Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
in Islamic Finance
gov.uk/ukti
Contents
Foreword 01 Newcastle University Business School Eiger Trading Advisors Ltd 45
Islamic Finance and Law Studies 24
UK Excellence in Islamic Finance 02 Ernst & Young 46
The Oxford Centre for Islamic Studies 25
Investing in UK Infrastructure IFAAS 47
and Regeneration Projects 04 University of East London’s
The Islamic Finance Council UK 48
Royal Docks Business School 26
What is Islamic Finance? 07
KPMG 49
History of Islamic Finance in the UK 08
Banking 27 London Stock Exchange 50
Development of Islamic
ABC International Bank plc PwC LLP 51
Financial Institutions in the UK 10
Islamic Financial Services 28 Simply Sharia 52
Regulatory Development
Abu Dhabi Islamic Bank (ADIB) 29
of Islamic Finance in the UK 11
The Bank of London Legal 53
Islamic Finance Education in the UK 12
and The Middle East 30 Allen & Overy 54
Business Profiles Citi: Leader in Global Islamic Banking 31 Ashurst LLP 55
Education and Training 14 European Islamic Investment Bank Plc 32 Clifford Chance 56
Aston Business School 15 Gatehouse Bank plc 33 Dentons 57
Bangor Business School 16 HSBC 34 Freshfields Bruckhaus Deringer LLP 58
Cambridge Judge Business School, Islamic Bank of Britain 35 Hogan Lovells 59
University of Cambridge 17 J.P. Morgan 36 King & Spalding 60
he Centre for Islamic Finance
T Mashreq 37
at the University of Bolton 18 Linklaters 61
Standard Chartered Saadiq 38 Norton Rose Fulbright 62
Centre of Excellence for Professional
Training in Islamic Finance 19 QIB (UK) 39 SGH Martineau LLP 63
Durham Islamic Finance Programmes 20 Simmons & Simmons 64
Financial and Professional Services 40
The ICMA Centre at the Trowers & Hamlins LLP 65
Henley Business School 21 Aberdeen Asset Management 41
Get the support you need to succeed 66
The Islamic Finance Qualification (IFQ) 22 Cobalt Underwriting 42
Foreword
The future of Islamic finance in the global
economy looks bright. With 10 of the world’s
25 fastest growing markets in Muslim-
majority countries, industry forecasts
estimate that Islamic investments might
grow to £1.3 trillion by 2014.
UK Excellence
in Islamic Finance
The UK has been providing Islamic Financial Services
for over 30 years and Government policy over the last
decade has created a fiscal and regulatory framework
that encourages the growth of Islamic finance.
UKExcellenceinIslamicFinance 03
The global market for Islamic finance More than 20 international banks Regional centres of excellence
at the end of last year was worth operating in the UK are working in are now established. In the field
around US$1.3 trillion according to Islamic finance. Six of these are fully of education new standards and
the UK Islamic Finance Secretariat. Sharia compliant, more than any other qualifications in Islamic finance are
The total value of Sharia compliant country in Europe. British banks are being offered by four professional
assets has grown by 150 per cent since also active in the international Sukuk institutes and at least ten universities
2006. The UK is the leading western market. Global Sukuk issuance and business schools across the UK.
country and Europe’s premier centre in the first quarter of 2012 was
The London Stock Exchange is a
for Islamic finance with US$19 billion US$43.3 billion, almost half the total
key global venue for the issuance
of reported assets. for the whole of 2011 with UK banks
of Sukuk. To date over US$34 billion
playing a major role. Domestic banks
In June 2014, the government has been raised through 49 issues of
are also meeting the demand for
cemented the UK’s position as the these alternative finance investment
Islamic finance services through
western hub for Islamic finance by bonds on the London Stock Exchange.
the expansion of their Islamic
becoming the first western country Seven exchange trade funds and two
finance offering.
to issue sovereign Sukuk. £200 million exchange trade products are also
of Sukuk, maturing on 22 July 2019 Islamic finance is increasingly quoted on the London Stock Exchange.
were sold to investors based both being used in major infrastructure
With all these factors in place, the
in the UK and in the major hubs for projects in the UK such as The Shard
potential for growth in UK-based
Islamic finance around the world. of Glass, the Olympic Village and the
Islamic financial services is
Allocations were made to a wide redevelopments of Chelsea Barracks
immeasurable. The UK financial
range of investors including sovereign and Battersea Power Station. There
services sector is a springboard for
wealth funds, central banks and is potential for further funding of the
global growth and the partner of
domestic and international financial UK’s infrastructure requirements
choice in the delivery of Islamic finance
institutions, with orders totalling given the Government’s positive
excellence in the western world.
around £2.3 billion. The UK’s and progressive attitude towards
sovereign Sukuk issuance uses the Islamic finance.
Al-Ijara structure, the most common
We have the largest legal services
structure for sovereign Sukuk, with
market in Europe and as part of this
rental payments on property
over 25 law firms with offices in the UK
providing the income for investors.
are supplying legal services relating
The removal of double tax on Islamic to Islamic finance for the global and
mortgages, the extension of tax relief domestic markets.
on Islamic mortgages to companies as
The UK’s largest accountants,
well as to individuals, and the reform
consultants and professional service
of arrangements for issues of debt
firms all have Islamic finance
have resulted in the United Kingdom
departments providing trusted
becoming the key western gateway
advisory services to UK and
for Islamic finance with London as its
international clients.
world leading financial services centre.
04 UKExcellenceinIslamicFinance
Investing in UK
Infrastructure and
Regeneration Projects
With a successful and robust regime for delivering investment
in infrastructure and regeneration projects, the UK has the
potential to offer a huge and exciting range of new opportunities
for Sharia compliant investments.
With foreign ownership (shareholding) The National Infrastructure Plan Investment in the UK’s
currently standing at around 40 per This sets out the UK’s ambition for Regeneration Sector
cent, the UK has proved an attractive infrastructure investment: There is great investor confidence in
market for global investors. the UK regeneration sector. Figures
——Progress in all areas implementing
show the total floor space completed
Recent overseas investments include: the National Infrastructure Plan 2011;
in 2012 was 600,000 square metres
——Masdar’s 20 per cent investment ——£330 billion of infrastructure – double that for 2009–2011 – and
in London Array Offshore Wind; investment over the next ten years; current projects underway in the UK
will lead to the development of
——Cheung Kong Infrastructure’s ——Additional public investment in
220,000 homes.
purchase of Northumbrian Water Infrastructure as part of Autumn
(£2.4 billion); Statement 2012; There is a strong pipeline of
investment opportunities covering
——The acquisition of the Battersea ——Priority focus on Transport, Energy,
all land uses, scales and stages
Power Station project by a Communications and Water & Waste
of development. Over £100bn
Malaysian Consortium sectors;
of investment is required for
(£400 million);
——A list of 40 priority programmes and regeneration projects currently
——Advanced Business Parks £1 billion over 550 infrastructure projects in progress.
commitment to develop a new Asia that the Government is committed
The key ‘shovel ready’ regeneration
Finance District in East London; to deliver in partnership with the
projects requiring further investment
private sector;
——Marubeni’s acquisition of 49.9 per and development partners to unlock
cent of the Gunfleet Sands offshore ——Over 85 per cent of the expected further stages consist of:
wind farm (c. £200 million); and investment private or part-private
——In excess of 150 projects with values
funded;
——Global Infrastructure Partners of over £100m;
purchase of Edinburgh Airport ——Prioritising the delivery of these
——100 projects with values over
(c. £800 million). programmes through the creation
£250m;
of an Infrastructure Cabinet
Committee. ——Over 40 projects requiring £500m
or more investment;
——25 projects with investment
requirements in excess of £1bn.
UKExcellenceinIslamicFinance 05
What is Islamic
Finance?
Established in 1975 with the formation of the
Islamic Development Bank, modern Islamic finance
is, in relative terms, at the beginning of its lifecycle.
However, the underlying financial principles of the
industry remain unchanged since their origin over
1,400 years ago.
History of Islamic
Finance in the UK
Islamic finance has a long history. However, it has only
developed on a global scale over the last 30 years.
By Sharjil Ahmed
Development of Islamic
Financial Institutions in the UK
ABC International
Bank (Alburaq)
— IslamicMortgages
Islamic Bank
of Britain Abu Dhabi Islamic
— FirstIslamicRetailBank Bank (ADIB)
Bank of London
— RepresentativeOffice
RBS/Bank and the Middle East
United Bank of of Ireland (BLME) Cobalt Underwriting
Kuwait (AUB) — IslamicCommercial — WholesaleIslamic — WhollyShariacompliant
— IslamicMortgages propertyfinancing InvestmentBank insuranceproducts
World Islamic Economic Forum first meeting of the WIEF outside and to promote dialogue and foster
The World Islamic Economic Forum of the Muslim world in 2013. co-operation among international
(WIEF) is a Kuala Lumpur based businessmen in the belief that
The key objectives of the WIEF are:
organisation that brings together business partnerships can become
to enhance the economic well-being
government leaders, captains genuine bridges towards peace and
of the people of Muslim nations
of industries, academic scholars prosperity between the Muslim and
and Muslim communities through
and regional experts to discuss non-Muslim world.
increasing trade and business
opportunities for business
opportunities; to package the Muslim www.wief.org
partnerships in the Muslim world.
world as a lucrative trade and
WIEF has been hosted annually investment destination; to strengthen
since 2005 in destinations including networking and foster strategic
Jakarta, Islamabad and Kuwait, alliances through the exchange of
with London playing host to the ideas, information and knowledge;
UKExcellenceinIslamicFinance 11
Regulatory Development
of Islamic Finance in the UK
— HMTreasuryandHM
Revenue&CustomsTax
TechnicalGroup
establishedtounderstand
detailsandspecific
concernsoftechnical
natureforIslamicfinance.
— FinanceAct–StampDuty
LandTax(SDLT):Catered
forindividualsusing
alternativeproperty
financingarrangements
— Governmentlegislatedfor
(coveringIslamic
diminishingMusharaka
mortgages),removingthe — IslamicFinanceTask
ordiminishingshared
doublechargetoSDLT Force(IFTF):IFTFisa
ownershipforproperty
thatmightotherwise Ministerial-ledTaskForce
orassetfinancing
arisewhereafinancial setuptopromotetheUK
arrangements.
institutionbuysa — UKGovernment asanIslamicfinancial
propertyandthenre-sells — SDLTreliefextended announcementof centreandtoattract
ittotheindividual. tocorporateentities. potentialSukukissuance. inwardinvestment.
Islamic Finance
Education in the UK
By the UK Islamic Finance Secretariat (UKIFS)
Education, Training and Qualifications Group
Postgraduate Research Reading (ICMA Centre at the Henley For more information please visit:
An increasing number of UK-based Business School), Westminster, Chartered Institute for Securities
universities offer Islamic studies as Newcastle and the University of East & Investment (CISI):
part of their curriculum, generally London are among the universities www.cisi.org
in the areas of Law, Islamic studies offering Islamic law.
Chartered Institute of Management
(religion and civilisation), and
The ICMA Centre at the Henley Accountants (CIMA):
Economics. Islamic finance is typically
Business School (University of www.cimaglobal.com
offered as a module within the
Reading) offers a Masters level
business schools and not as an Institute of Islamic Banking
programme in conjunction with
individual programme. and Insurance (IIBI):
INCEIF of Malaysia.
www.islamic-banking.com
The most well known for offering
Islamic Finance for Accountants
Islamic finance is the University of IFS School of Finance:
CIMA – Courses are available at
Durham (School of Government www.ifslearning.ac.uk
different levels covering certificates,
and International Affairs) who also
a diploma and an advanced diploma, Durham University
conducts a summer school and has
including a specific certificate in School of Governments
many doctoral students in the field.
accounting for Islamic financial & International Affairs:
In addition, both Oxford and
institutions. www.dur.ac.uk/sgia
Cambridge offer Islamic Studies,
although this is more in the field of Islamic Scholar Development Centre for Islamic Economics
law and politics than in finance. The Islamic Finance Council (“IFC”) & Finance:
The School for Oriental and African in co-operation with the CISI has www.dur.ac.uk/dcief
Studies offers a variety of Islamic developed a Scholar CPD Programme
The School for Oriental and African
finance related courses at all levels, designed to enhance their
Studies, University of London:
although their focus is, again, more comparative understanding of
www.soas.ac.uk
on law. However, the breath of the conventional versus Islamic finance.
programme appears suitable for ICMA Centre, Henley Business School:
those aiming to become, for example, www.icmacentre.ac.uk
an in-house Sharia expert.
The Islamic Finance Council UK (IFC):
www.ukifc.com
UK Islamic Finance Secretariat In achieving these objectives, UKIFS With over 2,000 registered
(UKIFS) operates four practitioner-led individuals and organisations,
The UK Islamic Finance Secretariat interest/working groups that convene UKIFS is today the leading
(UKIFS) brings together regularly to drive the development cross-sectoral body assisting
government and industry to and delivery of strategic goals: the promotion and development
jointly promote the UK as a global of Islamic finance in the UK.
——Islamic Financial Institutions –
gateway for Islamic finance. The
Chaired by Bank of London and UKIFS is part of TheCityUK. For
key objectives of UKIFS are to
the Middle East further information please visit:
co-ordinate and promote the
www.thecityuk.com
development of Islamic finance in ——Accountancy, Taxation & Regulation
the UK and to act as the primary – Chaired by KPMG
contact point for UK Government
——Education, Training & Qualifications
bodies including UK Trade &
(ETQ) – Chaired by CISI
Investment, HM Treasury and
the Regulator. ——Commercial Real Estate – Chaired
by King & Spalding LLP
——Legal – Chaired by Dentons
Business Profiles
Education and Training
Cardiff Metropolitan University is Working with its partners and Key course
a premier provider of vocational associates in other parts of Europe,
— MSc Financial Management
education and professional training Africa, Middle East and South East
(Islamic Finance)
with a strong international profile. Asia, IBFC – UK training, advice and
International students come to Cardiff consultancy packages are based Short executive training courses
Met from over 125 countries and on the overall holistic approach and
represent some ten per cent of the understanding of Islamic Banking — Basics and Fundamentals
student population. The University and Finance principles, primarily — Accounting and Governance
offers international programmes focusing on the needs of our clients.
through international collaborative Currently courses are being offered — Islamic Capital Markets
agreements and maintains its quality to the executives and professionals — Regulation, Supervision
standards with rigorous quality control in the financial sector, public and and Taxation
processes. Cardiff Met provides private banks, insurance companies,
education and training opportunities central banks, regulators and other — Law
that are accessible, flexible and of financial institutions. — Retail Banking and Insurance
the highest quality, and has been
We offer a range of innovative — Investment Banking
independently acclaimed for its high
qualifications and training
academic standards and for its high — Anti Money-Laundering and
programmes to develop the human
level of student satisfaction. For the Corporate Governance
capital of the financial sector and
last four years Cardiff Metropolitan
widen career choices in banking and
University has been ranked as overall
finance through Islamic finance. These Contacts
top in the UK for International student
include an MSc Financial Management www.cardiffmet.ac.uk
satisfaction (source: i-graduate).
(Islamic Finance), a newly validated
Islamic Banking and Finance Centre course within a suite of MSc Finance Chris Parry
UK (IBFC – UK) is one of the leading programmes at Cardiff Met, as well E: cparry@cardiffmet.ac.uk
consultancy and training providers as a pathway in Islamic finance T: +44 (0)29 2041 6378
for Islamic finance in the UK offering through the MBA. www.ibfc.eu
knowledge and expertise through high
Our short courses and training Akmal Hanuk
quality training, product structuring
programmes are offered through E: akmal@ibfc.eu
and development, Sharia compliance
the Islamic Finance – Executive T: +44 (0)29 2048 7667 ext 220
advice and consultancy to financial
Programme Series, which are
institutions, executives and
developed specifically for
professionals worldwide.
professionals in the financial sector.
20 UKExcellenceinIslamicFinance
Advanced Certificate in Islamic Online MSc in Islamic Finance MSc Finance and Investment
Banking and Asset Management and Banking – Islamic Finance & Banking
Investment asset management is The MSc in Islamic Finance and Specialisation
paramount to the investment classes Banking offers a practical insight into Enter this increasingly relevant area of
available within Islamic finance. This the workings of the Islamic system of finance with the skills and knowledge
course will teach the competencies banking, and explores the underlying necessary to carry out vital Islamic
that fund managers and portfolio relationships that this unique sector finance operations. Starting with the
investment managers in this field fosters. Students will focus on four essentials – how do Islamic banks
require; students will learn how to core finance modules, and bolster differ from more traditional
ensure that all financial activities this knowledge with two specialist institutions? – students will explore
are carried out in accordance with modules: Fundamentals of Islamic trends in Islamic portfolio
Sharia principles, in addition to Banking and Islamic Portfolio management, the inner workings of
the best practices established by Management. Islamic banking operations, and more.
governing bodies.
This Master’s course is delivered Upon completion of the course,
This two-week course is taught by entirely online through InterActive, students will receive career advice
Sahar Ata, a seasoned Islamic banking an award-winning e-learning platform from LSBF’s expert staff and global
expert with over 20 years of with more than 15,000 students corporate partners.
experience in the sector. CIM and worldwide. With HD-recorded lectures
CIFA certified, Ms Ata has worked and notes, as well as tutor support,
Contacts
domestically and internationally with it provides complete flexibility for
www.lsbf.org.uk
some of the world’s biggest banks, students who wish to fit their learning
including leadership roles at around other commitments. E: info@lsbf.org.uk
prominent establishments such as T: +44 (0)20 7823 2303
Barclays PLC. Her breadth of expertise
feeds directly into this programme,
and ensures that students receive
the most relevant, real-world
understanding of Islamic banking.
24 UK Excellence in Islamic Finance
The School is also recognised for its Our students can become certified in Dr Gaffar Khalid
cutting-edge programmes in finance, Islamic banking and finance through Islamic Finance Centre Director, UEL
sports, events, hospitality and online and face-to-face training.
E: g.khalid@uel.ac.co.uk
management. In transforming the Importantly also, we have an MSc
student experience, we are in Islamic Banking and Finance. Dr Khalid has an extensive experience
consistently ranked as a leading of Islamic Banking and Finance, as well
Key Contacts
business school in London. as Islamic Microfinance. Prior to
Professor Nora Colton
joining RDBS, Dr Khalid was the senior
Research Dean of the Royal Docks
advisor of Islamic Microfinance at the
Research at RDBS reflects our values Business School, UEL
World Bank’s funded project in Sudan.
and vision to be an enterprising,
E: n.a.colton@uel.ac.uk Before that he was advisor on Islamic
international university bringing
Finance to his Excellency the Governor
transformational opportunities Since taking the position of Dean,
of Central Bank of Sudan. He also
to individuals, communities and Professor Nora Colton has led on
worked at the Abu Dhabi University
businesses in our region. a number of initiatives to enhance
and helped to establish and MBA and
student experience, improve the
The Centre for Islamic Banking and MSc in Islamic Banking and Finance.
understanding of Islamic Finance and
Finance at RDBS, Director Dr Gaffar
develop relationships with traditional
Khalid, provides a forum for research,
banking systems. She publishes Contacts
training and dialogue on industry
actively and has developed www.uel.ac.uk/business/research/
practices concerning Islamic finance
partnerships with outstanding islamic-centre
and banking. The Centre also serves
institutions throughout Asia. Nora
as a bridge in terms of examining best
is a specialist on Middle Eastern
practices in banking and finance
Economies, speaks Arabic and has
by proffering studies that compare
conducted fieldwork in Egypt, Jordan,
conventional and Islamic practices.
Syria, Lebanon and Yemen.
In modern economies, financing
Professor Colton was a strong
has long become a dynamic device
member of the IF APG Fringe Meetings
in attaining growth in developed
panels at the three party political
and developing countries. Islamic
conferences last Autumn, titled ‘Ethical
finance is among the fastest growing
Banking – focus on Islamic Finance’.
components of International
finance under debt and equity –
based mechanisms.
Business Profiles
Banking
InLondon,IslamicFinancialServices helping to fund the conversion of IFS has long been at the forefront of
(IFS)isoneoftheBank’scorebusiness a redundant office tower to 191 high the development of Islamic finance
linesprovidingIslamicbanking quality apartments with panoramic in London, and it is a natural fit for a
solutionstoourUK,Arabworldand views across the river Thames and bank such as ABC to play a key role in
Europeancustomers,financingniche London in a joint venture between the development of Islamic finance
opportunitiesfocusedonrealestate, a Saudi-based Islamic investment globally. A key member of UK
leasing,corporate,tradefinanceand company and a London-based Government’s working group, the
treasuryactivities. property developer. Bank has been able to provide
invaluable advice and guidance to help
Recently,thebusinesshasgonefrom In addition to real estate, IFS offers
the City of London establish itself as
strengthtostrength,beingableto Sharia compliant solutions across
a place where Islamic finance can be
leverageofftheABCGroup’sstrong the Bank’s product range covering
practised and where competitively
balancesheetandwidefootprintin Treasury, Project and Structured
priced and flexible banking products
theArabworldandMENAregion.This Finance and Trade Finance. This
can be provided on a level playing field
enabledIFStooriginate,structureand included working closely with the
with their conventional counterparts.
distributeinexcessofUS$700million Bank’s Turkish office so that out of
ofIslamicfinancetransactionsin2012 London, the Bank was able to arrange,
includingmorethanUS$500millionof distribute and fund more than
realestateprojects,puttingIFSatthe US$200 million of Turkish assets,
Contacts
forefrontofIslamicfinanceinLondon. helping companies in Turkey access
www.arabbanking.com
Islamic finance and fund their business
Themostnotabletransactionin2012
in a Sharia compliant way. Faisal Alshowaikh, Head of Islamic
wasthefinancingofKingsReach
Financial Services
Tower(nowrenamedSouthBank
Tower)whichwontheEuromoney E: faisal.alshowaikh@arabbanking.com
RealEstateDealoftheyearfor2012. T: +44 (0)20 7776 4186
Thistransactioninvolvedthe
arrangingandstructuringofaSharia
compliantseniorfinancepackage
totalling£100millionandinvolving
acluboffourbanks.Thefacilityis
UKExcellenceinIslamicFinance 29
The Bank carries out all contracts, Andrew, The Duke of York. ADIB was ADIB UK provides convenient and
operations and transactions in the first UAE-based Islamic financial valuable banking services through
accordance with Islamic Sharia institution to receive a banking a dedicated 24-hours-a-day contact
principles. ADIB’s core values, operations license from the UK centre and relationship managers
reflected in all its activities are: Simple Financial Services Authority and to who give personal and professional
and Sensible; Transparent; Mutual offer a full range of services to high attention to customers’
Benefit; Hospitality and Tolerance; net-worth individuals. The Bank serves financial needs.
and Sharia inspired. It brings to its businesses and individuals in the UK
customers banking as it should be. as well as its clients from the UAE
Contacts
whose interests are increasingly
ADIB has become a pillar of Islamic www.adib.ae
international and who often choose
banking in the UAE and globally. www.adib.co.uk
London as their base for business
The bank’s achievements and
and personal transactions. Through T (UK): +44 (0)20 75902200
contributions to Islamic finance have
its presence in the UK, ADIB is also T (UAE): +971 (0)2 6100 600
been recognized through awards and
committed to contributing to the
international honors including the
overall development of the Islamic
“Best Overall Islamic Bank” award
finance Industry in the UK.
from Islamic Finance News and “Best
Islamic Bank in the Middle East” by Products and Services
Banker FT. In addition to that, ADIB ADIB UK provides a variety of
customer services receive a number 1 products and services that aims
rating from Ethos Consultancy. to make customers’ day-to-day
banking as rewarding as possible.
ADIB is one of the largest retail banks
Subject products include accounts
in the UAE with 80 branches and more
such as ADIB diamond current and
than 550 ATMs. ADIB’s international
savings accounts.
presence includes Egypt, Sudan, Iraq,
Qatar, Saudi Arabia, and the UK. ADIB UK offers solutions tailored
to provide Savings and Time Deposits
ADIB UK
choices, express transaction
ADIB announced on May 2012 the
processing, real-estate financing
expansion of its global footprint by
arranged in the UAE for property
initiating operations in London at the
purchases in London up to £3.5 million
prestigious One Hyde Park at
and up to 70 per cent of property
Knightsbridge. ADIB London was
value, and property search and
inaugurated by HH Sheikh Khalid Bin
property management assistance.
Zayed Al Nahyan & HRH Prince
30 UKExcellenceinIslamicFinance
HSBC
Since the inception of its Islamic finance banking operations
in 1998, HSBC has been a pioneer in the Sharia compliant
capital markets industry. HSBC has developed particular
expertise and driven innovation in the structuring and
issuance of Islamic bonds (Sukuk) and is one of the largest
underwriters of Sukuk globally.
The Bank has been involved in a series 2012 was a record-breaking year for HSBC has carried this momentum into
of ‘firsts’ in Islamic finance. These the global Sukuk market and HSBC 2013 and landed another first acting as
began in June 2002 with the first was involved in many of the most joint bookrunner and lead manager for
global Sukuk issuance; a US$600 notable transactions. HSBC assisted the US$2 billion Sukuk offering by the
million five year offering by the Turkey in drafting its Sukuk law, Saudi Electric Company in March. The
Malaysian Government for which enabling the sovereign to make its Sukuk, which has a maximum tenor of
HSBC was the sole bookrunner. This entry into the global market. In 30 years, opened the door for issuers
was followed in September 2003 by September 2012 the Republic of and investors globally to extend their
a US$700 million seven year Sukuk Turkey issued a US$1.5 billion five-and- maturity profiles and invest in long-
offered by the State of Qatar – the first a-half year offering, for which HSBC dated Sharia compliant assets.
global Sukuk by an issuer from the acted as joint bookrunner and lead
HSBC’s industry-leading Islamic
Co-operation Council for the Arab manager. This was quickly followed by
capital markets offering has won
States of the Gulf (GCC) region. another milestone in November when
multiple awards for innovation and
HSBC acted as structuring advisor
HSBC continued its pioneering work structuring from renowned
and joint bookrunner for Abu Dhabi
in Malaysia. In September 2006, the publications such as Euromoney, IFR,
Islamic Bank’s pioneering issue of the
Bank acted as a joint bookrunner and EMEA Finance and The Banker.
first perpetual Sukuk. This US$1 billion
lead manager for a US$750 million
transaction was structured as a Tier 1
issue by Malaysian sovereign wealth
hybrid capital issue and its success Contacts
fund Khazanah Nasional. The issue
enabled other issuers to access the www.hsbcamanah.com.my
was the first exchangeable global
Islamic bank capital markets. www.hsbc.com.my
Sukuk to be offered in the market.
In April 2007 HSBC arranged a
US$300 million subordinated Tier II
Sukuk issued by Maybank (Malaysia’s
largest commercial bank), the first of
its kind to be offered globally.
UK Excellence in Islamic Finance 35
With a staff of 120, IBB has attracted Ethical banking Importantly, as part of Qatar
over 50,000 customers and currently The Bank’s offering, which it dubs as International Islamic Bank (QIIB), a
offers the widest range of Sharia ‘Banking you can believe in’, has also leading Islamic Bank, IBB stakeholders
compliant financial products in the UK. seen a surge of interest from non- are reassured that the Bank is built
Muslim customers. Its faith-based on strong and stable foundations.
Sultan Choudhury, Managing Director foundations are becoming increasingly
of IBB, says, “As a young, innovative, recognised as providing an ethical High expectations
Sharia compliant bank, IBB has alternative to conventional banking. As Sultan Choudhury concludes,
enjoyed tremendous popularity. “Over the last decade IBB has proven
There is a fertile, and growing, Wide product range itself a worthy leader of British Islamic
Continued business growth is expected
consumer market for Islamic finance finance and we are proud of our
from across IBB’s range of over 30
in the UK and we expect demand for products. This includes banking, savings
achievements. The Bank will continue
IBB’s products and services to and home finance products for the retail to innovate and we look forward with
continue to increase”. consumer; a wealth management and high expectation to the next ten years”.
Sustained growth premier banking service for High Net
His optimism stems from the year Worth Individuals (HNWI), including Contacts
on year growth in revenues that the accreditation of investment and pension www.islamic-bank.com
offerings; the UK’s only Sharia compliant
Bank has enjoyed since its inception
business banking service, including E: finance@islamic-bank.com
in 2004. This is backed by IBB’s 2012
commercial property finance; and T: +44 (0)121 452 7300
Annual Results which revealed that
finance products for residents of Gulf
retail deposits increased by 22 per countries looking to buy a property
cent, home financing increased by in the UK.
over 90 per cent and the Bank’s total
assets are now US$401 million. Outstanding customer service
With an integrated, multi-channel
He also points to the growing British strategy, IBB also offers outstanding
Muslim population. Figures from the customer service. Consumers can
2011 census found that with 2.7 million access IBB via its network of seven
Muslims in England Wales, the branches and agencies, located in major
population has increased from 3 per cities across the UK. The Bank also
cent to nearly 5 per cent in ten years, offers telephone and online banking
providing a further indicator of IBB’s which, following significant investment,
potential for growth. represents a key channel for the Bank.
In 2012, 14 per cent of IBB’s long term
deposits were raised via online
banking and this level is expected
to grow.
36 UKExcellenceinIslamicFinance
J.P. Morgan
Part of a leading global financial services group with
assets of US$ 2.4 trillion and with the experience of
serving many of the world’s most prominent corporate,
institutional and government clients, J.P. Morgan is
committed to offering Islamic finance solutions.
Mashreq
Mashreq has provided banking and financial services to
millions of customers and businesses since 1967. Mashreq is one
of the United Arab Emirates’ leading financial institutions with
a presence in 12 countries including Europe (London), the USA,
Asia and Africa. We focus on providing our customers with
access to a wide range of innovation products and services
including Islamic banking and finance.
AtMashreqwebelievethatitisvision, Award; the ‘Best Banking Innovation’ Mashreq Al Islami has an independent
leadershipandasingle-minded award by Banker Middle East Industry Sharia Supervisory Board consisting
devotiontocleargoalsthatsetsus Awards; and the ‘Best Regional Bank of world renowned Sharia Scholars.
apart.Wehavebuiltanorganisational Award’ By Banker Middle East. Based on its innovative, transparent
culturebasedonthesefundamental and coherent Sharia compliant
Mashreq has a number of subsidiary
valuesandacommonvision,mission platform and offering, Mashreq Al
companies within its region, serving
andgoals.Itisourdeterminationand Islami is the first and only financial
specific customer needs from
commitmenttoexcellencethatenables services entity from the UAE to
securities brokerage, investment
ustosucceed.Thespiritandthedrive become a board member of
services, insurance, information
tobethebestbankforourcustomers International Islamic Financial Markets
technology and Islamic banking
arethequalitiesthatendure. (IIFM), the internationally recognised
and finance.
body for setting Islamic money and
Mashreqisthelargestprivatesector
Under the brand of ‘Mashreq Al Islami’, capital markets standards.
bankintheUAEwithmorethan
Mashreq offers a complete range of
60branches–oneineverytwo
Islamic banking products and services
householdsbankswithMashreq.
to its customers from the UAE and
Mashreqhasagrowingretailpresence
across various jurisdictions. Mashreq Contacts
intheregionincludingEgypt,Qatar,
Al Islami’s aim is to offer progressive www.mashreq.com
KuwaitandBahrain.
Islamic banking for the modern world. www.mashreqalislami.com
EachyearMashreqisrecognisedfor It has already been recognised as one
itsbankingservices.During2012-13, of the best providers of Islamic
thebankreceivedtheWorldFinance products and services receiving the
‘BestBankingGroupUAE’award;the ‘Best Islamic Window’ and ‘Best
‘BestDebtHouse’awardbyEMEA Islamic Investment Fund’ awards by
Finance–MiddleEastBankingAwards; Banker Middle East, Islamic Business &
the‘BestRetailBankUAE’awardby Finance and MENA Fund Managers
GlobalBanking&FinancialReview between 2010 and 2013.
38 UKExcellenceinIslamicFinance
QIB (UK)
QIB (UK) plc is the UK subsidiary of Qatar Islamic Bank (QIB), one
of the world’s leading Islamic banks. We combine the experience and
expertise of our progressive parent company with the skills of our
specialist teams to offer our clients innovative financial solutions.
Cobalt Underwriting
Cobalt Underwriting provides specialist Sharia
compliant products and services to support the
commercial activities of the global Islamic finance
industry, and acts as a single focus for London
in the distribution of Sharia compliant insurance
business around the world.
Its sister company Cobalt Advisory The Arab Spring has had a profound Cobalt’s Sharia Supervisory Board is
provides Sharia Audit, Training and effect in the Muslim world with a chaired by one of the world’s leading
Certification services and will in the number of governments now much Sharia Scholars Sheikh Nizam Yaquby
fullness of time help develop and more focused on behaving in a who works with an experienced
promote new liquid Sharia compliant perceived Muslim way. Whilst most management team to ensure the
investment products to support the have not gone to the extreme of products offered meet Islamic
funds created by Cobalt Underwriting insisting that all aspects of business regulations. Investors in the venture
and the wider Takaful industry. activity are fully Sharia compliant, include major UK outsourcing services
most are keen to see behaviour provider Capita and leading western
As London looks to win a bigger slice
change toward more Sharia rather Islamic institution, The Bank of
of the global Islamic finance market
than less. This of course means an London and the Middle East.
(which is set to reach US$1.8 trillion in
increase in demand. In addition to
assets this year) the launch of Cobalt The launch of this new exciting
the geopolitical influence, the Sharia
Underwriting signals the creation of venture comes just weeks before
Scholars that govern the behaviour
an innovative and unique insurance London hosts the World Islamic
of Sharia compliant institutions across
facility which will in effect put London Economic Forum (WIEF) and is clear
the globe, have become increasingly
at the heart of the global Islamic evidence that London delivers the
frustrated that the principle of
insurance market. innovation required to meet the needs
necessity (“dharura”) is being
of Islamic business where the markets
Cobalt Underwriting will enable continually used to allow Islamic
have previously failed and clearly
Islamic financial institutions and institutions to purchase non-Sharia
demonstrates that London is
corporations to access Sharia compliant protection. With Cobalt able
innovative, means business and
compliant insurance products backed to access capacity from across the
remains the home of global insurance
by capacity from the world’s insurance London Market, this compromise
and finance.
market. It is based within the iconic and concession is now going to be
Lloyds of London building and is increasingly difficult to justify.
supported by capacity from several of Contacts
the globe’s leading insurance carriers www.cobaltuw.com
providing protection for commercial
Richard Bishop, CEO
risks from commercial property to
E: richard.bishop@cobaltuw.com
financial institutions.
T: + 44(0)20 3176 6201
UKExcellenceinIslamicFinance 43
DDCAP Group
Founded in 1998 and headquartered in central London,
with presence in the Middle East, DDCAP is majority
owned and controlled by IPGL, the most significant
shareholder in ICAP plc. DDCAP positions itself as an
intermediary in the Islamic Financial Services Industry,
providing structuring support, trade execution and value
added services to its global clients.
Deloitte
Deloitte offers a compelling proposition to the Islamic finance
industry, advising both Islamic and conventional financial
institutions seeking to leverage our expertise. We are unique
in having a Sharia Scholar, Mufti Hassaan Kaleem, working
alongside our audit, consulting, corporate finance and tax
specialists. This combination represents a real breadth of
knowledge and expertise and facilitates efficient delivery
of our advice within a Sharia compliant framework.
We strive for excellence in a sector The services provided include the Commodity Trade Finance and
that provides diversification from structuring and execution of Islamic Risk Mitigation
traditional asset classes and types. treasury and capital markets products Eiger assists commodity producers
The team has a combined knowledge through our web-based trading and traders with trade finance via a
of over 200 years of commodity and platform, and origination and network of counterparties that will:
financial market experience. The syndication in Islamic capital markets.
——Confirm Letters of Credit issued by
company is a member of the London
Trade Finance Fund Advisory & financial institutions domiciled in the
Metals Exchange (LME) and the British
Management MENA region;
Coffee Association, and is authorised
Eiger provides investment services to
and regulated by the UK’s Financial ——Discount receivables emanating
institutional investors in commodity
Conduct Authority (FCA). from the sale of commodities into
markets, where our expertise in
the MENA region;
Eiger is built on the extensive sourcing, logistics, financing and
experience of its senior partners who industry is complemented by our ——Finance commodity stocks held in
have all enjoyed long and successful extensive relationships with financial the MENA region;
careers in the conventional and institutions in the Islamic world. In
——Enter into the purchase and resale
Islamic financial industries. An asset addition, our understanding of the
of commodities.
growth policy is in place to promote precise needs of Sharia compliant
the ongoing delivery of first class investors allows us to leverage our Eiger are also able to act as adviser
investment services in all of our expertise and experience in the and arranger for commodity
principal business activities. commodities markets to structure and companies wishing to raise finance,
advise on innovative fund products either on a bilateral or syndicated
Principal Business Activities
tailored for the Islamic finance basis, within the MENA region.
Islamic Products & Services
marketplace. The result is to provide a
Eiger’s experienced professionals are
Sharia compliant money market return
Islamic trade intermediaries providing Contacts
profile through financing value chain
Islamic financial institutions with www.eigertrading.com
opportunities within global trade.
custom bespoke products in a range
E: info@eigertrading.com
of commodities, including liquidity
T: +44 (0)20 3216 2500
management tools and Sharia
compliant trade finance and logistics
products, as below:
——Liquidity Management
——Structured Products
——Sharia compliant Funds (advisory
and under management)
46 UKExcellenceinIslamicFinance
Business visions shaped by insight requirements and concerns are Supporting Islamic finance
Our clear understanding of the key in relation to Islamic finance; EY is actively engaged in supporting
issues facing Islamic finance enables the development of the Islamic
——External audit of Islamic banks
us to develop strategies and finance within UK. We host training
and funds;
recommendations that meet business opportunities for finance professionals
needs. Our insights are valued by ——IPO on AIM of an Islamic bank; and for Sharia scholars. Our staff
clients globally. sit on both government and Islamic
——Tax structuring for large commercial
finance forums, in advisory and
Global Islamic Banking Centre property developments financed
knowledge sharing capacities,
Headquartered in Bahrain as the first partly or wholly with Sharia
supporting the development of fiscal
global group dedicated to Islamic compliant funds;
and broader strategy and polices.
banking advisory services, our
——Assisting large European and UK We contributed to legislative and
multi-award winning team includes
banks to understand the fundamental regulatory changes that created a
professionals working full time on
economics, tax, regulatory and IFRS ‘level playing field’ for Islamic finance
Islamic finance, with specialists located
accounting implications for Sharia in the UK.
in all the world’s financial centres.
compliant products;
Our UK-based Islamic finance team
——Assisting an Islamic bank with the Contacts
provides a range of specialist services
selection and implementation www.ey.com/uk
across advisory, assurance,
planning of its IT infrastructure and
transactions and tax. Ken Eglinton, UK Islamic Financial
operating model;
Services Director, Ernst & Young LLP
Working with colleagues around the
——Advising on the establishment of E: keglinton@uk.ey.com
world, we assemble multi-disciplinary
Islamic private equity and property T: +44 (0)20 7951 2061
teams so that our clients benefit
funds, setting up industry leading
from our market leading Islamic Ernst & Young LLP is a member of
structures and operational
finance expertise and deep local the global network of Ernst & Young
frameworks;
understanding of UK regulatory, fiscal, firms (EY), each of which is a separate
accounting and commercial issues. ——Advising on Middle East-based Islamic legal entity.
private equity funds investing in
EY are uniquely positioned to support
European assets, providing financial
our clients through the establishment
and commercial due diligence in
of Islamic finance operations in the
addition to tax advisory on deals;
UK, and thereafter.
——Supporting Sharia compliant
Services provided by EY’s UK
financial institutions with regulatory
Islamic finance team
compliance and governance needs.
——Acting as lead regulatory advisor
to several Islamic banks and Takaful
insurers obtaining UK regulatory
authorisation. We have strong
relationships with the UK regulators
and understand well what their
UKExcellenceinIslamicFinance 47
IFAAS
IFAAS (Islamic Finance Advisory & Assurance Services) is an
independent specialist Islamic finance consultancy providing
bespoke professional services to a range of financial institutions.
Founded in 2007, IFAAS works closely with organisations to steer
them through the challenges posed by the rapidly expanding and
dynamic Islamic finance industry.
It has played, and continues to play, an To maintain the stability of the new To ensure that the newly launched
instrumental role in the development framework, IFAAS also delivers product or operation is primed for
and the growth of industry pioneers in capacity-building services. These success, IFAAS also undertakes
Europe, Africa, the Americas and the include knowledge-transfer feasibility studies and market
Middle East. IFAAS’ client portfolio programmes, training courses and research. These are complemented
includes central banks, regulators, strategies to develop human capital. by IFAAS’ operational implementation
governments, retail and wholesale services, bespoke training and Sharia
Developing the pathway to success
banks, insurance companies, asset audit capabilities, all delivered by its
The continued success of the Islamic
managers and corporates. team of AAOIFI certified professionals.
finance industry is dependent upon
Helping fledgling markets to grow the development and implementation Global expertise, local service
The growth of Islamic finance, of Sharia compliant products that With an end-to-end service, IFAAS is
particularly in emerging market comply with the local regulatory renowned for delivering effective
economies, brings up several requirements and meet the needs solutions to the Islamic finance
challenges; IFAAS’ expertise plays a of the local customers. industry which help clients to save
vital role in the introduction of new money and time to market.
IFAAS possesses an enviable range
Islamic finance structures. Furthermore, IFAAS has offices in the
of capabilities in this area. It has
UK, France and Bahrain, and teams
At a macro level, the need for the developed over 100 different Islamic
working on projects in over 10 different
appropriate regulatory and tax finance products across several
countries. This allows IFAAS to deliver
frameworks is critical in order for the countries and for a range of
a truly global service which caters to
fledgling industry to thrive. IFAAS’ organisations in retail and wholesale
the local market requirements of its
capability in this area has been called banking, insurance and capital
clients, including delivering all services
upon by central banks, market markets. These include established
in English, French and Arabic.
regulators and governments in several Islamic banks and Islamic windows
countries. Its scope of work includes ready to expand their offering, new
reviewing the regulatory framework, financial organisations looking to Contacts
examining the legal and tax identify a core product range for their www.ifaas.com
environment, adapting and re-writing initial target market, as well as central
E: info@ifaas.com
new frameworks, and setting out an banks and governments looking to
T: +44 (0)8444 821 941
implementation path leading to the facilitate the growth of the local
stable introduction of Islamic finance Islamic finance industry.
in the relevant country.
48 UKExcellenceinIslamicFinance
The Board Members of the UKIFC ——Promoting Ethical Finance: ——Issued the pioneering ‘Enhancing
represent a unique group of highly promoting better co-ordination and Sharia Assurance’ report together
qualified professionals spanning the an enhanced understanding of the with Bank Negara body ISRA
banking, legal and financial advisory shared values amongst operators (Malaysia);
sectors. Being led by industry in Islamic finance and the broader
——Over the past 24 months held a
practitioners is a key differentiator of ethical finance arena.
systematic series of Ethical finance
the UKIFC, enabling it to focus its work
In addition to the above the UKIFC roundtables in Edinburgh, Scotland;
on core sector issues whilst
have worked with developing new
complimenting the work of other ——Held over 20 scholar CPD training
models for Awqaf, Islamic microfinance
developmental agencies in the sector. sessions globally;
and Islamic credit unions.
The UKIFC has developed expertise ——UKIFC Board Members have
Select example work:
in four key areas: lectured and presented at a variety
——Formally appointed to advise two of UK business schools and
——Government Advisory: policy
European governments and an universities and at multiple
strategy development for Islamic/
African government on setting international conferences including
non-interest finance, technical
policy for Islamic/non-interest Indonesia, Malaysia, UAE, Bahrain,
capacity building and drafting
finance within a secular framework; Libya, Russia, Senegal, Nigeria and
regulatory frameworks for
Germany, amongst others.
government agencies (tax, ——Supported the development of the
regulatory authorities, etc.); UK Government’s Islamic finance
framework through UKIFC Board Contacts
——Enhancing Sharia Governance:
Members involvement in the www.ukifc.com
empowering Sharia scholars and
HM Treasury and UKTI Islamic
members of the internal Sharia E: info@ukifc.com
finance subcommittees;
compliance units through running
the only global CPD training ——Drafted the Takaful guidelines and
programme that has received supported in the development of the
endorsement from government taxation framework for a leading
agencies and central banks in the African jurisdiction;
UK, Bahrain, Dubai and Malaysia.
——Created a pioneering Waqf
Developing Sharia audit
investment policy for the largest
programmes and auditing
western Islamic charity;
frameworks;
——Delivered tailored executive capacity
——Thought Leadership and
building for senior bankers and
Education & Awareness
regulators in UK, Dubai and Africa;
Campaigns: research and issuing
sector reports. Designing and
running community education
campaigns dealing at the grass
roots level and addressing financial
inclusion issues;
UKExcellenceinIslamicFinance 49
KPMG
KPMG in the UK helped establish the first authorised
stand-alone Islamic financial institution in the UK and
Western Europe in 2004. Since that time, KPMG in the UK
has gone on to act as auditor and advisor to more Islamic
financial service providers in the UK than any other firm.
KPMG is committed to the growth and In 2012 alone, KPMG in the UK, was We work directly with the likes of
development of the Islamic finance engaged with all Islamic financial AAOIFI and the Islamic Development
market. Despite the formidable institutions in the UK and supported Bank to foster the development
market challenges that the entire three FTSE 100 banks with their of a suitable infrastructure for Islamic
financial services industry has been Islamic finance propositions. finance around the world.
facing over the past years, we have
We are engaged with regulators and KPMG has been recognised for
worked hard to support our firms’
government bodies in most global services to Islamic finance by being
clients’ aspirations.
markets to drive the debate and nominated as the ‘Best Islamic
KPMG member firms around the facilitate the growth of Islamic finance. Assurance & Advisory Firm’ at the
world currently work with Islamic In the UK, the KPMG team has been Euromoney Islamic Finance Awards
financial institutions in the UK and working closely with HM Treasury in 2008 to 2013, Best Takaful Advisory
Europe, the GCC, the Asia Pacific and HM Revenue and Customs over Firm in Europe and North America at
region, South Asia, Central Asia, a number of years to enable new the Takaful Leadership Awards in 2011
North America and Africa as well legislation to be drafted to allow as well as outstanding contribution
as with corporates, industry bodies financial institutions to offer compliant to Islamic Financial Services at the
and financial regulators. products without suffering the 2011 to 2013 London Sukuk Summits.
adverse direct tax consequences
KPMG in the UK has acted for all
that would have resulted previously.
Islamic financial institutions in the Contacts
UK, including the first UK Takaful The team has also been directly www.kpmg.co.uk
company, conventional banks with engaging with the regulatory
Samer Hijazi, Director, KPMG
Islamic windows, global asset authorities to facilitate a better
E: samer.hijazi@kpmg.co.uk
managers as well as UK corporates understanding of the challenges
T: +44 (0)20 7694 2807
seeking to tap into Islamic finance. arising from Islamic finance in a
secular environment. Our team
KPMG services have included audit
therefore continues to play a pivotal
services as well as accounting,
role in the development of new direct
regulatory and tax advice on Islamic
tax legislation and regulations.
products and transactions services.
We have also delivered Sharia Samer Hijazi of KPMG in the UK also
governance and compliance acts as Chairman of the UK Islamic
assurance services to a range of Finance Accounting, Tax and
Islamic finance providers. Regulatory Group which is part
of TheCityUK.
50 UKExcellenceinIslamicFinance
Aside from Sukuk, London Stock AIM is London Stock Exchange’s There is huge potential for further
Exchange lists seven Sharia compliant market for small and medium-sized development in what is certainly
Exchange Traded Funds (ETFs) and companies who are looking to grow one of the global financial system’s
two Exchange Traded Products in a balanced regulatory environment. fastest growing segments – and
(ETPs), while the shares of four Islamic The Professional Securities Market London is uniquely placed to share
institutions have been quoted on AIM: provides an alternative solution for in that growth.
Islamic Bank of Britain plc, European those issuers seeking to list debt
Islamic Investment Bank plc, securities and depositary receipts
Contacts
The Family Shariah Fund Ltd. and in London without having to re-state
www.londonstockexchange.com
Shariah Capital Inc. their financial information to IFRS
or follow the additional requirements Gillian Walmsley, Head of Fixed
We offer issuers the opportunity
of an offering to retail investors. Income, London Stock Exchange
to list Islamic securities alongside
Alongside this is the EU-regulated
conventional non-Islamic products, E: gwalmsley@lseg.com
Specialist Fund Market for highly
providing international liquidity T: +44 (0)20 7797 3679
specialised investment entities that
through the depth and breadth of
wish to target institutional and
our markets. Our principles-based
professional investors.
approach to regulation and the wide
range of expertise offered by London- London Stock Exchange has played
based professionals are also among a leading role in establishing London
the key advantages of London as as Islamic finance’s international
a global financial centre. gateway. In 2009, for example, when
GE Capital became the first major
London Stock Exchange offers a
US corporate issuer to launch a Sharia
choice of markets to best suit issuers’
compliant instrument, it chose
needs, while maintaining appropriate
a London Stock Exchange listing.
levels of investor protection. The
And in the last two years alone
Main Market is home to some of the
we have listed US$24 billion of Sukuk,
world’s largest and most successful
providing a choice of two routes
companies, with a listing allowing firms
to market in the Main Market and
to sit alongside their global peers.
Professional Securities Market.
UKExcellenceinIslamicFinance 51
PwC LLP
PwC LLP is a truly global organisation with member firm
offices in 771 cities in 158 countries. With a combined head
count of more than 169,000 people, PwC firms rank amongst
the world’s leading employers of highly skilled, professional
people. We have an award winning Islamic advisory
practice PwC has recently won the ‘Best Islamic Consultancy’
award in the Islamic Finance News Awards Poll.
Our dedicated Islamic finance practice The PwC GIFT has been extensively Illustrative high value projects that we
is concentrated in the Middle East, involved in the Islamic finance sector have undertaken for Islamic financial
Malaysia and the UK. Our clients since the 1980s and has deep institutions include:
include governments, central banks, knowledge of the industry. Our
——Development and review of strategy
local, regional and international banks, experience covers the full spectrum
and business plans
Takaful (Islamic insurance) operators, of Islamic finance challenges, from
real estate investment trusts, mutual addressing Sharia compliance, ——Feasibility studies
funds and major regulators in the to restructuring Sukuk issues, to
——Debt restructuring
Middle East region, Malaysia, addressing the unique specificities
Singapore and Hong Kong, the of Islamic institution audits, tax ——Private placement memoranda
Channel Islands, Luxembourg, and consulting work.
——Setting up Islamic financial
Denmark, Switzerland, the UK, United
Globally, PwC Partners contribute to institutions including banks
States of America, Albania, Pakistan,
leading Islamic finance publications,
India, Turkey, Malaysia, Morocco ——Islamic private equity transactions
and thought leadership initiatives.
and Indonesia.
They are regularly invited to share ——Design of operating models
Our dedicated Global Islamic Finance their specialised knowledge in
——Organisation design and
Team (GIFT) brings extensive conferences, workshops, and
comprehensive HR support
experience in dealing with the most discussion forums.
relevant and pressing issues in this ——Core banking systems selection
increasingly important facet of
modern global banking and financial
Contacts
services. Our globally connected
www.pwc.co.uk
multi-disciplinary team can help you
find the right answers whether you Mohammad Khan
are a standalone Islamic entity or a E: mohammad.s.khan@uk.pwc.com
conventional institution. We can offer T: +44 (0)20 7213 1945
advisory, structuring, due diligence,
Ashruff Jamall
audit and accounting services.
E: ashruff.jamall@ae.pwc.com
T: +971 4 304 3105
Mohammed Faiz Azmi
E: mohammad.faiz.azmi@my.pwc.com
52 UKExcellenceinIslamicFinance
Simply Sharia
Simply Sharia Ltd was founded in 2009 with a vision to help people
achieve their financial goals and aspirations in a way which did not
compromise their faith and values; and to support the growth of the
Islamic finance industry through nurturing and connecting talent to
service the sector.
To those ends, Simply Sharia has ——Wills & Inheritance Tax Planning: ——Recruitment: Offering a high
established itself as a key and dynamic Advice on having a legally binding calibre search and selection service
UK based player in the industry, Will which facilitates distribution to employers and candidates for
providing services in two distinct areas according to Sharia law and is tax roles related to Islamic finance,
– Wealth Management and Training & efficient is a core service we offer. along with careers coaching,
Recruitment. The company is Furthermore, we look at mentoring and intern opportunities.
committed to providing innovative, opportunities for lifetime planning
The Simply Sharia team consists of
pioneering solutions that are sincere to to mitigate Inheritance Tax.
highly qualified advisors from blue-
the letter and spirit of Islamic principles
Simply Sharia Human chip corporate backgrounds,
and are underpinned by world class
Capital (SSHC) knowledgeable marketers, Sharia
standards of service and quality.
Providing Islamic finance training, scholars and experienced industry
Simply Sharia Wealth education and recruitment to global professionals. Simply Sharia Limited
Management (SSWM) financial institutions, educational is a member of the UK Islamic Finance
The UK’s only national firm of bodies and professionals wanting Secretariat (UKIFS).
Independent Financial Advisers to enter the industry. Committed
regulated by the FCA and solely to the development and growth
Contacts
dedicated to providing Sharia of the IF industry, we offer the
www.simplysharia.com
compliant financial planning solutions following services:
to both individuals and businesses. T: +44 (0)20 8945 3786
——The Islamic Finance Qualification
Our services include:
(IFQ): An accredited and leading Faizal Karbani, CEO
——Sharia Compliant Savings & training provider with the Chartered E: faizalkarbani@simplysharia.com
Investments: We endeavour to Institute for Securities and
Nyra Mahmood, Director
have the best possible range of good Investments (CISI), we have
E: nyramahmood@simplysharia.com
quality Sharia compliant investments successfully delivered the globally-
available from around the globe and recognised foundation course to
are able to offer well diversified banks and financial institutions in
balanced portfolios in a variety of tax the Middle East and Europe;
wrappers such as ISA’s and pensions;
——Bespoke Islamic Finance
——Sharia Compliant Pensions: Programmes: Tailored to meet
We can advise on and arrange client aims and rooted in commercial
Sharia compliant pensions for realism, the bespoke programmes
individuals and businesses wanting are relevant and results-driven. We
to set up pension schemes for deliver material rich in practical
their employees; examples through seminars, short
courses, webinars and workshops;
Business Profiles
Legal
Our long-standing commitment to The Group also plays an active role Allen & Overy has the only Islamic
the Middle East region (30+ years), in shaping the future of the industry, finance offering to be ranked top-tier
coupled with specialists based in through documentation projects such across each region where we operate
Europe and Asia, means that we can as assisting in the development of the (Europe, Middle East and Asia Pacific).
service Islamic transactions on a truly ISDA/IIFM Sharia compliant master We received 12 accolades at the 2012
global basis regardless of where derivatives agreement. Islamic Finance News Awards
clients are based or the nature of the ceremony outperforming all our
Earlier this year, the team advised
specialist advice required. competitors and took home eight
Saudi Electricity Company (SEC) on
IFLR Middle East Awards in 2012. Our
Our team has been involved in a its first Sukuk offered to international
lawyers are consistently ranked as
number of ‘market firsts’ including investors in accordance with Rule
experts in their field in the leading
(but not limited to): 144A. The deal, worth US$2 billion,
legal directories, Chambers & Partners
was the largest Rule 144A Sukuk out
——The first Sukuk issue to be offered (including the inaugural The
of the Middle East to date and was
globally; Chambers 100) and Legal 500.
oversubscribed by more than
In addition, Islamic Finance News
——The first international Sukuk 6.5 times. It achieved many firsts,
recognised 12 Allen & Overy lawyers
programme; including the first dual series Sukuk
as ‘the world’s leading Islamic finance
issued under Rule 144A out of the
——Some of the most innovative lawyers’, more than any other law firm
Middle East and the first 30 year
Sharia compliant OTC derivatives in 2012.
senior unsecured Sukuk.
transactions and Sharia compliant
structured products. The global team also advised the
Contacts
mandated lead arrangers on one
Our Global Islamic Finance Group www.allenovery.com
of the largest general syndicated
advises across the full spectrum of
Islamic facilities to date, the Atif Hanif, Head of European Islamic
the key products including general
SAR10 billion (US$2.7 billion) financing finance practice
banking, project finance, real estate,
for Etihad Etisalat Company E: atif.hanif@allenovery.com
Sukuk, derivatives and structured
(Mobily), and the Islamic financiers T: +44 (0)20 3088 3970
finance and securitisations.
on the US$2.8 billion project financing
Roger Wedderburn-Day
The global team has a detailed for the construction of the Qurayyah
E: roger.wedderburn-day
understanding of the religious and Independent Power Project, the
@allenovery.com
legal background to Islamic finance, largest IPP by capacity (3927MW)
T: +44 (0)20 3088 2823
the evolving financing techniques in the Middle East to date.
and range of services offered in
the Islamic finance market and the
issues affecting the development
of Islamic finance.
UKExcellenceinIslamicFinance 55
Ashurst LLP
Ashurst has one of the leading Islamic finance practices.
Our lawyers regularly advise banks, arrangers, lead
managers and investors on some of the most significant
Islamic financing transactions in the market.
Our team consists of Islamic finance Our leading market position is Contacts
lawyers qualified under English, reflected by our strong market www.ashurst.com
German, French, Saudi Arabian, UAE, recognition, which includes:
Abradat Kamalpour, Partner
Indian and other law and is based in
——Expert Guides ‘Best of the Best’ Head of Emerging Markets and Islamic
London, Jeddah, Dubai, Abu Dhabi,
nominated as an outstanding Finance SDG, Ashurst LLP
Hong Kong, Indonesia, and Australia
practitioner in Islamic Finance, 2013; E: abradat.kamalpour@ashurst.com
from where we cover our clients’
T: +44 (0)20 7859 1578
Islamic finance needs in Europe, the ——Expert Guides ‘Guide to the World’s
Middle East and Asia-Pacific. Leading Banking, Finance and
Transactional Lawyers’ one of the
The practice is fully integrated with
outstanding practitioners in Islamic
our loans and structured finance
Finance, 2013;
practices as well as our general
corporate practice making it one ——Shortlisted for UAE Deal of the Year
of the most well-founded multi- by Islamic Finance News, 2011;
disciplined Islamic finance teams in
——‘Highly Commended’ in Financial
the legal industry. The team advises
Services at the FT Innovative
in relation to the full range of Sharia
Lawyer Awards, 2010;
compliant products including:
——A ‘standout’ firm in Islamic Finance
——Sukuk
by the FT in its Innovative Lawyer
——Structured products including report, 2009;
securitisation
——Nominated and named as leading
——Murabaha lawyers by Islamic Finance News,
2012.
——Musharaka and Mudaraba
Ashurst is a leading international law
——Sharia compliant funds
firm with offices in 14 countries as well
——Sharia compliant project finance as associated offices in Jakarta and
transactions Jeddah, and a best-friend referral
relationship with an Indian law firm.
“London is the true capital of
With over 400 partners and 1,700
innovation for cutting edge Islamic
lawyers in total, we offer the
financing technology. We are at the
international insight of a global
forefront of developing the latest
network combined with local market
structures in this field of finance.”
knowledge. We advise the world’s
says Abradat Kamalpour, Head of the
leading companies, financial
Emerging Markets and Islamic Finance
institutions and governments.
Desk, SDG at Ashurst.
56 UKExcellenceinIslamicFinance
Clifford Chance
Clifford Chance advises on the most complex and ground-
breaking Islamic finance deals throughout the world.
Clifford Chance has for many years Dedicated Islamic finance teams Contacts
been involved in Islamic financing in key Islamic Finance Centres. www.cliffordchance.com
techniques and Islamic product From Europe to the Americas, Asia,
Habib Motani
development. As the Islamic financing Australasia, Middle East and Africa –
Partner, Banking & Finance
market has expanded and become from our hubs in London, the Middle
E: habib.motani@cliffordchance.com
more sophisticated in recent years, East and Asia, our dedicated Islamic
T: +44 (0)20 7006 1718
Clifford Chance’s involvement and Finance Teams offer far-reaching
expertise in this field has increased. execution capability. Leonard Cleland
Partner, Banking & Finance
We are able to draw on our substantial Leading the market means
E: leonard.cleland@cliffordchance.com
experience of Islamic financing ranging we deliver best practice
T: +44 (0)20 7006 2070
from preparation of standard form Clients turn to us for our experience
documentation such as Murabaha and know-how. Many of the world’s William Glaister
and Mudaraba arrangements to most complex and ground-breaking Partner, Banking & Finance
documenting complex structured Islamic finance transactions have E: william.glaister@cliffordchance.com
financings including Islamic tranches been led by our teams. Over the many T: +44 (0)20 7006 4775
of project financings, Islamic funds years that we have specialised in
Qudeer Latif
(including infrastructure funds and Islamic finance, we have developed
Global Head of Islamic Finance
principal protected funds), structured the ability to share best practices
E: qudeer.latif@cliffordchance.com
ijara transactions, Islamic derivatives, and efficiencies with our clients.
T: +971 4 362 0675
acquisition finance and new Furthermore, we are active in a
investment products. number of market leading industry
associations; e.g. AAOIFI, IIFM
We devise and deliver Islamic financing
and ISDA.
solutions specific to the needs of
our clients and which offer Islamic We are represented on the
investors the opportunity to invest HK FSA Committee on Islamic
in accordance with the principles and Finance, the Auditing and Accounting
values of Islam. We advise on a very Organisation for Islamic Financial
wide range of Islamic financial services Institutions and are a member of the
and products including: Working Group on Development of
Islamic Finance in Hong Kong.
——Capital markets
——Project and infrastructure finance Market recognition of our outstanding
practice has included numerous
——Acquisition and leveraged finance
awards, such as the Euromoney
——Private equity and real estate funds Islamic Finance Award for Best Islamic
——Financial regulation Finance Legal Advisory Firm, which
——Structured products and derivatives we won in 2008, 2009, 2011 and 2012.
——Real estate finance We are the only law firm to have won
this award more than once.
——Tax
UKExcellenceinIslamicFinance 57
Dentons
Dentons is the new global law firm created by Salans,
FMC and SNR Denton and through its legacy firms,
Dentons has one of the largest and oldest Islamic finance
practices of any law firm. Our global Islamic finance
practice comprises partners located in our London and
international offices, including the Middle East.
Dentons works closely with its clients We have advised on a wide variety of Contacts
to understand their point of view, Islamic finance transactions that have www.dentons.com
goals and challenges. Renowned as received various awards, including:
Paul Holland
global authorities, our lawyers and
——Most Innovative Deal of the Year – Head of Banking & Finance
professionals help clients successfully
Brewery Square Development E: paul.holland@dentons.com
navigate the world of Islamic finance.
£14 million tawarruq financing T: +44 (0)20 7246 7220
With access to leading scholars and
agreement.
regulatory bodies and extensive Richard de Belder, Partner
Islamic Finance News Awards 2011
experience developing new structures E: richard.debelder@dentons.com
and products, we ensure smooth, ——Most Innovative Deal of the Year – T: +44 (0)20 7246 7326
successful transactions. This detailed Abu Dhabi Islamic Bank
Matthew Sapte, Partner, London
knowledge is critical when it comes to AED250 million (US$68.06 million)
E: matthew.sapte@dentons.com
crafting Sharia compliant solutions syndication for Emirates National
T: +44 (0)20 7246 7629
and differentiates us from many Factory for Plastic Industries.
new entrants. Islamic Finance News Awards 2011 Paul Jarvis, Partner, Abu Dhabi
E: paul.jarvis@dentons.com
Our Islamic Finance Team offers a ——UAE Deal of the Year – Emirates
T: +971 2 612 9421
seamless global service throughout Steel US$1.1 billion project financing.
our office network in London, the Islamic Finance News Awards 2010 Qasim Aslam, Partner, Dubai
Middle East and beyond. We work and Project Finance Magazine E: qasim.aslam@dentons.com
with our clients from engagement Awards 2010 T: +971 4 405 4313
to completion in areas like:
——Most Innovative Deal of the Year –
——Syndicated financing Government of Ras Al Khaimah
——Sharia compliant funds US$400 million Sukuk.
Islamic Finance News Awards 2010
——Structured investment products
——Islamic project finance
——Trade finance
——Real estate finance
——Capital markets
——Asset finance
——Aviation finance
——Tax and regulatory issues relating
to Islamic finance products,
transactions and institutions
——Takaful
58 UKExcellenceinIslamicFinance
Our lawyers have a proven record in Our extensive understanding of Sharia Key to helping our clients achieve their
Islamic finance and are rated highly for principles and the evolving techniques, commercial objectives through Islamic
their understanding of Islamic finance structures and services offered in the finance is that we take a hand-on
principles and their commercial field means we know how to develop approach for Sharia observance and
application. They have won numerous and co-ordinate innovative and in the process of the Fatwa issuance
Islamic finance awards across practice successful Islamic products. For (the religious opinion) and our strong
groups including Asset and Fund example, we have applied traditional relationships with the leading Sharia
Management, Banking and Capital Islamic finance techniques to asset scholars in the market such as
Markets, Corporate and Commercial, and project financings and we are Dr Mohamed Elgari, Dr Hussain
Energy and Natural Resources, experienced in converting Hamed Hassan and Sheikh Nizam
Merger and Acquisitions, Private conventional debt transactions into Al-Yacoubi and the Sharia Supervisory
Equity, Project and Infrastructure Sharia compliant structures and in Committees of many financial
Finance and Takaful and Re-Takaful. co-ordinating Islamic and conventional institutions is invaluable. These
tranches of financing. relationships have also meant that
We regularly advise clients on Sharia
we have been able to assist clients
compliant structures in a variety of We have also led many exciting
in setting up their Sharia Supervisory
product groups such as Sukuk (Islamic “first-of-their-kind” Sharia complaint
Committees.
bonds), corporate facilities, project financings and products, including for
financing, leveraged and acquisition example innovative Sharia compliant Clients come to us for Islamic finance
financing, asset financing, real estate short selling structures, the short assistance when they need a law firm
financing, funds and derivatives term Sukuk programme for the who will offer pragmatic advice and
utilising structures such as: International Liquidity Management business focused judgement and
Corporation to be used as a liquidity when they need help on something of
——Murabaha (cost plus financing);
tool for Islamic financial institutions real importance to them – big or small.
——Musharaka (partnership); and Sharia compliant repurchase That’s a great responsibility and one
——Mudaraba (silent partnership); documentation. we take seriously.
——Ijara (lease);
——Istisna (pre-manufacturing, Contacts
commissioned sale); www.freshfields.com
——Salam (forward sale); Tarek El-Assra
——Wakala (agency); Global Head of Islamic Finance
——Arbun (down payment); and E: tarek.el-assra@freshfields.com
——Wa’d (unbilateral binding promise). T: +44 (0)7515 085 505
T: +971 (0)4 5099 251
UKExcellenceinIslamicFinance 59
Hogan Lovells
Hogan Lovells is a global legal practice that helps
corporations, financial institutions, and governmental
entities across the spectrum of their critical business
and legal issues globally and locally. With over 2,500
lawyers operating out of more than 40 offices worldwide,
Hogan Lovells has finance lawyers positioned in most
of the world’s major financial hubs.
With an exceptional track record However,robustdemandhasled During the past five years, we have
advising on innovative lending tonewchallengesfortheIslamic advised on more than 200 Islamic
transactions, bank products, credit financeindustry,includingmanynew finance transactions with an
products, Sharia-compliant legalandregulatoryconsiderations. aggregate deal value in excess
investment funds, deal structures, HoganLovells’teamhasmet of US$40 billion.
issues, alternatives and all types of thosechallengesthroughadeep
Hogan Lovells’ depth of experience,
secured transactions, Hogan Lovells appreciationofthestandardsthat
extensive global reach and knowledge
has unrivalled specialist expertise in aSharia-compliantfinancingor
of the Islamic banking sector
Islamic finance. Hogan Lovells’ Islamic investmentmustachievetoattain
distinguishes us from our competitors
finance team provides clients around itsethicalstatus.Indeed,many
and inspires the loyalty and
the world with transactional support eminentShariascholarscommonly
satisfaction of our clients and
from our offices in London, Dubai, recommendustofinancialinstitutions
colleagues.
Frankfurt, Hong Kong, Jeddah, thatapproachthemforadvice.Many
New York, Paris, Riyadh, Singapore ofourtemplatedocumentsarenow
and Tokyo. marketstandard. Contacts
www.hoganlovells.com
Islamic finance is, above all else, HoganLovells’lawyershavebeenat
ethically driven. It is also one of the theforefrontofvirtuallyeverymajor Rahail Ali,
world’s fastest growing financial developmentintheIslamicfinance Global Head of Islamic Finance
sectors. By 2015, Islamic finance is sector,settingstandardsforthe E: rahail.ali@hoganlovells.com
projected to be worth US$2.8 trillion industryandactingonmanyfirst-of- T: +971 (0) 4 377 9300
according to the Islamic Development their-kindtransactions,forexample:
Austen Hall, Partner
Bank. Burgeoning consumer demand
—ThefirstconvertibleSukuk; E: austen.hall@hoganlovells.com
has been met by increased supply as
T: +44 (0)20 7296 2731
the number of Islamic banks and —Thefirstequity-linkedSukuk;
financial institutions with Islamic
—ThefirstSharia-compliant
finance divisions continues to rise.
securitisation;
—ThefirstinternationalSukukal-
mudarabaandSukukal-musharaka;
—ThefirstSukukbuy-back;and
—ThefirstMultilateralInvestment
GuaranteeAgency(MIGA)
guaranteedIslamicproject
financing.
60 UKExcellenceinIslamicFinance
We are a law firm with recognised ——Property Acquisitions – Advisors ——Project Finance – Advisors to
experience and the depth to structure to funds and investors in the financial institutions and funds on
and implement sophisticated Sharia- acquisition, financing and Sharia-compliant project financings
compliant transactions in the Middle development of properties in the in the Middle East, including
East, Europe, the United States and United States, the United Kingdom, petrochemical, power, desalination,
Asia. Our offices in these jurisdictions the United Arab Emirates, Saudi residential housing and shopping
are staffed with an integrated group of Arabia, France, Poland, Germany, mall projects;
30 professionals dedicated to Islamic Holland, Hungary, Slovenia,
——Bankruptcy and Reorganisation
finance, supported by an international Portugal, Sweden, Luxembourg,
– Counsel to Islamic financial
law firm with more than 800 lawyers Russia and the Czech Republic;
institutions on the restructuring
located in 17 offices.
——Private Equity Acquisitions of Sharia-compliant investments
Our clients include Islamic and – Acquisition and finance counsel in the United States, Europe and
conventional financial institutions, on substantially all the Sharia- the Middle East;
merchant and investment banks, compliant leveraged private equity
——Equities Funds – Counsel on the
venture capital and private equity acquisitions (more than 25)
formation of one of the first Sharia-
funds, fund sponsors and family undertaken in the United States,
compliant India equities funds.
investment companies. We work and acquisitions made in the UK,
closely with the leading Sharia Denmark, France, Germany,
scholars to develop innovative the United Arab Emirates and Contacts
investment and financing structures Saudi Arabia; www.kslaw.com
that are practical and efficient.
——Sukuk – Members of the team have Isam Salah
Practice Highlights: advised on a number of landmark Practice Group Leader, New York
——Property Funds – Advisors Sukuk transactions, including the E: isalah@kslaw.co
to sponsors of more than 50 first sovereign Sukuk to be listed T (New York): +1 (0)212 556 2140
Sharia-compliant property funds on the London Stock Exchange; T (Dubai): +971 (0) 4 377 9903
valued at approximately US$10
——Innovative Financing Transactions Jawad I. Ali
billion, including the world’s largest
– Counsel on a number of “first Deputy Practice Group Leader
Sharia-compliant, open-ended
time” Sharia-compliant financing E: jali@kslaw.com
property fund;
structures, including mortgage T (Dubai): +971 (0) 4 377 9904
——Private Equity Funds – Advisors financing, mezzanine financing, T (London): +44 (0)20 7551 7535
to sponsors of private equity funds corporate acquisition financing
Michael Rainey
valued in excess of US$6 billion and working-capital financing
Partner, London
domiciled in Saudi Arabia, Bahrain, structures;
E: mrainey@kslaw.com
the United Arab Emirates, the
T: +44 (0)20 7551 7591
Cayman Islands, Luxembourg,
Jersey and other offshore
jurisdictions for equity investments
in Europe, the Middle East, Asia and
the United States;
UKExcellenceinIslamicFinance 61
Linklaters
Linklaters is a premier global law firm and a member
of the ‘Magic Circle’ of leading UK law firms with an
award-winning Islamic finance practice.
Our regional practice heads in We play an active role in the shaping Awards and Accolades
London, Dubai and Hong Kong of global Islamic finance legislation Euromoney Islamic Finance Awards
provide an integrated approach and products, providing regular advice 2013:
unique in the industry, and our global to national governments including
——Best Legal Advisory Firm
offering extends across Europe, the the UK, Canada and Australia on the
United States, Canada, Latin America, introduction and implementation ——Best Islamic Project Finance Deal:
Asia, Australia, Africa, the Middle East of local policy. Madinah Airport Expansion PPP
and Central Asia.
We have also provided legal advice ——Best Islamic Finance Real Estate
In our capacity as legal advisers we to all the Islamic financial institutions Deal: Kings Reach Tower
have represented many financial that have received FSA authorisation
Islamic Finance News Awards 2013:
institutions (both Islamic and in the UK, including advice regarding
conventional) actively involved in their establishment as well as product ——Best Cross-border Law Firm
the structuring of Islamic financial development, transaction execution
——Best Law Firm:
transactions. Our technical and and regulatory requirements.
Corporate & Commercial Law
commercial experience and an
Our Global Islamic Finance Team
unrivalled track record on the most ——Best Law Firm: Takaful & re-Takaful
comprises more than 60 lawyers,
complex and innovative deals in
delivering advice in our key industry ——Best Law Firm: Energy & Natural
the field separate us from all
sectors: financial institutions; Resources
our competitors.
energy; infrastructure, mining and
——Structured Finance Deal of the Year:
We have been at the forefront of commodities; transport; technology
Brunei Gas Carrier Financing
developments in the Islamic finance and innovation; and life sciences
market for many years and have and healthcare. International Takaful Summit 2013:
recently advised on the first Sharia
Our London, Bahrain, Dubai, Abu ——Takaful law firm of the year (we have
compliant insurance and reinsurance
Dhabi, Hong Kong and Singapore won this award every year it has
underwriting agency in the UK
offices are particularly well located been given, since 2008)
(Cobalt); the first Islamic ‘covered
geographically for Islamic finance
bond’ structure (Gatehouse Bank); the
related work and each has extensive
first full PPP in Saudi Arabia (Madinah Contacts
experience in this area. Our clients’
Airport); the first non-Ijarah Sukuk to www.nortonrosefulbright.com
activities in Europe are also growing
be issued in Turkey (Türkiye Finans);
and our offices in Paris, Frankfurt, Farmida Bi, Partner,
and the first UK Sukuk (International
Munich and Milan are becoming European Head of Islamic finance
Innovative Technologies Limited).
more involved in our Islamic
E: farmida.bi@nortonrosefulbright.com
finance practice.
T: +44 (0)20 7444 5842
UKExcellenceinIslamicFinance 63
In a changing world we acknowledge to UK and overseas companies Sultan Choudhury, Managing
the importance of the role Islamic structured by way of murabaha, Director of the Islamic Bank of
finance plays in the global economic mudaraba or wakala. Murabaha Britain says “SGH Martineau LLP
landscape. transactions have been used in some and the Islamic Bank of Britain plc
cases to provide cash and in others to work very closely as a team to execute
We act for a number of Islamic banks,
provide stocking finance. The wakala and structure all of our commercial
corporates and investment houses
has been used to finance specific and residential real estate finance
to whom we offer advice on Islamic
orders for customers, funding both transactions for both UK and
finance transactions across a number
the acquisition of stock and the international customers.
of practice areas, including capital
receivables from the sale of the SGH Martineau LLP has invested
markets, project finance, banking,
finished goods. We have worked in specialist Islamic finance expertise
derivatives and structured finance,
extensively on financing different and resource in order to support our
funds and taxation.
types of capital equipment by way objectives of developing Islamic
One of the key strengths of our Islamic of ijara. finance in the UK and increasingly
finance practice is our ability to to meet the needs of our international
A recent development has been
combine our technical knowledge investor clients looking to structure
advice, both financial and regulatory,
of UK law in conventional and Islamic deals in a Sharia compliant manner”.
on the relationship between UK
finance transactions with our in-depth
Islamic Banks and their parents,
understanding of the principles of
including by the syndication and Contacts:
Sharia acquired through our close
sub participation of UK originated www.sghmartineau.com
relationships with Sharia scholars and
transactions by way of wakala
supervisory committees. Mohammed Saqub, Head of Islamic
or limited recourse murabaha.
Finance (Real Estate)
Our international experience and We have also been involved in the
E: mohammed.saqub@sghmartineau.com
alliance network with local firms establishment of a Sukuk structure
T: +44 (0)800 763 1447
across the globe including the Middle for banks and investors to use
East helps us to offer a seamless and UK originated transactions as the Nick Sanderson, Partner
coordinated legal service across the underlying assets for a series Banking and Finance
Muslim world and means we are able of Sukuk issues. E: nick.sanderson@sghmartineau.com
to truly understand the aspirations T: +44 (0)20 7264 4373
On a national level we have also been
of our clients in the context of local
involved in assisting government
requirements.
agencies to adapt to the requirements
We have significant experience in the of Islamic property transactions such
provision of working capital finance as diminishing musharakah.
64 UKExcellenceinIslamicFinance
“Our clients are attracted by the We have acted on the purchases Contacts
flexibility of English law and Islamic of residential, office and industrial www.trowers.com
structures can be accommodated properties and portfolios in London
Nick Edmondes, Partner
relatively easily,” says Nicholas and elsewhere, taking advantage
(London, Dubai and Malaysia)
Edmondes, Co-Head of the Global of the favourable tax regime in the
E: nedmondes@trowers.com
Islamic Finance Team. United Kingdom. In Europe, we have
T: + 44 (0)20 7423 8000
worked on transactions in Sweden
Trowers & Hamlins’ practice has
and Germany where there has been Neill Gibson, Partner (London)
grown with the ever increasing need
a demand for logistic and industrial E: ngibson@trowers.com
for innovative structures for clients
buildings. T: +44 (0)20 7423 8000
wishing to invest in the UK, Europe,
the GCC and elsewhere. In recent We have been at the forefront of Sarah Gooden, Partner (London)
years, we have also responded to the developing the Islamic finance sector E: sgooden@trowers.com
demand from our Far Eastern clients in Oman as we advised the founders T: + 44 (0)20 7423 8000
who are targeting the purchases of of Bank Nizwa SAOG, the first Islamic
Salman Ahmed, Partner (Bahrain)
prestigious office buildings in the bank to be licensed there, on its highly
E: sahmed@trowers.com
City of London as part of their overall successful initial public offering which
T: + 973 17515 600
asset allocation. has taken place in accordance with
Oman’s commercial companies law, Nick White, Partner (Malaysia)
In the UK and Europe, our practice
capital markets law and Central E: nwhite@trowers.com
is predominantly focused on the real
Bank regulations. T: + 603 2615 0185
estate sector. We have acted for
a leading Middle Eastern financial We have also structured the first
institution on the creation of its corporate Sukuk issue in Oman and
Sharia compliant UK and Jersey in Jordan we have provided training
funds and the subsequent acquisition to the Jordan Securities Commission
of properties which were financed on implementing its Sukuk legislation.
on a structured Islamic basis
In Bahrain, we were retained by three
using a combination of Islamic and
Bahraini Islamic investment houses
conventional facilities.
to act for them collectively on the first
three-way merger and integration
which was in line with the Central
Bank of Bahrain’s stated objective
of supporting banks weakened by
the global financial crisis.
Get the support
you need to succeed
UKExcellenceinIslamicFinance 67
Contact
www.gov.uk/ukti
68 UKExcellenceinIslamicFinance
The City of London Corporation ——Facilitating the growth of developing London & Partners
The City of London is at the heart of areas of business, such as Islamic London & Partners is the official
the UK-based international financial finance; promotional organisation for London.
and related business services industry, It works on behalf of the Mayor
——Assisting firms in the financial and
and has an unparalleled depth and of London to promote the capital
related business services sector to
breadth of international markets globally as a leading destination
establish and grow their business
expertise. One of the core aims of for business, students and visitors.
in the City.
the City of London Corporation is
London & Partners promotes London
to enhance the City’s status and The City of London Corporation also
as the first choice for any overseas
effectiveness, and to maintain its works hard both domestically and
business expanding into the UK or
competitive position as a global centre internationally (particularly within
Europe – from start-ups to established
for trade and sector development the European Union) to engage
international companies.
in both finance and business. with business and policy-makers on
issues that have an impact on the It connects international businesses
The City of London Corporation works
business environment, economic to London, helping them set-up,
to support and promote the City,
growth, new business areas and the succeed and grow. The service is
encompassing all UK-based financial
competitiveness of the UK’s business comprehensive, confidential and
and related business services,
offer, and to facilitate dialogue fully funded. The team at London
in international markets by:
between businesses, governments, & Partners open up direct access to
——Developing the City’s presence trade organisations, financial and expert and experienced professionals,
overseas; regulatory institutions. We also who advise and guide overseas
recognise that the City plays a critical companies through every aspect of
——Assisting in the organisation of
role in supporting the prosperity of locating and doing business in London.
overseas activity undertaken by
the whole of London and the UK.
the Lord Mayor and Policy Chairman London & Partners works with
of the City of London; government and the business
Contact community to provide access to the
——Attracting foreign investment into
www.cityoflondon.gov.uk/business best people, places and opportunities
the City;
in the city.
——Facilitating inward visits by key
overseas contacts;
Contact
——Providing City practitioners with www.londonandpartners.com/
access to senior delegations and business
government officials from around
the world, through roundtable
discussions, networking events,
and one-to-one meetings;
UKExcellenceinIslamicFinance 69
The British Bankers’ Association Our members have been amongst The Law Society
The BBA is the UK’s leading association the strongest players in the Islamic The Law Society of England & Wales
for the banking and financial services finance industry for several decades is the representative body for more
sector, representing the interests of with a commitment to continued than 166,000 solicitors located in
more than 240 member organisations market innovation and development. 137 countries around the world.
based in London’s international With strong backgrounds in assisting The International Department of
financial centre and a worldwide Islamic institutional investors with the Law Society provides practical
presence in 180 countries. financing, risk management and support, training, information and
capital markets needs, they are advice to law firms and legal
Our member banks make up the
continuously active in developing professionals working abroad, or
world’s largest international banking
innovative Sharia compliant exploring international opportunities.
cluster, contributing over £50 billion
structures across all assets classes, It works to raise awareness of the
annually to UK economic growth.
liabilities and derivatives providing legal industry’s contribution to the
We represent our members to the full spectrum of Islamic finance global marketplace and to promote
policymakers, regulators, the media products and services. the expertise of its members across
and other key stakeholders across all regions, sectors and practice areas.
In support of the drive for continued
the UK, Europe and beyond, working The experience of law firms in
market development, the BBA is now
together to promote a legislative facilitating Islamic finance transactions
convening one of the most innovative
and regulatory system that works is increasingly becoming an important
and experienced advisory panels
for our members and promotes asset to clients world wide. The
comprised of specialized Islamic
economic growth. International Department seeks to
finance experts with cross product
actively support this development.
The BBA is an active member of the backgrounds. This world class panel
European Banking Federation and will examine issues impacting Islamic
the International Banking Federation, capital markets, UK and international Contact
whose founding members, the regulatory frameworks and the www.international.lawsociety.org.uk
banking associations of the US, partnering with key regional and
Canada, EBF, Australia and Japan, international bodies and agencies.
have now been joined by the banking
associations from India, China,
Contact
South Africa, Russia, South Korea
www.bba.org.uk/islamicfinance
and Brazil as Associates. Our close
work with all of them enables us
to have much greater awareness
of the direction and impact of global
developments and the opportunities
to influence them.
gov.uk/ukti
UKTI
UK Trade & Investment is the UK Government Department that helps
UK-based companies succeed in the global economy. We also help
overseas companies bring their high quality investment to the UK’s
dynamic economy acknowledged as Europe’s best place from which
to succeed in global business.
Disclaimer
Whereas every effort has been made to ensure that the information in
this document is accurate, neither UK Trade & Investment nor its parent
Departments (The Department for Business, Innovation and Skills, and
The Foreign and Commonwealth Office) accept liability for any errors,
omissions or misleading statements, and no warranty is given or
responsibility accepted as to the standing of any individual, firm,
company or other organisation mentioned.
© Crown Copyright 2014
You may re-use this information free of charge in any format or medium,
strictly in accordance with the terms of the Open Government Licence.
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Production
The paper in this document is made from 50 per cent recycled waste pulp
with 50 per cent pulp from well-managed forests. This is a combination of
Totally Chlorine Free and Elemental Chlorine Free. The inks are vegetable
oil-based and contain resins from plants/trees and the laminate on the
cover is sustainable, compostable and can be recycled.
Published October 2014
by UK Trade & Investment
URN UKTI/14/1144