The new Dubai-based branch is expected to encourage closer ties between the Luxembourg and the United Arab Emirates and is seen as an important step in BIL’s international expansion.
The private bank has said that the launch of BIL Middle East is “emblematic of the close economic ties” between the two countries, coinciding with the grand duchy’s support of the development of Luxembourg’s financial centre in boosting its links with Islamic finance.
Entrepreneurs, expatriates and families in the region will have access to a range of international financial products and services at the new branch, which holds an asset manager licence from the Dubai Financial Services Authority.
Minister of finance of the grand duchy of Luxembourg, Pierre Gramegna, opened the branch. He said: “The UAE and Luxembourg are modern, dynamic economies that have emerged as major financial centres and hubs for international banking.
“With its long history of success stretching back well over a century, BIL is an important addition to the UAE’s banking landscape and this opening is further testament to the close bonds between our two countries.”
“Fully committed”
Governor of the Dubai International Financial Centre, Essa Kazim, said the DIFC is “fully committed” to fulfilling the UAE Government’s ambition in helping Dubai become the leading Islamic economic hub.
He said: “Having banks such as BIL within the centre plays a major part in achieving these goals.”
Luxembourg is the largest domicile for Islamic funds in Europe, and the third largest worldwide, after Malaysia and Saudi Arabia.
