Senior representatives from Mourant Private Wealth accepted an invitation recently to explain the benefits of a Trust to a prominent group of Saudi Arabian business leaders in Jeddah, on the east coast of Saudi Arabia.
Whilst the use of trusts amongst wealthier families in some areas of the Gulf has been commonplace for many years, it is less widely recognised in Saudi Arabia, primarily because of the country's strict adherence to Islamic principles.
However Anthony Cooke-Yarborough said that the firm was able to show that a Trust structure established in Jersey would also appeal to those Arab families that wished to adhere strictly to the principles of Sharia'h law.
He commented: "We found that the Trust is not all that different from an ancient concept known as the Waqf, a vehicle that adheres to Islamic religious principles which is well understood in Saudi Arabia and in other Islamic countries. As they understood the concept of the Waqf, it was easier for them to grasp the basic purpose of the Trust."
'The crucial point was then to show the audience the pitfalls and issues that can arise if world-wide assets are maintained in the owner's own name. From this basis, we were able to outline how placing assets into a Trust can alleviate many of these difficulties for the wealthy owner of a family faced with issues of succession and the control of assets should he die.'
Mr Cooke-Yarborough, who was accompanied on the visit by Mourant Client Services Director, Alan Binnington, added that another interesting aspect that arose had been how little emphasis was placed on the issue of tax. Whilst inheritance tax might be a concern in some locations where assets were held, since the Saudi resident did not pay tax, his concern was generally speaking, with the smooth transition of assets and ownership to his descendants.
The visit to Jeddah was arranged in association with one of the leading Jeddah based law firms.
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Mourant identifies opportunities for Jersey Trust business in Saudi Arabia
- Saudi Arabia: Thursday, August 23 - 2007 at 15:31
- PRESS RELEASE
Jersey's long established Trust structure could well help win more business in Saudi Arabia for Jersey firms with links in the region, according to Anthony Cooke- Yarborough, chief executive of Mourant Private Wealth.
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About Mourant
Mourant is a specialist professional services group serving top international corporations, financial institutions, fund managers and high net worth individuals. The group, which celebrates its 60th anniversary in 2007, comprises 850 people internationally and has offices in Jersey, Guernsey, London, Luxembourg, Cayman, New York, San Francisco and Dubai.
Mourant's three service sectors are:
Mourant du Feu & Jeune, one of the world's leading offshore law firms. Operating from offices in Jersey, Guernsey, Cayman and London, it specialises in providing offshore legal advice to the international finance and funds markets. It has 34 partners and a total of some 110 lawyers.
Mourant International Finance Administration, a leading international provider of fund and corporate administration services, with over $100 billion in fund assets under its administration. It operates from offices in London, New York, San Francisco, Jersey, Guernsey, Luxembourg and Cayman.
Mourant Private Wealth, providing lawyer-led independent wealth structuring for clients with the most exacting standards. It enables high net worth individuals and families to protect the wealth and welfare of present and future generations.
Recent awards
2007
Best Third Party Provider of Family Office Services in the Channel Islands (Euromoney)
Best Third Party Provider of Trust Services in the Channel Islands (Euromoney)
2006
Channel Islands Fund Administrator of the Year (ICFA magazine awards)
Best Specialist Provider of Trust Services in Jersey (Euromoney)
Best Specialist Provider of Philanthropy Services in Jersey (Euromoney)
Jersey Law Firm of the Year (Who's Who Legal)
2005
Offshore Law Firm of the Year (The Lawyer)
Best Specialist Provider of Trust Services in Jersey (Euromoney)
Best Specialist Provider of Inheritance and Succession Planning in Jersey (Euromoney)
2004
Offshore Law Firm of the Year (The Lawyer)
Mourant
Posted by Medilyn Manibo, Assistant News EditorThursday, August 23 - 2007 at 15:31 UAE local time (GMT+4)
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