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In June 2009, the Luxembourg Ministry of Finance expressed a strong interest in the development opportunities presented by Islamic finance. It has since made a series of commitments (hereafter the “Islamic Finance Package” or the “Package”), aimed at reinforcing the attraction of Luxembourg to Islamic Finance.
The Islamic Finance Package includes (i) setting up a working group dedicated to making Luxembourg more attractive to Islamic finance, (ii) the issuance by the Luxembourg tax authorities of guidelines to clarify the Luxembourg tax environment for Islamic finance transactions, (iii) an audit regarding the benefits for the Luxembourg Government, or entities belonging to the Luxembourg Government, in using Islamic Finance instruments such as Sukuks as an alternative...
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