Malta well-positioned as 'Bahrain in the Mediterranean'

Joe Xuereb

Oct 25th 2009, 11:58

Ishmael. 'islamic banking is more ethical, human centred'. Ishmael, money is money, humans just handle it, with greed. No matter where.
This does not mean turning into a Muslim culture it is just efforts to attract this growing and highly ethical financial sector towards Malta. Malta enjoys a good reputation with the our Arab neighbours and this can be an added plus to make Malta a centre of this sort. Development along the North African coast is in full swing and we could be loosing(sic) many opportunities.
I want this expansion to stop at Malta's door thank you very much. And if Malta has a good banking reputation it is thanks to western style banking. As we say in UK, if it works, why fix it?
While I'm here, the word is profit not prophits. Maybe you have prophets on the mind?
Nice Christian name by the way, very Maltese.

Joe Xuereb

Oct 25th 2009, 01:29

What is that saying about getting a foot in the door.
Malta is well-placed to trade with the Arab world. A Bahrain in the Med. So is Majorca. And Sicily. And Cyprus. And Crete.
An Islamic Banking system in Malta would, I should imagine, be Sharia compliant. A foot in the door. It is said that money talks. And money comes at a price.
PS. Silly me, I forgot. Of course, we in Malta speak Arabic. Unlike the other islands. And we have a growing number of people who would fit in naturally in the real Bahrain, thank you very much.
Ishmael Dalli. It sounds like you have nothing to lose. You will have to try harder to convince me I'm afraid (by friendly Arab neighbours, I take it you are also including Libya?) I do not know if you have noticed but many of these neighbours, east and west of Libya, seem to like Malta a holiday destination. And they like it so much they want to stay. And Malta likes them so much it lets them stay on. And on. And on. First step achieved.

Ishmael Dalli

Oct 23rd 2009, 15:03

No one is speaking about loosing our identity here.

This is just a different from of banking -more ethical I would say. Beyond that it is human centred, it is unthinkable in our conventional banking methods to think that Joe, Dick harry citizen who want to start a business can negotiate with a major bank.

Islamic Finance offers this possibility of being a ppartner with the bank risk is shared not shifted. When there prophits these are shared and when there are losses these are shared too - that is a parntership whereas in conventional banking whether there is a prophit or a loss the conventional bank remains with the upper hand.

This does not mean turning into a Muslim culture it is just efforts to attract this growing and highly ethical financial sector towards Malta. Malta enjoys a good reputation with the our Arab neighbours and this can be an added plus to make Malta a centre of this sort. Development along the North African coast is in full swing and we could be loosing many opportunities.

James Portelli

Oct 22nd 2009, 07:43

@Brincat: Projects do run concurrently without being mutually exclusive;

@Pace: None of the other GCC countries (not centres) have a finance/banking heritage;

@Buhagiar: As 'Malta in the Mediterranean' we can still learn from other successful models.

Like Malta, Bahrain is a small archipelago (500,000? net local population) with a British Protectorate and strategic seafaring history. The Capital's name – Manama – means (traveller's) resting place. One finds, despite an Islamic heritage, doing business (including business language) is similar to ours. They have an extensive civil code / legislation / authorities (incl. financial services). It's the only GCC country (not free-zone) allowing 100% business foreign ownership.

Size makes it rely on the tertiary sector (oil production is dwindling), positioning itself as a financial services leader decades ago.

Malta's success as a Euro-Med financial centre through the efforts of e.g. MFSA, BorzaMed, FInanceMalta, MCCI and interested partners is a reality. Bahrain enjoys similar GCC repute. Removing prejudicial blinkers: Islamic financial services are gaining importance in Euro-Med.

This being stated …. Caveats exist. Otherwise, the concept of a 'Bahrain in the Mediterranean' for Islamic finance is as sound as that of a 'Dubai Internet City (through SmartCIty) in the Mediterranean'.

Lorraine Vella

Oct 22nd 2009, 07:40

Can we please strive to keep our identity????

Alexander Morana

Oct 21st 2009, 21:59

Another myth! ......of centre of the Med. How long have Malta been considered the bridge to Europe from North Africa, as long as I remember since Independence in the 1960s? And what have Malta accomplished in terms of real value, a big fat Zero.
It only really serves the illegal immigrants to cross over into Europe.

J Abela

Oct 21st 2009, 21:51

@Steve Pace
Clearly, and quite regretfully, you have never lived in any of the countries/ emirates you mentioned in your comment.

Jimmy Magro

Oct 21st 2009, 21:34

It is a long shot as we do not have the oil revenues of Bahrain. In any case I would always prefer to be Switzerland of the Mediterranean

Do we get a referendum on the options?

What a waste of energy on these titles. It is reality which matters. Malta cannot be a country for the 50% but it should be a country for everyone. Take a look at the internet usage statistics and one would know the high e-exclusion rate we have in Malta.

Our overall objective is to take veryone out of poverty through building a culture of work, entrepreneurship and honest living. Those who depend on the state should be thought how to become independent and contribute to the economy.

M.BEZZINA

Oct 21st 2009, 21:32

Yes very similar to Bahrain we have oil, we have everything!!And we are rich as well no deficit!!

C.ZARB

Oct 21st 2009, 20:51

Well for sure we are the Ellis Island of the Mediterranean. Immigrants come to Malta and European slav erm partners come here to pick and choose.

M.Brincat

Oct 21st 2009, 19:29

Shouldn't we finish our projects regarding:

'Malta the centre of healthcare if the EU' and
'Malta the centre of IT in the EU' first?

Steve Pace

Oct 21st 2009, 18:50

Bahrain is so 1990s, Dubai is so 2000s. Abu Dhabi please - it's so 2010. Thankyou.

Ray Buhagiar

Oct 21st 2009, 18:50

Why can't we just be a plain and simple 'Malta in the Mediterranean'.

First we are switzerland in the mediterranean and now Bahrain in the mediterranean.