“Malta can become the Bahrain in the Mediterranean by attracting Islamic Finance to its shores.” This statement was made by Mr. Reuben Buttigieg, Managing Director of Erremme Business Advisors and Chairperson of the Malta Institute of Management Training and Education Division, during a half-day seminar on Islamic Finance in Malta, organised on Wednesday 8th December 2010 by the Embassy of Malta in Cairo in collaboration with Erremme Business Advisors.Ambassador Giovanni Miceli opened the seminar by welcoming the participants, who consisted of representatives of leading Egyptian Banks, Islamic Funds, Law Firms and Tax Advisors. He said that this was the fourth seminar organised by the Embassy throughout this year, following seminars on Tourism Promotion, Financial Services and ICT Investment Opportunities.
He recalled the visit to Cairo by the Deputy Prime Minister and Minister of Foreign Affairs in May and that of the Minister for Infrastructure, Transport and Communication in June 2010. Ambassador Miceli referred to a European Commission report, published last month, which stated that Malta had emerged from the global recession earlier than expected and that it had managed to be among the Euro zone countries that suffered the least harm to their economies during the past economic crunch. He briefly traced the economic performance of Malta throughout 2010 and pointed out that the Maltese economy was expected to keep performing above EU average over the next two years, although at a slower growth pace. He also said that, on various occasions, the President of Malta as well as the Prime Minister and the Minister of Finance had expressed interest in attracting Islamic Finance to Malta.
He recalled the visit to Cairo by the Deputy Prime Minister and Minister of Foreign Affairs in May and that of the Minister for Infrastructure, Transport and Communication in June 2010. Ambassador Miceli referred to a European Commission report, published last month, which stated that Malta had emerged from the global recession earlier than expected and that it had managed to be among the Euro zone countries that suffered the least harm to their economies during the past economic crunch. He briefly traced the economic performance of Malta throughout 2010 and pointed out that the Maltese economy was expected to keep performing above EU average over the next two years, although at a slower growth pace. He also said that, on various occasions, the President of Malta as well as the Prime Minister and the Minister of Finance had expressed interest in attracting Islamic Finance to Malta.In his power-point presentation, Mr. Reuben Buttigieg, who came to Cairo on purpose to address the seminar, highlighted Malta’s business friendly environment, its financial services and its regulatory framework. He referred to Malta’s well-enacted Trusts Law (which is based mainly on the Jersey Trusts Law) and expounded on the general benefits and uses of a Trust, especially why Malta Trust.
He gave an overview of the Tax regime in Malta, with particular reference to dividend income, capital gains, anti-abuse provisions and the elimination of double taxation. Mr. Buttigieg also said that Malta could be the gateway for Islamic Finance in Europe, the Middle East and North Africa, and added that certain tax and legal issues could be solved through EU jurisdictions like Malta. He pointed out that Malta benefitted from its geopolitical strategic position, one regulator, tax system, strong relations with its North African neighbours and GCC countries, as well as its membership of the European Union and Euro zone, which could lead Malta to be the Bahrain of the Mediterranean in so far as Islamic Finance is concerned. He mentioned the immediate Shari’ah compliant investment opportunities in the domestic market such as ship building, yacht marina, aircraft industry, real estate and oil services. He continued that the instruments which could be used in this activity included PIF legislation, Takaful, Islamic stock broking, Special Purpose Vehicle, Trusts and retail Banking. Finally Mr. Buttigieg traced the activity in this sector currently taking place in Malta, which was receiving support from FinanceMalta, and add that firms like Erremme Business Advisors could offer solutions in this field.
The seminar was brought to an end with Mr. Mark Ciscaldi giving an overview of the residence permit scheme offered by Malta.”
Source : http://www.foreign.gov.mt/default.aspx?MDIS=360&NWID=1318- Dec 17, 2010
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