A trip was organised by promotional body Jersey Finance Ltd and the party included Policy and Resources Committee president Senator Frank Walker, Economic Development president Deputy Gerald Voisin and 40 members of the finance industry.
Trust company Volaw used the opportunity to launch a new Islamic investment vehicle.
The trust division of Voisin & Co law firm has just been given permission by the Island’s financial regulator to create a Jersey company to issue US$26m of Sukuk.
Sukuk are Islamic asset-backed investment certificates that comply with the requirements of Shari’a principles, which prohibit interest being paid or received.
Trevor Norman, director of Volaw Trust Company, said: ‘While there have been many Sukuk issues originated by government agencies, this transaction is unusual in that the underlying asset is in the commercial sector.
The structure increases our business in the Gulf region and reinforces the value to us of the Jersey Finance visits.
An earlier Islamic structure arranged by Volaw and issued last February was awarded the most innovative product at the Kuala Lumpur Islamic Financial Forum in December.
The Jersey Finance delegation visited Bahrain, Abu Dhabi and Dubai and met a number of high-ranking officials, including the head of the executive office of the Crown Prince of Dubai.
As well as holding meetings, the part States-funded company hosted a presentation and reception in each emirate.
The industry was also involved in up to 400 meetings with local professionals.
After the main visit Jersey Finance also made a private trip to Qatar at the invitation of the country’s minister for economy and commerce.
Meetings were held with executives of the Qatar National Bank and the British Embassy.
Commenting on the whole trip, Jersey Finance chief executive Phil Austin said: ‘We have received extremely encouraging feedback from the organisations and businesses that were represented.
For many, the visit exceeded their expectations and the signs are that significant levels of new business will result.
‘In the current climate, when the Island is looking for high value new business to help grow the economy, this is welcome news.
