shariah compliant fund platform launched in

Added 16th January 2013

Four Luxembourg-based companies have launched a Shariah-compliant platform offering custody and administration services for the “increasing number” of Islamic investment funds being domiciled in the country.

shariah compliant fund platform launched in

The Alliance for Luxembourg Islamic Finance (ALIF) has been created by Amanie Advisors, ADEPA Asset Management, Theisen Law and KBL European Private Bankers. The organisation said it plans to offer services including full Shariah supervision and monitoring, compliance monitoring, liaison with regulatory authorities for approval and the setting up of investment vehicles.

Assets within the registered funds will be prohibited from being used for short-selling, or in interest-based lending, and also prevented from investing in gambling, alcohol and pornography-related industries, which are all prohibited by Islamic law.

Carlos Alberto Morales, chief executive of ADEPA Asset Management, said: “Our clients will be able to take advantage of all the benefits of the Luxembourg fund structures and also have their funds administered locally in a professional and transparent way, and in a way that is in keeping with the religious practice.”

Each of the four companies will offer differing expertise with Theisen Law providing a legal framework, KBL in a custodial role, ADEPA offering fund services and Amanie in a Shariah advisory role.

According to ALIF, Luxembourg is the fifth largest domicile for Shariah-compliant funds which have an estimated $5.3bn in assets under management.
 

Visitor's Comments Add your comment

Add Your Comment

We won't publish your address

About Author

International Adviser is aimed at global intermediaries who advise their HNW clients on International fund, life and banking products and tax efficient solutions to their cross-border needs

Features

SEB Life Intl targets European growth after Nordic dominance

SEB Life Intl targets European growth after Nordic...

Having uprooted and moved lock, stock and barrel from Sweden to Dublin in June 2015, SEB Life International’s managing director Peder Nateus has embraced both local high-contact sports and the life insurer’s...

Analysis

Profiles

Directories

Canada Life International Limited
Canada Life International...

Canada Life International Canada Life House,...

Tweets

Events

IA International Portfolio Bond Forum Bristol 2017
IA International Portfolio Bond Forum Bristol 2017

Wednesday 22 February
Mecure Bristol Holland House Hotel

IA International Retirement Planning Forum Dubai 2017
IA International Retirement Planning Forum Dubai 2017

Thursday 15 March,
Shangri-La Hotel, Dubai

IA International Portfolio Bond Forum Leeds 2017
IA International Portfolio Bond Forum Leeds 2017

Thursday 27 April
Thorpe Park Hotel & Spa, Leeds

IA International Portfolio Bond Forum London 2017
IA International Portfolio Bond Forum London 2017

Wednesday 3 May
Waldorf Hilton, London

Sponsored Content

Investment Strategy

OTHER STORIES FROM LAST WORD...