IslamicFinance.de

Due to the growing number of Shariah-compliant funds in Luxembourg, four companies have launched the service ALIF (Alliance for Luxembourg Islamic Finance) which offers administration and custody of Islamic funds in a Shariah-compliant manner. The service includes legal work and Islamic Finance expertise. The portfolios and processing of the funds registered by ALIF will be periodically reviewed by the Shariah Supervisory Board of Amanie Advisors.

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).