IslamicFinance.de

New Secretary-General Jaseem Ahmed, summit host, Yves Mersch, Gov. Banque centrale du Luxembourg and Faris Sharaf, the chairman of the IFSB governing council and governor of the Central Bank of Jordan were very happy about the good results of the global Islamic financial services industry, considering the challenging environment presented by the recent international financial crisis.
For Islamic finance in particular, the pressing issue is the need to assure that the regulatory and supervisory framework for Islamic finance is consistent with ongoing global regulatory and supervisory reforms. This is particularly important since Islamic finance is rapidly being conventionalized and increasingly integrated into global financial markets.

The statement of Yves Mersch, governor of the Banque Centrale de Luxembourg, revealed the fact that the Luxembourg government is in no hurry to issue a sukuk because there are currently no serious reasons for doing so.
The government doesn't need to borrow at this point, so no sukuk will be sold.
But Ernst & Young, Theisen Law and Lux Global Trust Services organized summit on "Islamic Finance in Luxembourg" and if he had participated, he may have a had different oppinion.

European Central Bank Governing Council member Yves Mersch said Islamic financial institutions may be more vulnerable to economic slumps.
The worldwide issuance of Sukuk, or Islamic bonds, by governments and companies has dropped to an estimated $20 billion in 2010 from an estimated $50 billion in mid-2007.