Islamic finance in Europe (92)

Continuation

It became the first EU jurisdiction to adopt UCITS IV at the end of December 2010.

As a major domicile for both:

-      conventional

-      and Islamic

investment funds it had a first-mover advantage.

In December 1982, the country saw the establishment of a family-owned Islamic insurance operator.

Luxembourg has a large traditional life assurance industry, albeit driven by international business.

However, given the small domestic Muslim population in Luxembourg, any Islamic insurance operator’s strategy was likely to be a cross-border one.

Luxembourg is the second largest investment fund centre in the world after the US.

From the research paper of European Central Bank

(Authors: F.Mauro, P.Caristi, S.Couderc, A.D.Maria, L.Ho, B.K.Grewal, S.Masciantonio, S. Ongena and S.Zaher)