Dubai International Financial Centre (DIFC) and Luxembourg for Finance, signed a Memorandum of Understanding (MoU) to promote cooperation and industry development across a wide range of areas - including market access, financial regulations and infrastructure, training, and industry development for firms located in the two jurisdictions. A senior finance delegation from Luxembourg, led by Prince Guillaume, Crown Prince of Luxembourg, and the Dubai International Financial Centre held a seminar in Dubai, January 12, 2010 to explore opportunities for greater collaboration in financial services between the Grand Duchy and the MENA region.
The Rating Initiative, a global project that aims to develop ratings and transparency in microfinanceecently launched the website www.ratinginitiative.org. This new site contains information enabling MFIs to apply for co-funding of a rating project, while investors can download profiles of the rating agencies and their products and individual rating reports. The Rating Initiative is a four year project designed to encourage at least 800 new Microfinance Institutions (MFIs) to engage in regular financial and social ratings.
The Luxembourg Tax Director has published a Circular underlining the fact that Shariah compliant financial products receive the same tax treatment as conventional financial products. The news will reassure investors who wish to manage their investments in a way that respects Islamic values. The Tax Director specifies that collective investment schemes (CIS) are excluded from the Circular. As in most other countries, CIS are not liable for corporate tax in Luxembourg. Islamic finance is one of the priority areas of the Luxembourg Government in the framework of its policy for the diversification of the financial centre. Two Task Forces are working to further this ambition: the first, within the Ministry of Finance, is monitoring the development of Islamic finance activity while the second, organised by Luxembourg for Finance, is focusing on operational aspects.
Good news for a Luxembourg-based bank. DZ BANK International (DZI) has been ranked third among the wealth management companies in German-speaking Europe. The Luxembourg bank closely follows the winners, Julius Bär and Credit Suisse Deutschland and tops the Luxembourg country ranking. This is the result of the respected German “Fuchsbriefetests”, conducted once a year. In an interview with LFF, Andreas Neugebauer, CEO of DZ BANK International, speaks about the importance of such an award, the attractiveness of wealth management in Luxembourg and about the future of banking secrecy.
“We need to put in place an ideal framework that enables people of high potential to come and work in Luxembourg. The beach and the seaside are not arguments that we can use!” comments Alain Kinsch, new country managing partner of Ernst & Young Luxembourg. On 1st January 2010, he succeeded Raymond Schadeck, whose term ended at the same date. Alain Kinsch, who is 38, has focused his career on audit and advisory engagements in the banking and private equity sectors. In an interview with LFF, Alain Kinsch, new country managing partner of Ernst & Young Luxembourg, speaks of the sectors he would like to develop with a view to diversifying the Luxembourg economy and of the future of the financial centre post banking secrecy.
Don’t believe all the stories you hear about Luxembourg. Here you will discover a financial center that offers great business opportunities and fast and flexible responses to changing market situations, against a background of political and social stability. But there is more to discover than finance. Luxembourg is home not only to castles and banks, but also cultural treasures and great entertainment. Luxembourg is worth a trip, be it professional or private. You will meet open minded people who speak your language.