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By Oliver R. Hoor and Pierre Kreemer, KPMG*
In mid-December 2013, a new draft bill (Projet de loi n° 6631) has been submitted to the Luxembourg parliament reflecting Luxembourg’s intention to become the first non-Muslim country issuing a sovereign sukuk. This article depicts the fundamental elements of sukuk, outlines how Luxembourg’s sovereign sukuk will be structured and analyses Luxembourg’s role as a hub for structuring Islamic finance investments in and through Europe.
I. Introduction
Islamic finance has gone through a period of exceptional growth. Although no conclusive data is available, it is estimated that the global Islamic finance industry has up to USD 1 trillion in managed assets. Sukuk represent one of the fastest...
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