Excerpt:

The European principality of Liechtenstein is launching a drive to attract Islamic financial business, aiming to capitalise on its well-established wealth management industry.

Competition is increasing among financial centres around the world to capture a slice of Islamic finance, which is expanding beyond its traditional bases in southeast Asia and the Middle East.

Most efforts so far have focused on the booming market for sukuk (Islamic bonds); Luxembourg, Britain and Hong Kong, seeking to draw more issuance activity, have made debut issues of sovereign sukuk this year.


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