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AN OFFSHORE BANK IS A BANK LOCATED OUTSIDE THE COUNTRY OF ACCOUNT HOLDER, THE PURPOSE IS TO PROVIDE FACILITIES LIKE EASY ACCESS OF ACCOUNT, RELAXATION TAXATION AND SECURING FROM LOCAL LAWS, POLITICAL AND FINANCIAL INSTABILITY.
Offshore Banking Unit (OBU) is a branch of a foreign bank located in an offshore financial center (OFC). It may accept funds as a deposit ( Browning/Lending) from other foreign banks and OBUs make Eurocurrency loans, but may not accept deposits from (or make loans or deposits to local banks) the residents of the country of the in which it is located. OBUs are otherwise unrestricted in their legitimate activities, and are free from the monetry controls of the country of locate. The majority of OBU banks was established in Lebanon in1970 and since the internal war in Lebanon the most of the OBU Banks migrated to Gulf councile Cooperation (GCC). The Offshore banks cannot render or offer services same as local Commercial Banks (CB). At the moment in GCC countries all OBU banks is converted or merged to Investment Banking Placement (IBL) or most of them to Islamic Banking Finance (IBF) or to Islamic banking window branches. Thanks. Abdul Nabi Ghuloom
Offshore banking refers to the deposit of funds by a company or individual in a bank that is located outside their national residence. Although the term implies that these banks are located on islands, many offshore banks are, in fact, found in onshore locations, such as Panama, Luxembourg and Switzerland. The advantage of offshore banking is that, in many cases, funds are tax exempt where the banks are located. Offshore banks also offer the same services as domestic banks, and frequently they offer more anonymity than would otherwise be available in "onshore" banks.
