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Islamic Finance in Europe

Islamic Finance in Europe

Towards a Plural Financial System

Studies in Islamic Finance, Accounting and Governance series

Edited by Valentino Cattelan

Highlighting the impact of current globalization on financial markets, this topical book challenges the universality of Western property rights and interprets Islamic finance in Europe as part of a plural financial system, where different conceptions of economic justice(s) co-exist and influence each other.

Chapter 12: Luxembourg: a leading domicile for Shari‘ah compliant investments

Eleanor de Rosmorduc and Florence Stainier

Subjects: economics and finance, financial economics and regulation, islamic economics and finance


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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