LUXEMBOURG - Luxembourg launches Islamic fund

www.cipfinancial.net  - The recent incorporation in Luxembourg of the SEDCO Capital Global Funds will boost the total assets held by Islamic investment structures and vehicles under Luxembourg law.

 The specialised investment fund, incorporated as a Luxembourg Sicav at the initiative of SEDCO Capital (part of the Jeddah-based SEDCO Holding group of companies) is a fund with multiple sub--‐funds and is set to reach over 1 billion dollars within the first year after launch.

The fund is Shari’ah-compliant. A recent study by Luxembourg for Finance showed that assets held by fund structures investing according to Shari’ah principles reached 2 billion dollars at 31 December 2011.
Just under half of this money was held in regulated investment funds with the balance in unregulated structures and securitisation vehicles. Consultants indicate that further projects are in the pipeline.
Luxembourg has been actively promoting its services to Shari’ah-compliant investment structures since 2008 and ALFI, the investment fund association, has a dedicated working committee.  (source)

LUXEMBOURG - No debut sovereign sukuk out of Luxembourg for the moment

Perhaps it is not surprising that Luxembourg has put a dampener on any speculation that it may go to the international market to raise funds through a debut Sukuk issuance. Yves Mersch, governor of the Banque Centrale de Luxembourg, speaking to reporters at the 8th Islamic Financial Services Board (IFSB) Summit on May 12-13 which was held in the Duchy and in Europe for the first time and hosted by the central bank, confirmed that the Luxembourg government is in no hurry to issue a sukuk because there are currently no compelling reasons for doing so. (full story)

LUXEMBOURG - Growth of Islamic banking underlined at conference

BRUSSELS, May 13 (KUNA) -- A two-day Islamic finance conference organised by the Islamic Financial Services Board (IFSB) is proceeding in Luxembourg, with conferees underscoring "remarkable growth of the Islamic banking industry."

The 8th IFSB Summit, which got underway on Thursday, is titled "Enhancing Global Financial Stability: Challenges and Opportunities for Islamic Finance" and is hosted by the Central Bank of Luxembourg. (full story)

LUXEMBOURG - EVENTS - 8th IFSB Summit - May 10-13, 2011

EU - Prospects of Islamic Finance by Yves Mersch

The speech "Prospects of Islamic Finance: The View of a Central Bank in Europe" has been presented today by Governor Yves Mersch at the Islamic Finance Conference, Frankfurt, Germany.

Yves Mersch, Governor of the Banque centrale du Luxembourg, Member of the Governing Council of the European Central Bank.

(Photo: Julien Becker/archive)

FRANCE - Finding a Home for Islamic Finance in France

In February 2008, when France's economy minister, Christine Lagarde, announced that making her country more open to Islamic finance was to become a top priority, she threw down the gauntlet to her neighbors across the English Channel -- the United Kingdom is the largest Islamic finance market in Europe, holding roughly US$19 billion in Islamic financial assets, according to Bloomberg. Since Lagarde's declaration, economic policy has been changing in France to help Islamic finance find a foothold in the country. The Ministry of the Economy appointed an Islamic finance specialist, Thierry Dissaux, last year to create a legal route allowing financial instruments based on Islamic law, known as shariah.

LUXEMBOURG - LSF hosts Islamic Finance Course in January 2011

The Luxembourg School of Finance (LSF) of the University of Luxembourg, is pleased to announce an eight-day Executive Course in Islamic Finance in Luxembourg in collaboration with the International Centre for Education in Islamic Finance (INCEIF), to be held from 10 to 19 January 2011.  The Luxembourg School of Finance (LSF) of the University of Luxembourg, is pleased to announce an eight-day Executive Course in Islamic Finance in Luxembourg in collaboration with the International Centre for Education in Islamic Finance (INCEIF), to be held from 10 to 19 January 2011.

LUXEMBOURG - EVENTS - 8th IFSB Summit - May 10-13, 2011