In a country where the government claims to follow the strict Islamic principles, running a traditional banking network would be against the fundamental teachings of Qur’an. Iran's banking system adheres to Islamic rules that prohibit earning or paying interest.
Offshore Seychelles is a term that refers to a kind of arrangement that help escape the tax and protect the assets. Seychelles enjoys calamity free environment. It also has most advanced telecommunication facilities, transport facilities as well as modern banking facilities.
Key features of the draft guidelines are: (i) Eligible promoters: Entities / groups in the private sector, owned and controlled by residents, with diversified ownership, sound credentials and integrity and having successful track record of at least 10 years will be eligible to promote banks. Entities / groups having significant (10 per cent or more) income or assets or both from real estate construction and / or broking activities individually or taken together in the last three years will not be eligible.
Corporate structure - Promoter / promoter groups will be permitted to set up a new bank only through a wholly-owned Non-Operative Holding Company (NOHC) which will hold the bank as well as all the other financial services companies regulated by RBI or other financial sector regulators. The objective is that the Holding Company should ring fence the regulated financial services activities of the group including the new bank from other activities of the group i.e., commercial, industrial and financial activities not regulated by financial sector regulators. Thus, only non-financial services c
