UAE Laws and Islamic Finance

Laws of the UAE and Islamic Finance

Islamic Finance in Luxembourg

Well connected with GCC states

“While many European countries are reviewing their domestic legislation to become more attractive for Islamic finance, Luxembourg has already established itself as an important hub for the industry. This should come as no surprise to those who know Luxembourg and the strong position it has attained. This small European country has become an internationally recognized financial market.  It is viewed as the premier captive reinsurance market in the European Union (EU), the premier private banking centre in the euro zone and the second largest investment fund centre in the world after the USA.

 
As of May 2009, 3,425 investment funds were registered in Luxembourg, with €1,619 trillion of assets under management. More than 125,000 companies are registered with the Luxembourg Chamber for Trade and Companies, many of which are involved in cross-border finance transactions, including an increasing number of Sharia’h-compliant finance transactions.

 
In 1978, the first Islamic financial institution in a non-Muslim country was established in Luxembourg with the purpose of servicing high-net-worth individuals. In 1983, the country was chosen by the Bahraini Solidarity Group for the establishment of Europe’s first Sharia’h-compliant insurance company. Other Islamic finance institutions followed with the incorporation in 1990 of Faisal Finance (Luxembourg) SA and Faisal Holdings (Luxembourg) SA.

 
Many Islamic finance professionals know Luxembourg to be a preferred jurisdiction for the listing of international bonds. The Luxembourg stock exchange has indeed played a leading role as the first European stock exchange to enter the Sukuk market.  Clearstream, an international clearing and settlement house, has accepted international Sukuk issues, making Luxembourg an attractive prospect for listing Sukuk. The major sovereign Sukuk were all listed with a local jurisdiction in Luxembourg.”

http://www.islamicbankingandfinance.com/summary24.html

 

 

Relevant Links:

Luxembourg For Finance ‘Islamic Finance Structures in Luxembourg’

http://www.lff.lu/fileadmin/redaction/documents/brochures/Islamic_Finance_brochure_Apr10.pdf

Country Report by www.islamicfinancenews.com ‘The Luxembourg Islamic Finance Package – Direct Tax Aspects’

http://atoz.lu/IMG/pdf/islamicFinanceNews.pdf

KPMG ‘Luxembourg As a Hub for Islamic Finance’

http://www.kpmg.com/LU/en/IssuesAndInsights/Articlespublications/Documents/Luxembourg_hubforislamicfinanceinvestments.pdf

 Saudi-Luxembourg Cooperation in Islamic Finance

http://arabnews.com/economy/islamicfinance/article39209.ece

Luxembourg Stock Exchange ‘Islamic Finance in Luxembourg, Niche or Real Opportunity?’

https://www.bourse.lu/application?_flowId=PageStatiqueFlow&content=societe/BourseInfo/57/BourseInfo_57_IF.jsp&lang=EN

Islamic Finance Securitization in Luxembourg

http://www.worldcommercereview.com/publications/article_pdf/82

http://www.securitisation.lu/information/islamic-finance-securitization.htm

Relevant Luxembourg Laws Related to Islamic Finance:

Companies Law, August 10, 1975 on Commercial Companies.

Securitization Law, March 22, 2004.

SICAR Law, June 15,  2004 on the Investment Company in Risk Capital.

SIF Law, February 13, 2007 on Specialized Investment Funds.

SPF Law, May 11, 2007 on the Family Wealth Management Company.

UCI Law, December 20, 2002 on Undertakings for Collective Investment.

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