Towards a Plural Financial System
Studies in Islamic Finance, Accounting and Governance series
Edited by Valentino Cattelan
Chapter 12: Luxembourg: a leading domicile for Shari‘ah compliant investments
The Grand Duchy of Luxembourg, granted independence in 1839, is a civil law state with a constitutional monarchy. Resolutely open to the outside world, Luxembourg has always integrated itself into larger political and economic organizations. It was a founding member of the European Coal and Steel Community, which subsequently evolved into the European Economic Community and the European Union. It is also a member of all major international institutions and it is recognized at a global level for its political, financial and social stability. The country’s cosmopolitan and multilingual population, highly qualified workforce and modern infrastructure have made it a popular domicile for both financial and industrial companies with international distribution interests. Within this strategic framework, since the 1960s Luxembourg has developed into a diversified international financial centre with particular expertise in certain areas. Due to its strong culture of investor protection and rigorous anti-money laundering policies, it is the second largest investment fund centre in the world after the United States and world leader in the cross-border distribution of retail investment funds. Moreover, it is also the largest wealth management centre in the Eurozone.
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