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Luxembourg’s Role in Building a Sustainable Islamic Investment Hub in Europe

Luxembourg’s Role in Building a Sustainable Islamic Investment Hub in Europe. Pierre Oberlé ALFI. First driver: international expansion of Islamic Funds. UCITS : Undertakings for Collective Investment in Transferable Securities

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Luxembourg’s Role in Building a Sustainable Islamic Investment Hub in Europe

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  1. Luxembourg’s Role in Building a Sustainable Islamic Investment Hub in Europe Pierre Oberlé ALFI

  2. First driver: international expansion of Islamic Funds UCITS : Undertakings for Collective Investment in Transferable Securities Are a set of European Union Directives that aim to allow collective investment schemes to operate freely throughout the EU on the basis of a single authorization from one member state(distribution passport) Fundmanagersfrommorethan 50 countriesuse Luxembourg as a hubtosell UCITS funds in 70 countriesaroundtheworld UCITS are well adaptedforShariahcompliantinvestments

  3. Evolution of cross-border UCITS fund distribution 3

  4. Second driver: regulated European alternative funds and investor demand for transparency • Redomicilation of fundstoonshoreEuropeandomiciles • AIMFD (Alternative InvestmentFundManagers Directive): • New opportunitesforShariahcompliantRealEstate and Private Equityfunds • New distributionpassport: easytoreachinstitutionalinvestors in thewholeEuropeanUnion

  5. Third driver: developments at the institutional level Fullsupport of theauthorities and of thefinancialsectorplayers 2008: GovernmentTaskforcelaunched 2008: ALFI IslamicFinanceWorking Group launched 2012: Publication of ALFI Collection of BestPracticesforsetting-up and administeringShariah-compliantfunds in Luxembourg”

  6. Pierre Oberlé Business Development Manager pierre.oberle@alfi.lu Tel : +352 22 30 26 1 www.alfi.lu Thank you

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