Islamic finance in Europe (93)

Continuation

As regards, Islamic funds with USD 1 billion Islamic AuM (Islamic assets under management), they are largely equity funds domiciled in Luxembourg.

It:

-      managed

-      and promoted

by global investment companies.

Today, Luxembourg emerges as the leading non-Muslim domicile for Shari’ah-compliant investments funds.

In terms of sukuk, the Luxembourg Law of 22 March 2004 on securitisation 19 (the Securitisation Law) created:

-      a flexible

-      and efficient

regime for securitisation vehicles.

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)