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Luxembourg has not long been recognised in the world of Islamic finance but it has a history of innovation in this field and is fast developing into a domicile of choice.  Local financial institutions are increasingly entering the sukuk market and shariah compliant investment funds are being launched under Luxembourg law.

In 1983, Luxembourg was the chosen domicile of the first shariah compliant insurance company in Europe.

The Luxembourg Stock Exchange was the first European stock exchange to enter the sukuk market, having listed sukuks since 2002.  In September 2009, 15 sukuks were listed and traded on the Luxembourg Stock Exchange.

In September 2009 there were 39 shariah compliant investment funds and sub-funds established in Luxembourg.

Islamic finance has the support of the Luxembourg financial establishment. In 2005, the Central Bank of Luxembourg hosted an Islamic Financial Services Forum together with the Islamic Financial Services Board and the Government is sponsoring an Islamic finance conference to be held in May 2009.

A leaflet on Islamic Finance in Luxembourg can be downloaded here in English and Arabic.