Growing number of Mid East Islamic funds launch in Luxembourg
The Alliance for Luxembourg Islamic Finance (ALIF) will ensure Shari’ah-compliant custody and administration service at the time that total assets under management reach estimated $5.3 billion with growing number of Middle East investment funds. Luxembourg is fifth in the rating of Shari’ah-compliant funds worldwide. Already 41 egulated Shari’ah-compliant investment funds are based in Luxembourg. Four companies are uniting in order to establish a specialised platform that will service Shariah-compliant investment funds. These companies are Amanie Advisors , ADEPA Asset Management, Theisen Law, and KBL European Private Bankers. The joint venture will be known as Alliance for Luxembourg Islamic Finance (ALIF).