of the key sessions in the current Gulf tour by a strong Maltese delegation led by Prime Minister Lawrence Gonzi and two ministers was a day-long seminar held yesterday at the Bahraini Sheraton on Financial services in Malta.
Organised by The Financial Times, and presented by The Banker, the conference attracted representatives of some top Bahraini financial institutions, especially banks.
Both through formal presentations and more through direct person-to-person contacts, the Maltese members of the delegation (that is, those from the financial services sector) explained the attractiveness and the features of the Maltese financial services sector to Bahraini financial institutions.
Introducing the seminar, Michael Imeson, contributing editor at the FT, said Bahrain and Malta are both islands that punch above their weight.
This was not the first seminar organised by Finance Malta. It held a successful seminar some time ago in London and another later in Frankfurt. It will hold a seminar later on this year in China to explain that Malta offers an EU-compliant regime.
Prime Minister Gonzi, giving the keynote speech, listed the international awards received by Malta over the past months, while the world was still in recession: Moody’s retaining the A+ rating, the World Economic Forum’s listing of Malta as 13th in the world as regards banking institutions, the OECD rating, the 2nd among 134 countries for government prioritisation of ICT. Malta has 50 double taxation treaties, the latest one signed with Bahrain just a short time before.
Dr Gonzi listed the most recent developments in the financial services sector in Malta, from the Deutsche Bank opening in Malta to back office, fund management, collective investment schemes and hedge funds which have seen a 200% growth over the past five years.
Dr Gonzi also mentioned Islamic finance and Malta, with an upcoming Sharia-compliant legislation which would passport into the EU.
Both minister Tonio Fenech and Finance Malta’s Kenneth Farrugia explained the advantages and the opportunities offered by Malta’s financial services.
But even more attractive to the listeners were the testimonies offered by people who could speak about the value and validity of Malta as a financial services jurisdiction.
FIMBank’s Margrith Lutsch-Emmenegger, asked to point out any Malta defect, said she is very happy to be operating from Malta to countries as varied as Russia, the Gulf and Brazil. But if she were to identify a shortcoming, it is that Malta has too few people in the financial sector with international experience.
Dr Joe Giglio said that ever since the recession, Malta has received funds which relocated not just from the Cayman Islands but also from the UK
A Bahraini in the audience wanted to know about conflict jurisdiction and he was told that Maltese legislation allows the parties to choose the jurisdiction of conflict resolution.
Dr Tonio Borg told a media briefing that a double taxation agreement is about to be signed with UAE and an agreement on investment guarantees is about to be signed with Bahrain.
But one issue which still needs to be signed with UAE (including Dubai) regards a far more mundane issue – that allowing reciprocality of driving permits. With some 300 Maltese persons living in Dubai, and with car driving licences there having a far longer process, there is clearly urgent need for an agreement on this.