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Israel Could Become
World Financial Center
JOEL BAINERMAN
SEDAN DeVILLE
Special to The Jewish News
D
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54
FRIDAY, MAY 24, 1991
DELTA 88
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oes Israel have the
key ingredients to be-
come a world financial
center?
Professor Dan Galai of the
School of Business Ad-
ministration at the Hebrew
University in Jerusalem
thinks it does, if the govern-
ment passed legislation turn-
ing the banking environment
into an attractive "off shore"
island.
In a research study publish-
ed for the Institute for Ad-
vanced Strategic and Political
Studies, Professor Galai in-
vestigated the pros and cons
of establishing an Interna-
tional Financial Center (IFC)
in Israel to attract a portion
of global financial trans-
actions.
An IFC is essentially an off-
shore financial center.
Foreign companies operating
in it work in a "free-zone" and
extra-territorial status is
granted to their activities. A
free transfer of funds is
guaranteed, and little or no
taxes are levied on profits.
"Israel is among the few
economies in the world with
no capital gains tax on
securities traded on the Tel
Aviv Stock Exchange," Galai
says. "If the same exemption
is given to other financial in-
- struments, the international
investment community might
consider Israel an attractive
place to do business."
Israel has some advantages.
Israel has a highly trained
and skilled manpower in the
area of financial services,
with approximately 50,000
people employed in the bank-
ing and financial services sec-
tor. Israel's high level of
education in the work force
enables it to train people in
the latest developments in
the world financial markets
and many Israel academi-
cians serve in advisory
capacities in various areas of
financial engineering for in-
ternational institutions.
All the major Israeli banks
already have extensive inter-
national financial activities.
Computers are becoming an
increasing important compo-
nent in international bank-
ing and Israel's experience in
this field is well-developed.
Israel's geographical loca-
tion and time zone is a major
advantage as it is situated
between the two major
Joel Bainerman is an Israel-
based freelance writer.
trading centers: seven hours
ahead of New York and seven
hours behind the Far East.
Therefore, the working day
in Israel overlaps one or two
hours with both trading
centers. Sunday is a regular
work day and as Jewish
holidays do not coincide with
Christian holidays, financial
services can be offered when
banks and exchanges in the
U.S. and Europe are closed.
The obvious major disad-
vantages are Israel's exten-
sive Foreign Exchange Con-
trol Laws, relatively high in-
flation and tax rates and the
Arab Boycott.
Yet Israel could establish
exchanges for trading bonds,
stocks, futures and options. It
could also serve as a clear-
inghouse to settle interna-
tional transactions. When
ownership of bonds changes
hands a clearing-house must
register the transaction.
Due to the skilled
workforce, Israel's special in-
ternational niche could be the
creation of innovative finan-
cial products and financial
engineering.
Professor Galai says if cer-
tain laws were passed, Israel
could become an interna-
tional financial center within
10 years.
"Singapore began its march
toward being an IFC in the
early 1970s when its banking
environment was just as con-
trolled as Israel is today," Pro-
fesor Galai says.
Dial For Dollars
For Charity
Dialing for Dollars, a fund-
raising program, has been
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Jewish not-for-profit organi-
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Universal Telecom Access
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The UTAC program pro-
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UTAC, which was formed
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services. US Sprint was