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Islamic Finance Briefing - Categorized | Bonds (Sukuk), Compliance, Tax, Legal, Regulatory more

Luxembourg: Greater legal security for Sukuk issuers

Posted on 23 February 2011

From Internationallawoffice.com: Luxembourg’s financial regulator, the Commission de Surveillance du Secteur Financier (CSSF), has published a statement on Islamic debt securities that stresses Luxembourg’s desire to provide further clarity on certain rules applicable to sukuk (ie, Islamic bonds).
The CSSF states that “issuers of sukuk have recognised the attractiveness of the Luxembourg legal framework for Islamic finance”, and further confirms that sukuk can qualify as asset-backed securities (based on the provisions of Article 2(5) of the EU Prospectus Regulation (809/2004/EC) or, under certain conditions, as guaranteed debt securities (based on the provisions of Article 23(2) and Annex VI of the regulation)……………………………………….Full Article: Source

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