By Pratap John/Chief Business Reporter


Costello: Looking to extend bilateral relations with Qatar
Jersey Finance, the relationship development arm of the British Crown Dependency’s finance industry, has offered support to Qatar in its economic diversification efforts.
Jersey Finance is looking at ways to extend bilateral relations with Qatar and support the Qatar Financial Centre’s mandate to build and develop the country’s financial services sector, said Sean Costello, Jersey Finance head for business development–GCC & India. 
Costello said Jersey Finance believes sustainability and growth are directly supported by relationships with other centres.
“With a significant amount of business bank deposits, family deposits and several hundred billion dollars from the Gulf already under management in Jersey, we are looking into ways to extend bilateral relations with Qatar. The benefit of which will be an increase in the two-way flow of information and greater flow of capital,” Costello said.
Jurisdictions such as Qatar and Jersey often play a significant role in assisting the flow of capital throughout the world, and in promoting economic activity.
In the recent QFC-sponsored Global Financial Centre Index (GFCI), both Qatar and Jersey were closely ranked. Qatar was positioned 30th, close behind Jersey at 23rd overall and 1st for offshore financial centres.
“For both of these financial centres, sustaining their position and continuing to grow is a primary objective,” Costello said.
Jersey Finance is a non-profit organisation partially funded by the Jersey government.
This year to coincide with celebrations of Jersey’s 50 years as a leading international financial services provider, the organisation opened a regional headquarters in Abu Dhabi. The office is focused on developing relations within the GCC; with particular note to high growth jurisdictions, such as Qatar, Costello said.
He said Jersey enjoyed ‘growing relationship’ with Qatar. 
“Our relations with Qatar go back a number of years and with a memorandum of understanding (MoU) between the Jersey Financial Services Commission and the QFC signed in 2006; we believe this to be a strong base for continued relationship development.”
He said at the Arab Banking Conference held in Doha last month, discussions on economic reforms for Qatar were the key focus of the event, with particular weight placed on discussions regarding banking reforms to avoid crises, and developing risk management techniques.
Costello believes these reforms are the key to building a ‘stable financial centre’ that can withstand situation like the global financial crisis.
“The successful combination of stability and reliability has kept Jersey at the forefront of global finance for 50 years,” he said.
To support Qatar’s long-term diversification strategy, Costello said Jersey is looking to develop ways to impart knowledge and financial acumen to the QFC and its educational arm, and work together towards building a greater level of stability and transparency for Qatar as a prominent financial jurisdiction.
On a recent visit to Qatar, Costello attended the Arab Banking Conference and held initial meetings with officials of the QFC and its Regulatory Authority. 
As a result of the initial meetings, he said Jersey is now shaping a programme for the QFC Business Academy. It will look to develop a Jersey-based financial education programme for Qataris who wish to have a career in financial services.