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Information On The Offshore Banking System In Dubai
Country name: Dubai
Geographic location: Dubai, one of the Arab Emirates, is located in the Persian Gulf along its souther coastline, on the Arabian Peninsula.
Official language: Although Arabic is the official language,
Dubai has a very large expatriate population, so there are a large
number of people who speak English, Urdu, Tagalog, Malayalam and
Russian.
Languages commonly spoken in offshore banks: English is the language of commerce, spoken the most in the financial community.
Population: Was estimated in 2008 to be 1.3 million people.
GDP per capita: $40,400 (2008 est.)
Currency: Dubai currency is known as Arab Emirate Dirham in the
global market and is denoted by AED. Locally the Dubai currency is
denoted by 'Dh' and called Dirham. Each Dirham is divided into 100
units and each of them is known as fil.
Since 1980 the official exchange rate of the Dirham to the dollar has been set at US$ 1 = Dh 3.675.
Summary: With its rapid economic growth and a financial
community geared toward maintaining investors privacy, Dubai has become
one of the best choices for companies considering moving their accounts
offshore.
Infrastructure and economy: Employment and prosperity for its
citizens has been driven by a strategic use of its oil revenues and
investments from outside the country, in developing a diverse and
competitive economy.
Abu Dhabi economic vision, which has been formulated by the Emirate’s
leadership has led to investments in tourism, industries that are
knowledge based, real estate, as well as the energy sector investments
it is known for.
Legal system: Dubai follows the Islamic law system which is
known as Sharia. Islamic law follows the teachings of the Koran as well
as using Sunnah, Ijma and Qiyas as sources for making judgments. The
Koran; the words of Allah, is the main source of Islamic law, while the
Sunnah is based on the deeds and words of the prophet Mohammed.
Did you know? / Special services: Dubai offers a financial
environment that lacks corporate taxes, income taxes, taxes on capital
gains, property and wealth, with an easy access to additional financing.
Links to bank websites:
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