Islamic finance at Deloitte - No interest... but plenty of attention | Brochure |
Despite the financial crisis, fundamentals of the Islamic finance industry remain strong. With almost US$1 trillion of funds under management, significant oil and gas reserves and an expanding Muslim population in the MENASA (Middle East, North Africa and South Asia) region, Islamic finance protagonists have played their cards well. Among the 20 largest sovereign wealth funds, 9 of them, representing US$1,100 bn, are located in countries where Islam is the main faith.
In this environment, many states appear as specialist Islamic finance platforms through the implementation of dedicated regulatory and tax regimes (e.g. Malaysia, Saudi Arabia, Kuwait). In Europe, Luxembourg is clearly a leading jurisdiction. In 2009, the Grand Duchy was ranked as the largest non-Muslim place for fund domiciliation with 7% of the global market share.
Setting up Islamic investment ventures in Luxembourg is building a bridge between two worlds, at the crossroad of converging interests of investors in need of opportunities serving the real economy on the one hand and Islamic fund promoters keen to distribute their products worldwide on the other hand.
The flexible approach adopted by the Luxembourg government, the regulator and other actors of the financial sector, its worldwide established proficiency in terms of financial assets administration and distribution, as well as a highly skilled multilingual workforce, are some of the factors that make Luxembourg one of the most popular financial centres in the world.
Through its attractive financial market place and its worldwide recognised expertise Luxembourg is the ideal location to manage and distribute Sharia'a compliant financial instruments on the global market.
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Islamic finance at Deloitte - No interest... but plenty of attention
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