Banking secrecy in Lebanon: a comparison with Switzerland

Article Abstract:

Lebanon has a liberal banking system accompanied with total secrecy and this makes it attractive to clients seeking such facilities. Switzerland's banking regulations have had to change because of its role in international banking and this has reduced the certainty of confidentiality. Lebanese laws have created a liberal account-opening atmosphere and there is no law that can compel banks to reveal a client's identity. The identity is revealed only when the client dies, gives written consent or there is judgement declaring the client bankrupt.

Banking industry

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Doing business in Lebanon: requirements for foreign firms

Article Abstract:

Lebanon is becoming more attractive to foreign companies as conditions in the country improve. The law does not impose any special requirements on foreigners doing business in Lebanon, except for certain areas such as insurance and banking. The major forms of operation include direct establishment, operating through a Lebanese subsidiary, or associating with a Lebanese partner. Provisions of Lebanese law on funds transfer, banking secrecy, protection of checks, debt recovery, and guarantees are also discussed.

Lebanon, Foreign business enterprises

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Credit cards and Islamic law

Article Abstract:

Islamic law as it appears in many Middle East countries' legal codes bars charging interest but contains other mechanisms facilitating the use of credit cards. Shari'a, the Islamic legal code, allows the use of cards that withdraw funds from an exisiting account. It also permits a bank or issuing company to charge a fee for its services. The Wakala principle of the Shari'a covers assignment of power of attorney, and Hawala deals with assignment of debt to another; the two in conjunction allow credit card use.

Economic aspects, Credit cards, Saudi Arabia, Middle East, Islamic law

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