World Islamic finance community meets in Luxembourg
Companies engaged in Islamic finance will shortly have an unprecedented opportunity to meet the leading global personalities of the sector, in Luxembourg. From the 10-14 May, the Islamic Financial Service Board (IFSB), the international standard setting body for the Islamic finance industry, will be holding its annual Summit in Luxembourg. The event brings together central bank governors, senior bankers and shariah scholars from around the world.
The Central Bank of Luxembourg (BCL) is the first central bank of a European country to have joined the IFSB, and has been chosen to host the 2011 Annual Summit. This prestigious event provides companies within Luxembourg and the surrounding countries with an opportunity to network with the leading global figures of the Islamic finance industry, without travelling overseas. Luxembourg for Finance is working alongside the BCL and IFSB to produce what is expected to be a major business and media event.
In a business sector that is globalising at an rapid rate (Islamic finance is no longer confined to Arab countries but has become a major industry in Asia and is growing fast on all continents) Luxembourg is keen to affirm its position as a leading Islamic finance centre within the European sphere.
Luxembourg has already earned itself international recognition as a domicile for shariah compliant investment funds (with a 7% global market share) and in the sukuk (“bond” equivalent) markets. With its expertise in the cross-border distribution of financial products, the Grand Duchy expects to play a leading role in meeting the demand for shariah compliant retail financial products and services in Europe and beyond.
Enthusiasm for this sector is reflected in the large number of Luxembourg banks, legal firms, auditors and consultancy companies that are sponsoring the IFSB Summit. All are engaged actively in the sector. CW
How to attend the Summit
The four day programme divides into two halves.
The pre-Summit days (10-11 May) are free of charge. While Day 1 is designed for participants who wish to familiarise themselves with the Islamic financial service industry. On Day 2, Luxembourg and Malaysia will be holding Country Showcases – an opportunity for attendees to learn about two Islamic finance centres in detail – followed by an afternoon session on Liquidity Management.
The main IFSB Summit programme (12-13 May) focuses on “Enhancing financial stability: challenges and opportunities for Islamic finance”. Attendance at these sessions, including a Gala Dinner on Thursday 12 May, costs EUR 1,500.
Anybody interested in attending the IFSB Summit can follow this link to download a copy of the programme and a registration form. CW