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By Ashraf Ammar, Senior manager, Cross-Border Tax, Deloitte Luxembourg
One of the challenges facing Islamic financial institutions and Sharia’a compliant financial structures is related to managing the liquidity risk in a Sharia’a compliant way. The Luxembourg government is willing to attract more Sharia’a compliant financial structures and, possibly, financial institutions.
To sustain these objectives, the Central Bank of Luxembourg decided to be one of the founding members (the only non-Muslim member) of the IILM (International Islamic Liquidity Management Company) which is based in Malaysia. The IILM is a landmark international institution established by central banks, monetary agencies and multilateral organisations to introduce and facilitate...
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