GERMANY - The IFSB and the European Central Bank jointly organised Workshop on Islamic Finance in Frankfurt, Germany

www.theislamicglobe.com - The Secretary-General of the Islamic Financial Services Board (IFSB), Jaseem Ahmed noted that progressive transformations in the Islamic financial services industry over the last few decades have led to the industry’s greater integration into the global financial system. “Islamic finance shares with Europe a collective interest in cross-border cooperation, in regional cooperation, and in greater integration with the global economy.” Against the backdrop of the global crisis he further noted that “The expansion in Islamic finance and the changes in the global regulatory environment in recent years underscore the need for strengthened risk management within institutions offering Islamic financial services.(source)

GERMANY - EVENTS - Frankfurt - IFSB Workshop on Islamic Finance (Jan 26, 2012)

Category	:	Awareness Programme
Name	:	[EVE00173] Workshop on Islamic Finance
Description	:	This Workshop is hosted by the European Central Bank and participation in this Workshop is by Invitation only. For more information, please email to Ms. Yazmin Aziz at yazmin@ifsb.org
Start Date	:	26/01/2012	End Date	:	26/01/2012
Venue Name	:	Room CII (36th floor Eurotower), European Central Bank
City	:	Frankfurt
Country	:	GERMANY
Event Website	:	-
Registration	:	program hereunder or visit website IFSB

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)

UK - LUXEMBOURG - London and Luxembourg battle over sukuk listing domicile

London and Luxembourg are engaged in a friendly “battle of the listings domicile” especially for sukuk and Islamic investment funds, and its seems that the London Stock Exchange (LSE) currently has the upper hand on its counterpart in the Duchy, Luxembourg Stock Exchange.

In a short and simple announcement on June 1, the London Stock Exchange welcomed "the listing of another two sukuk bringing the total number of sukuk which have listed on the exchange to 33 and the total money raised to $19.4 billion." The two latest listings coup include the IDB Trust Services Ltd.’s $750 million Trust Certificates, and the SIB Sukuk Company II Ltd.'s $400 million Trust Certificates which are due on May 25, 2016. (source - arabnews)

EUROPE - Growth of “Shariah-Compliant” banking in Europe

The European Union is emerging as a major centre of Islamic finance, based on Islamic Shariah law.

The spectacular growth prospects for the Islamic financial services industry in many European countries is being fuelled by Muslim mass immigration; despite a difficult economic climate on the continent, Islamic banking is growing faster in Britain, France and Germany than it is in many Islamic countries in the Middle East and Asia.

The key role that Europe is playing in establishing Islamic finance in the West was the central theme of the 8th Islamic Financial Services Board Summit, an annual conference that promotes Islamic banking around the world. Hosted by the Central Bank of Luxembourg from May 10-13, 2011, it was the first time the event was held in a European country. (source)

UK - DIFC based Hawkamah partners with Islamic Finance Council UK to organize Shariah scholar training programme in Dubai

Dubai International Financial Centre-based Hawkamah, Institute for Corporate Governance, has partnered with the Islamic Finance Council UK (IFC) to trial a unique training programme which provides tailored conventional markets training for Shariah scholars. The programme is exclusively tailored for Shariah scholars and those involved with the Shariah assurance process and has been run successfully in London, Bahrain and Kuala Lumpur. 

The IFC Scholar Professional Development Programme, developed by the IFC, a UK based not-for-profit, and assisted by the Chartered Institute for Securities & Investment Institute (CISI), provides a Continuous Professional Development (CPD) approach comprising of relevant and structured learning activities on conventional markets. (source)

UK - Britain gets boost from TheCityUK

The Islamic finance sector in the UK has received a major structural boost following the integration last week of the UK Islamic Finance Secretariat (UKIFS) into TheCityUK, the independent body promoting UK-wide financial and related professional services. UKIFS, which was established in March 2010, is the leading cross-sectoral body assisting with the promotion and development of Islamic Finance, both domestically and to represent the UK industry internationally. (source)

LUXEMBOURG - Luxembourg stands tall

You don't have to big to be mighty, and Luxembourg is living proof of that. This tiny land-locked nation at the heart of Europe has always punched well above its weight in terms of financial services, and despite its small geographical size and a population shy of half a million, Luxembourg can lay claim to being the world's second largest investment fund center after the US, the most important private banking center in the Eurozone and Europe's leading center for reinsurance. (full story - zawya)

LUXEMBOURG - EVENTS - IFSB Summit Luxembourg - World Bank declares Islamic finance a priority area

" The presence of Sri Muliani Indrawati, managing director of the World Bank Group, underlined the importance the global multilateral development bank views the Islamic finance industry."

The Islamic Financial Services Board (IFSB), the prudential and supervisory standard-setting organization for the global Islamic financial industry, embarked on a new phase of its development which may lead to a review of its mandate to facilitate a wider reach including those countries and organizations that are not currently members of the board. (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 - Luxembourg Puts Sukuk on Hold, Governor Yves Mersch Says

Luxembourg has put on hold plans to sell the government’s first Islamic bonds, Central Bank Governor Yves Mersch said. 

“As of late, Luxembourg has had less need to issue,” Mersch told reporters at the Islamic Financial Services Board Summit in Luxembourg City today. “This might have influenced the decision to put the project on hold.”(full story)

LUXEMBOURG - IFSB’s debut summit in Europe attracts widespread interest

This year’s 8th annual summit of the Islamic Financial Services Board (IFSB), scheduled to be held at the New Conference Centre Kirchberg in Luxembourg on May 10-13, is already making an impact.

The summit, hosted by the Banque Centrale de Luxembourg, is attracting particular interest from the European Union in addition to the traditional markets in the Middle East and Asia.

The summit indeed will be held for the first time in a EU country and Luxembourg is threatening to overtake the UK and France in spearheading Islamic finance in Europe. (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 )

NEW YEARS THOUGHTS - Will dawn of new year take Islamic finance to next level?

By MUSHTAK PARKER | ARAB NEWS

Published: Jan 3, 2011 00:42 Updated: Jan 3, 2011 00:42 

The dawn of the new Hijrah year and 2011 could either signify more of the same as in the last year or a leap toward the first steps to taking the global Islamic finance industry to the next level as Malaysian Prime Minister Mohd Najib Tun Abdul Razak's government says it aspires to do.

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

REGULATIONS - The IFSB issues two Exposure Drafts for public consultation

Kuala Lumpur, November 4, 2010 - In its 22nd meeting held today in Kuala Lumpur, Malaysia, the Technical Committee of the Islamic Financial Services Board (IFSB) approved the issuance of the following two Exposure Drafts (EDs):

1. Guidance Note In Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio
2. Guidance Note on the Recognition of Ratings by External Credit Assessment Institutions (ECAIs) on Takāful and ReTakāful Undertakings

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