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UK:
The IFN Europe Forum closed on a high note yesterday at the Doubletree
Hilton in Luxembourg, with over 300 delegates from across the industry
expressing their optimism and enthusiasm around the growth potential
for Islamic finance in Europe and, in particular, highlighting the
drive and determination of Luxembourg to establish itself as a global
center for Islamic finance.
In
his keynote speech introducing the event, minister of finance for
Luxembourg Pierre Gramegna emphasized the strong support and specific
focus that the authorities intend to direct towards Islamic finance:
which he identified as one of the two primary channels with which the
country hopes to diversify and strengthen its financial services
industry. According to a number of delegates, the address was
exceptional as the strongest and most committed statement yet of
support for Islamic finance from the Luxembourg government.
Although
no news was announced regarding a firm date for the highly-anticipated
sovereign Sukuk issuance, Islamic Finance news has learned that the government
expects to consider the bill in its upcoming session starting next
week, with most players expecting it to be passed relatively rapidly:
meaning that we could see an issuance within the next quarter. “It’s in
the final stage of parliament procedure,” said Gramegna. “We don’t know
if it’s a question of days or weeks but I can tell you that the
government is doing its utmost to ensure that in the shortest possible
time, this first sovereign Sukuk in Europe will see the light and I am
pretty confident that it will be quite soon.”
The
minister also emphasized the importance of compliance and the close fit
that it hopes this could have with Islamic finance; while in the next
keynote speech the CEO of the Luxembourg Stock Exchange, Robert
Scharfe, also highlighted the enormous potential and close relationship
between socially responsible and Islamic funds and identified
Luxembourg’s ambitions to act as a bridge between the two sectors.
The
day included a wide range of panels, breakout sessions and discussions
covering subjects from Europe’s Islamic investment strategy to its
legal, tax and regulatory landscape and the winning trends in Islamic
investment funds: debated by an illustrious selection of some of the
leading figures across the industry. The event was an exceptional
success and identified not only the exciting potential for Islamic
finance within the European region: but the strong support and warm
welcome that Luxembourg in particular has extended to the industry. IFN
would like to thank all participants and delegates for such a rewarding
event, and are delighted to be able to confirm that we will be
returning to Luxembourg on the 9-10th June next year for IFN
Europe 2015.
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