For the third year running and within the framework of its AIF Club
aiming at supporting and helping to develop the alternative sectors
market infrastructure in Luxembourg, Ernst & Young Luxembourg hosted
an event on Islamic finance on 23 September at its premises in Munsbach.
Following on from 2010’s successful event, when the annual Ernst & Young Islamic Funds and Investment Report (IFIR) was presented, this year’s workshop was designed to highlight how to further strengthen Luxembourg in the field of Islamic finance. However this year the results of the IFIR 2011 will not be released until after the event, when it will be made available for all at http://www.ey.com/LU/aif-club/IFIR_2011 on 29 September 2011. (source)
Following on from 2010’s successful event, when the annual Ernst & Young Islamic Funds and Investment Report (IFIR) was presented, this year’s workshop was designed to highlight how to further strengthen Luxembourg in the field of Islamic finance. However this year the results of the IFIR 2011 will not be released until after the event, when it will be made available for all at http://www.ey.com/LU/aif-club/IFIR_2011 on 29 September 2011. (source)
As a first mover in Islamic finance in Europe, Luxembourg has become a domicile of choice for Islamic finance structures. With 40 regulated Shari'a-compliant investment funds and 16 Sukuks listed on the Luxembourg Stock exchange, Luxembourg demonstrates its leadership role in Islamic finance in Europe.
The workshop, moderated by Pierre Weimerskirch, Partner, Advisory Services, Dietmar Klos, Partner, Tax Services, and Farabi Zakaria, Senior Manager, Audit Services at Ernst & Young Luxembourg, brought together global investors and well known key players within the financial sector, as well as Shari’a scholars and academia.
Not only were the key trends and development of Islamic funds and capital markets under
discussion, but also Islamic investment structures and challenges, along with points of view on
Islamic funds and Sukuk.
The general consensus amongst the panelists and speakers is that in 2010 Islamic financial assets have remained flat at USD$1 trillion while the number of assets under management in Islamic funds has risen during the same year, though mostly due to market performance rather than “new money”. 2010 and 2011 are record years for the number of Sukuk listed on global stock exchanges as a result of a lot of new issuances, mostly from sovereign and quasi-sovereign institutions. Due to the current global economic uncertainties and unrest in local regions, the outlook for 2011/2012 is rather challenging. Interestingly Malaysia has developed as the main driver of the market rather than the Middle East.
Ernst & Young Luxembourg and Islamic finance
Ernst & Young has played an active role in shaping the Islamic financial markets, creating a
difference with our clients and regulatory bodies. As a result of our pioneer involvement in the Middle East region, Ernst & Young Luxembourg has developed deep knowledge and created competitive solutions to serve our European clients who want to expand into the Middle East and South East Asia region, as well as those clients looking for expansion into Europe.
About the AIF Club
The Ernst & Young Alternative Investment Funds (AIF) Club was successfully launched in February 2011 as a platform to meet, exchange views and catch up on market and technical developments for asset managers, service providers and other key players in the alternative sectors. The AIF Club hosts trainings, workshops and industry briefings on a number of topics covering market activity, regulation, governance, reporting frameworks and products development. As well as supporting alternative asset managers, the AIF Club also aims to help the development of market infrastructure by service providers.
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