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Luxembourg hopes to adopt a bill before the summer holidays that would allow it to issue its first Islamic bond, with the AAA-rated sovereign opening the door to future sukuk issuance, a filing with the legislature said.

The government requested the legislature's advisory body, the Council of State, to consider a revised bill on July 1st, so it can securitise government assets to back a sukuk worth 200 million euros ($275 million).

The time frame could see Luxembourg lose out to Britain in issuing the first sukuk from a Western nation, but repeat sukuk issuance could cement a stronger commitment to the Islamic finance industry.


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