Delegates boost business opportunities with the Middle East

Bermuda’s financial community has been offered “a remarkable opportunity” by Bahrain.

This is according to Greg Wojciechowski, president and CEO of the Bermuda Stock Exchange.

He was a member of the trade mission to the Middle East earlier this month, led by Finance Minister Paula Cox. 

During the visit, delegates met with Bahrain’s Government and business leaders prior to attending the first Bahrain-Bermuda conference on Global Financial and Insurance Services in Manama on July 6. 

Mr. Wojciechowski said there are many areas of growth to be pursued in Bahrain, which signed a double taxation agreement with Bermuda in April. 

The agreement was the first of its kind the island has signed with any country with provisions that makes it easier for Bermuda and Bahrain business leaders to cooperate in finance.

Mr. Wojciechowski met with Mr. Fouad Rahman Rashid, director of the Bahrain Stock Exchange, and believes there will be positive developments in building business between the two economies.

Development 

Bermuda could perhaps see the listing of the first Islamic bond, or sukuk, on the BSX in the near future.

Mr. Wojciechowski said they discussed possible areas of cooperation and development, especially those related to listing mutual funds, asset management, hedge funds and the listing of Islamic financial instruments.

He added: “An opportunity exists to build stronger ties between the two stock exchanges and I look forward to progressing our initial discussions. In Bermuda we are interested in listing sukuks from this region on our market.

“Bermuda can act as a gateway to the North American and European markets for Bahrain’s Islamic financial expertise and, in turn, Bahrain can act as a gateway for Bermuda’s financial expertise in the Middle East and North Africa.”