But these complications are to a large extent shared with the conventional banking system. Keeping that balance will be beneficial to both Islamic investors and the European financial system. 6  Hasan, Maher; Dridi, Jemma: The Effects of the Global Crisis on Islamic and Conventional Banks: A Compartive Study, IMF Working Paper WP/10/201, Washington, 2010.
7  Mersch, Yves: Speech at the 5th Economic Forum Belgium-Luxembourg-Arab Counties, in Brussels, 17th November 2009. BIS Review 155/2010  3  Luxembourg’s pro active approach In Luxembourg, private and public decision makers of the financial industry are motivated to establish a regional hub for Islamic finance, making use of Luxembourg’s expertise in cross border finance. Major steps have been taken already.