Table comparing structures for Islamic finance

	Regulated	Lightly regulated		Unregulated
Structure	UCITS and UCI	SICAR	SIF	SOPARFI	Securitisation Vehicle

Applicable regulation	2002 Law on undertakings for collective investment, Part I and II, as amended	2004 SICAR Law, as amended	2007 SIF Law, as amended	1915 Companies Law, as amended	2004 Securitisation Law, as amended

Supervision by CSSF	Yes	Yes (light)	Yes (light)	No	No (*)

Eligible assets	Restricted for UCITS; un-restricted for UCI	Private equity and venture capital	Unrestricted	Unrestricted	Unrestricted

Risk diversification rules	Yes	No	Yes	No	No

Eligible investors	Unrestricted	Well informed investors		Unrestricted	Unrestricted

Tax treatment	No tax except for annual subscription tax of 0.05% on the net asset value	Income tax at 28.59% but effective tax rate close to 0% due to special provisions	No tax except for annual subscription tax of 0.01% on the net asset value	Income tax at 28.59%	Income tax at 28.59% but effective tax rate close to 0% due to special provisions

Required service providers	Auditor, Administrator, Central Depository			Auditor	Auditor

Practical application for shariah compliant products	Mudaraba Musyarakah Murabaha Ijarah	Mudaraba Musyarakah Ijarah	Mudaraba Musyarakah Murabaha Ijarah	Mudaraba Musyarakah Murabaha Ijarah	Murabaha Ijara sukuk

Benefit from Tax Treaty	Yes if in the form of SICAV	Depends on target	Yes if in the form of a SICAV	Yes	Yes

EU Passport	Yes (for UCITS)	No	No	No	No

(*) If securities are not issued to the public on a continuous basis