Post on 20-Jan-2016
description
Luxembourg’s Role in Building a Sustainable
Islamic Investment Hub in Europe
Pierre OberléALFI
First driver: international expansion of Islamic Funds
UCITS : Undertakings for Collective Investment in Transferable Securities
Are a set of European Union Directives that aim to allow collective investment schemes to operate freely throughout the EU on the basis of a single authorization from one member state (distribution passport)
Fund managers from more than 50 countries use Luxembourg as a hub to sell UCITS funds in 70 countries around the world
UCITS are well adapted for Shariah compliant investments
3Source : Lipper LIM & PwC analysis as at December 31, 2012 (Poster PwC March 2013)
Evolution of cross-border UCITS fund distribution
3 2603 750
4 5294 875
5 170
5 907
6 525
7 366 7 4417 907
8 511
9 436
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
9 000
0
10 000
20 000
30 000
40 000
50 000
60 000
70 000
80 000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Luxembourg Ireland UK France Germany Other Number of truex-border funds
Number of cross-border registrationsNumber of cross-border funds
Second driver: regulated European alternative funds and investor demand for transparency
Redomicilation of funds to onshore European domiciles
AIMFD (Alternative Investment Fund Managers Directive):
New opportunites for Shariah compliant Real Estate and Private Equity funds
New distribution passport: easy to reach institutional investors in the whole European Union
Full support of the authorities and of the financial sector players
2008: Government Taskforce launched
2008: ALFI Islamic Finance Working Group launched
2012: Publication of ALFI Collection of Best Practices for setting-up and administering Shariah-compliant funds in Luxembourg”
Third driver: developments at the institutional level
Thank you
Pierre Oberlé
Business Development Manager
pierre.oberle@alfi.luTel : +352 22 30 26 1
www.alfi.lu