News
The mood changes
What can the financial system do to be more sustainable? This and other questions will be discussed at the Luxembourg Financial Forum on June 3, which is organised by Luxembourg for Finance.
Bankers are less ideological than other people
Claude Turmes is in favour of a healthy level of capitalism. Nevertheless, the member of the European Parliament representing the Luxembourg Green Party supports the proposal for a financial transaction tax. In his view, the notion of sustainability includes a regulated financial sector and massive investment into renewable energies. With regard to the outlook for the financial centre, Claude Turmes thinks that a crisis is an opportunity to detect the market niches of the future.
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LUMINIS – an investor information service for microfinance
The Luxembourg Government has launched a joint venture with MicroRate, the US based microfinance rating agency, and LuxFLAG, the Luxembourg based fund labeling agency, to produce a new service for microfinance investors. Launched on 12 May 2010, LUMINIS Microfinance (LUMINIS) will provide critical information on Microfinance Investment Vehicles (MIVs) in order to facilitate investment in microfinance and growth of the sector as a whole.
Luxembourg joins the IFSB Summit in Bahrain
For the first time Luxembourg has taken part in the annual IFSB summit as a member and sponsor of the event. The programme for members included a Public Hearing of the IFSB Exposure Draft on setting a standard on solvency requirements for takaful (Islamic insurance) undertakings. Luxembourg also conducted a Country Showcase, providing fellow members and other guests with the opportunity to ask questions relating to the Grand Duchy, which resulted in a lively and extended Q&A session.
Taxation of Islamic finance products: Luxembourg Tax Director answers some FAQs
In January 2010, the Tax Director published a Circular the object of which was to clarify the tax treatment of certain shariah compliant structures. The Circular was well received by the market. Nevertheless, questions have inevitably arisen concerning its application to specific projects. Luxembourg for Finance interviewed Guy Heintz, Tax Director, in order to clarify some points.
L’économie va redémarrer en 2012
La zone euro est sortie de la récession, mais doit toujours faire face à des obstacles importants. Il faudra assister au second semestre 2012 avant d’assister à une reprise. Tels sont les propos de Marie Diron, senior economist qui a présenté la première étude menée par Ernst & Young et Oxford Economics. Dans une interview accordée à LFF, Marie Diron se dit relativement optimiste.
A new team leading the ABBL
At the Ordinary General Meeting, held on 30 April 2010, ABBL member representatives elected Mr. Ernst Wilhelm Contzen, CEO of Deutsche Bank Luxembourg S.A ., as new Chairman of the Luxembourg Bankers’ Association, thus replacing Mr. Jean Meyer who had held the position since 2005. On the same occasion, Mr. Carlo Thill, Chairman of the Management Board of BGL BNP Paribas, was elected as new Vice-Chairman.
Excellent financial literacy needed to meet demanding customers
The Luxembourg financial centre needs to prepare for some major changes that are in sight. In the area of asset management, the trend is towards a more affluent and demanding clientele.There is a second major trend identified in a study conducted by Edouard Franklin, an international executive search boutique: some small private banking players in Luxembourg will disappear, while large structures will expand.
Opportunities in Luxembourg for Islamic finance
Luxembourg is recognised as one of the leading European centres for Islamic finance with a long track record in the sector. It hosted the first Islamic finance institution more than 30 years ago and was the first European stock exchange to list a sukuk in 2002. Luxembourg for Finance has now published a brochure, Luxembourg Vehicles for Islamic Finance Structures, which contains a broad overview of the legal framework for shariah compliant structures, their tax treatment and the professional services available in the financial centre.
