Luxembourg Launches Islamic Finance Guide

by Phillip Morton, Investors Offshore.com

03 January 2011

Luxembourg for Finance – the agency with responsibility for the development of Luxembourg's financial centre – has enhanced its website through the addition of a section dedicated to shariah-compliant products and services.

The website, which is available both in English and French, can be accessed through the agency's existing website.

Among the site's new offerings, Luxembourg for Finance has provided research materials, and information on the various shariah-compliant structures available. The website also details service providers with particular experience in the sector.

Announcing its latest initiative, Luxembourg for Finance, said in a statement on January 3:

“The launch of a dedicated website is just the latest step in a determined campaign to promote the development of Islamic finance in Luxembourg. The Luxembourg government is committed to diversifying its financial centre, and supports this campaign.”

“Increasingly recognized as a leading Islamic finance centre, Luxembourg is the most popular European domicile for shariah-compliant investment funds and can rival any stock exchange in Europe for the number of sukuk issues listed.”

“The Luxembourg Central Bank is the first European central bank to become a member of the Islamic Financial Services Board and is working actively to gain experience of supervisory practice in this area and identifying instruments, practices and solutions for managing liquidity in a shariah-compliant manner.”

“[To further promote our jurisdiction], Luxembourg for Finance is currently participating in the World Islamic Banking Forum in Bahrain, where potential Islamic finance clients can make contact with a large delegation of financial sector professionals from the Luxembourg financial centre.”

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