National and Global Islamic Financial Architecture:
Problems and Possible Solutions for the OIC Member Countries
168
Chart ‎5.4: Debt Securities Issued
Source: BIS Statistics Explorer, end Q2 2015
Many of the debt securities included in these figures will not be listed on any regulated market,
so cannot be compared directly with the previous set of figures, but they are nevertheless
significant as an indicator of each jurisdiction’s importance in debt markets and of the balance
between domestic and international business.
However, Luxembourg has established a special position as a funds domicile. The most useful
comparative data in this area comes from the International Investment Funds Association Q3
2015. However, they cover regulated open-ended funds only, and so they are not absolutely
comprehensive, but they give an indication at least of the significance of fund domiciles. They
show the following values: UK USD1544 bn, Germany USD1794 bn, Luxembourg USD3526 bn.
Unfortunately they do not cover Hong Kong and Singapore, but the Hong Kong Securities and
Futures Commission on its website shows a value for regulated funds of USD1322 bn at the
end of 2014. Statistics for Singapore are harder to come by, partly reflecting the fact that many
funds on offer in that country are packaged as insurance products.
Table ‎5.2: Assets under management (AuM) in Europe
Countries AuM (Euro bn) AuM/GDP (%)
UK 6101 302
France 3258 154
Germany 1612 57
Italy 881 54
Netherlands 469 73
Belgium 229 58
Austria 85 26
Portugal 74 43
Hungary 25 25
Turkey 18 3
Greece 9 5
Rest of Europe 3694 107
Source: European Fund and Asset Management Association Annual Review, April 2015. Data as at end 2013.
“Rest of Europe” excludes Bulgaria and Romania. Data for Austria cover investment fund assets only.
6.263
3.469
880
353 367
3.219
1.201
575
118 208
-
1.000
2.000
3.000
4.000
5.000
6.000
7.000
UK Germany Luxembourg Singapore Hong Kong
USD (Billions)
Total Debt Securities International Debt Securities