IQE, a local provider of international fiduciary services, has completed the next stage in its international expansion strategy with the appointment of Abdool Azize Owasil as Managing Director of IQE (Mauritius) Limited. Abdool Azize joins the IQE Mauritius board as part of a development which sees the firm now offer its full range of services in Mauritius, which is highly ranked for the strength of its democratic and political systems, and legislative and regulatory policies.
As a Fellow member of the Association of Chartered Certified Accountants, Abdool Azize has over two decades of experience within the financial services industry, first with KPMG Mauritius and later for PWC in Mauritius and across African regions. He entered the fiduciary sector with one of the jurisdiction’s leading firms in 2003 before his appointment to an executive position in another major firm (subsidiary of a listed entity), where he led a team of over 100. There, he ran an extensive and diverse investment portfolio focused on Africa and India, with a particular specialty in private equity and fund structures. An active member of the jurisdiction’s financial services community, Abdool is also a member of the Chartered Institute for Securities & Investment, the Mauritius Institute of Directors and the Mauritius Institute of Professional Accountants.
“Part of our expansion strategy is to target private equity opportunities in Africa and India using Mauritius as a platform”, Abdool Azize explained. “We’re taking the strengths IQE has developed on the Isle of Man to the next level with a proposition diversification programme that suits the appetite of investors looking to enter these regions. Personally, my specialty is private equity, which I hope to elaborate upon. In my experience, investors have always been aware of the opportunity and as the economy improves they’re now looking to actively participate in these emerging markets.”
“Furthermore, as a result of the economic downturn, many investors are sensitive to the risks inherent in entering these markets, and recognise the imperative to choose a company based in a secure jurisdiction, and which has experience in negotiating the corporate landscape. Despite it being a very small island, Mauritius is a very important gateway to these markets. Like that of the Isle of Man’s, its Financial Services Commission is one of the world’s best regarded and prides itself on consolidated statutory objectives that place strong regulation, transparency, compliance and supervision as essential to the stability and continued growth of its financial services portfolio.”
“Having worked in close partnership with IQE prior to my appointment,” he continued, “I recognised that we share the same ethos and outlook for the business and its clients, with a focus upon quality and longevity. We are very selective in choosing our clients and systematic in our approach to risk based assessments. We choose to gain a comprehensive understanding of our clients’ businesses before we accept their custom and do so by outlining, from the outset, our value proposition and by ensuring that our clients are comfortable with our offering.”
“We also understand that in the financial services industry, your reputation is key. This applies to client portfolios and to the regulation that dictates our business with them. Developments such as FATCA, for example, may represent a threat to many fiduciary services providers, but they are also in our opinion ultimately beneficial to the sector and its customers. They create effective and safe jurisdictions in which to conduct business and they support the sector’s sustainability. Both Mauritius and the Isle of Man are at the forefront of global developments of this kind and as complimentary jurisdictions exactly fit our plans for the future.”
Managing Director of IQE Isle of Man, David Karran, also commented on Abdool Azize’s appointment: “The Mauritius appointment allows us to broaden the scope of our services to our clients. Under the IQE brand, our clients can now choose the structure that best suits their investment ambitions. IQE (Mauritius) enables us to benefit from a number of tax treaties with African Nations. It is part of the South African Development Community (SADC), the Commonwealth of Nations, the World Trade Organisation, La Francophonie, the African Union, COMESA and formed part of the Indian Ocean Commission, which is responsible for promoting transparency and social development within the region. Particularly for investors acting out of the London capital markets, the new frontier is Africa, and IQE is now ideally placed to approach that market.”
“The capital markets in London are a perfect example of how the two businesses, though independent in many respects, are very much complimentary. A company formed on the Isle of Man to raise funds on the London stock exchange may wish to invest in Africa and using a Mauritius based company is a very effective way of doing so, both from the perspective of taxation and investment return, and also in terms of protecting investors. Investors recognise the opportunity of entering an emergent market but this does, of course, come at a higher level of risk. Using Mauritius as a portal for that investment helps us to control and mitigate that risk, offering investor confidence in turn.”
“When IQE was first formed 15 years ago, we had two core strategies. The first was a focus on integrity, quality and expertise, and the second favoured an international approach to business from our headquarters in the Isle of Man. The formation of the business in Mauritius, and the subsequent appointment of Abdool, is a culmination of those two core strategies coming together. IQE has been licensed to provide fiduciary services in Mauritius for close to 2 years, and has now reached the stage where we want to take our expansion to the next level. Central to that is the establishment of an expert team in Mauritius. We’re delighted that Abdool Azize has chosen to join us.”
Photo - Abdool Azize Owasil.
