The Tribune

The Bahamas had a strong presence at a Dubai conference that attracted wealth managers and estate planners from the world's leading financial services jurisdictions.

The Bahamas Financial Services Board (BFSB) and Ministry of Financial Services teamed up for the Society of Trust & Estate Practitioners (STEP) summit that was held on Sunday, November 17, on board the Queen Elizabeth 2 vessel that is permanently moored in Port Rashid, Dubai.

The conference was attended by more than 135 registered trust and estate practitioners from Guernsey, Isle of Man, Jersey, Switzerland, the UK, Singapore and the Netherlands, as well as STEP members resident in the United Arab Emirates (UAE).

This was the first time that BFSB has sponsored this event, which was attended by Elsworth Johnson, minister of financial services, trade and Industry, and Immigration. The Bahamian private sector provided Antoinette Russell, BFSB chairman; Tanya McCartney, BFSB chief executive and executive director, Ambassador Tony Joudi and other Bahamian financial services providers.

The objective of the STEP Arabia conference was to provide delegates with the latest regional legacy planning developments and practical examples from professionals in the field of trust and estate planning.

Ms McCartney said: "Today, Bahamian firms are already providing sharia compliant trust and corporate structures. There is an opportunity for us to familiarise the Middle Eastern and Northern Africa (MENA) region with the offerings of The Bahamas.

"We see participation in this event as a first step in our focus on this market. While in Dubai we also had the opportunity to meet with the executive committee of STEP Arabia, who outlined the needs and solutions that would be best suited for MENA clients."

The BFSB's sponsorship and attendance at the STEP Arabia Conference was designed to show The Bahamas is open for business, while committed to international best practices and compliance standards.

Ms Russell added: "The response to The Bahamas delegation was extremely positive. We have expanded our network and will build on these relationships as we turn our sights on the MENA market."