LUXEMBOURG - Luxembourg, a significant hub for Islamic finance

Although the Grand Duchy of Luxembourg is a very small country in terms of area and population (2,586 km2 and 502,000 inhabitants), it is one of the most important financial centers all over Europe. Nowadays, Luxembourg is considered to be the first European financial centre and globally the second after the United States of America in terms of fund industry. Furthermore, Luxembourg is recognized as one of the leading Islamic financial centers through its history in the field of Islamic finance and its continuous efforts to develop this sector.  (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)

RUSSIA - ICD offers Islamic finance study tours to Russian, CIS officials

The intellectual argument for and the demystification of Islamic finance has gained much ground in Russia and the CIS countries over the last two years, but the political decision makers and bureaucracy, especially the banking regulatory authorities, still need to be convinced about the role an alternative Islamic system of financial management can play, especially in the aftermath of the global financial crisis. As such, Islamic finance in the region is at best a work in progress but the task ahead remains huge. (full story)

EUROPE - LUXEMBOURG - UCITS IV: The trend for the future

By MUSHTAK PARKER | ARAB NEWS

Published: Feb 6, 2011 23:11 >Updated Feb 6, 2011 23:11 

Asset and fund managers have a new option in choosing a mutual or equity fund structure in UCITS IV (Undertakings for Collective Investments in Transferable Securities) which according to prominent finance industry lawyers is ideally suited for a new generation of Shariah-compliant unit trusts, mutual funds and equity funds and products. (source )

LUXEMBOURG - Sukuk assets qualified as guaranteed debt securities

The Grand-Duchy Grand-Duchy of Luxembourg is historically one of the first European actors in Islamic finance sector since the 1970s. Luxembourg was the first European Stock exchange to list a Sukuk in 2002 and currently hosts more than 40 regulated Sharia’a-compliant investment funds and sub funds. (source)

LUXEMBOURG - CSSF clarifies rules applicable to sukuk

"Issuers of sukuk have recognised the attractiveness of the Luxembourg legal framework for Islamic finance" writes the CSSF in a statement concerning Islamic debt securities.
In order to strengthen further the legal security of sukuk issuers, while ensuring adequate investor protection, the CSSF has issued a statement clarifying certain rules applicable to sukuk, in particular as regards the Annexes to the Prospectus Regulation. (source)