The Luxembourg Stock Exchange announced on March 13th that it has cemented its position as a key European listing centre for Islamic bonds, with the listing of its 14th Sukuk.
Sukuk are Islamic fixed income securities that allow companies and other organisations to raise capital in a manner that is Sharia-compliant, and at the same time to offer investment opportunities to a wider range of investors.
The market for Sukuk more than doubled in 2007 and, despite recent unfavourable credit conditions, is expected to grow significantly in the coming years.
The 14th Sukuk on the Luxembourg Stock Exchange was issued by Salam Bounian Development Company Sukuk Limited. The face value of the issue, with a maturity of March 2018, was USD137.5mn.
The Sukuk was issued in the form of Trust Certificates (Sukuk Al-Musharaka) and will finance the construction of office buildings in Doha, Qatar.
The Luxembourg Stock Exchange has been listing Sukuk instruments since 2002.
According to the exchange, the listing of Sukuk is further evidence of its expertise and experience in the listing of all types of securities. It has long been the Europe’s leading stock Exchange for listing international bonds, as well as being an important global centre for Global Depositary Receipts (GDRs).
A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, trusts and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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