Luxembourg will host the 8th Islamic Financial Services Board annual summit in 2011. Luxembourg is the first European Union country to host the annual summit, as it became the first and only EU member country to be a member of the Board since last November.

What exactly is the Islamic Financial Services Board? It serves as the supervisory standard setting body for global Islamic finance. It is an international organization that issues guiding principles and standards within the banking, insurance and capital market sectors in order to promote stability in the Islamic financial services industry. (investopedia.com)

Luxembourg is already a major place for sukuk listing and the registration of Islamic funds. Currently, there are some 16 sukuk listed on the Luxembourg Stock Exchange with a combined value of € 5.5 billion; and over 45 Islamic investment funds, largely equity funds domiciled in Luxembourg. There is significant potential for Luxembourg to become a major Islamic finance hub.

The Luxembourg tax authority in January 2010 introduced measures facilitating sukuk and Islamic finance products in the country.