Luxembourg Sukuk bill passes into law
On 9 July 2014, the Luxembourg Parliament approved draft law 6631 on a sale and buy-back transaction of real estate assets necessary to issue an Islamic finance bond. By obtaining parliamentary approval, the Ministry of Finance has now paved the way to the issuance of the Sukuk transaction, marking a milestone in the development of Islamic finance in the Grand-Duchy of Luxembourg. This approval in Parliament underlines the political will to diversify and develop alternative markets within the financial services industry, according to a statement of the Luxembourg Ministry of Finance.
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