Trusts and Private Client

 

 Following the passing of the Law No. 23 of 2006 regarding the regulation of Financial Trusts in Bahrain, Haya Rashed Alkhalifa have been very active in advising private clients seeking to set up trusts and making wills or gifts. Trustee Companies consistently rely on the firm’s advice on the making of distributions and amendment of their trust. Investment Firms consult the team when intending to set up various forms of investment trusts, especially when unsure whether a particular product, shariah compliant or conventional, can suit the relevant trust regulations.

 The teams members are also constantly in consultation with the Economic Development Board and the Central Bank of Bahrain in finding ways to further streamline the relevant regulations.

A recent trusts transaction entailed advising the Liquidity Management Centre in relation to a US$106,000,000 Bahrain Property Musharaka Trust initiated by Eskan Bank.  The Bahrain Property Musharaka Trust was a first of its kind, cutting edge real estate investment trust established for the purpose of developing affordable housing in order to satisfy the national demand for these particular housing units and to enhance the financial capabilities of Eskan Bank. This Musharaka Trust was a breakthrough structure in Bahrain and goes to confirm Haya Rashed Al-Khalifa’s dominance in Islamic Finance and their continued commitment to excellence.