Liechtenstein wants to attract wealthy Muslims to its private banks in a bid to revive its industry affected by the loss of the nation’s status once considered a tax haven, Bloomberg reported.
According to data compiled by Liechtenstein Bankers Association, lenders in the nation managed CHF171bn in 2007, which dropped to CHF120bn in 2013.
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The principality is due to hold its first Islamic finance conference on October 28, in which it will figure out the necessary rule changes to develop Shariah-compliant products, Urs Philipp Roth-Cuony, chairman of the country’s Financial Market Authority told Bloomberg.
Pressure has increased on Liechtenstein to adhere to global rules against tax evasion following a crackdown on offshore tax havens after the 2007-2008 financial meltdown.
In November 2013, Liechtenstein signed an Organization for Economic Cooperation and Development (OECD) standard, which makes it committed to agree on bilateral treaties for automatic exchange of bank data with Germany, France, Britain, Italy and Spain.
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