Allen & Overy LLP fields a full-service Islamic finance offering from its London office, which is complemented by a strong network of offices throughout the Islamic world, including an association firm in Saudi Arabia. Functioning as a part of the firm's wider banking and capital markets practices, the Islamic finance team is regularly involved in cross-border project finance, commercial lending and structured finance mandates. Of recent note, the team has been especially active in the Saudi market, acting for clients such as the Saudi Electric Company and the Kingdom of Saudi Arabia. The European Islamic finance group is headed by Atif Hanif, who has expertise in bank finance and capital markets deals, and is widely recognised as a leader in the Islamic finance world.
Islamic finance in London
A&O Shearman
Les références
‘Adept at formulating effective problem-solving options.‘
‘Sajjad Khoshroo is incredibly commercial and knows how to get a deal done; he can break down complex structures with great insight.‘
‘A top-notch team, there isn’t anything they can’t handle.‘
Principaux clients
Saudi Electricity Company
First Abu Dhabi Bank
Credit Agricole
Saudi British Bank
Banque Saudi Fransi
Samba Financial Group
Arab National Bank
Gatehouse Bank
Standard Chartered Bank
Principaux dossiers
- Represented Saudi Electricity Company in a landmark SAR15.2bn syndicated murabaha facility.
- Represented Credit Suisse in a common terms agreement that envisages multi-source conventional and Islamic facilities to be provided to a leading healthcare group in the United Arab Emirates.
- Advised Saudi Electricity Company on its $2bn sukuk issuance.
- Acted for two leading global investment banks in two commodity murabaha facilities, which were backed by the Finnish and Swedish export credit agencies.
- Advised the ECAs (CESCE, K-Exim, K-Sure, SACE, UKEF) and banks (both conventional and Islamic) on the $4.2bn financing of the expansion and modernisation of the Bapco refinery to a 380,000 barrel per day facility. $530m was made available on an Islamic basis.
Ashurst
Ashurst is best known for its expertise in shari'ah-compliant structured products, both in the bank lending space and in the global capital markets. The practice group also has experience of structuring Islamic investment funds, and is a market pioneer of sorts in the areas of Islamic fintech and blockchain. Headed by the 'very experienced' Abradat Kamalpour, the team has been increasingly involved in assisting conventional financing bodies with the development and implementation of Islamic structures as a method of diversification. In addition, the firm's Saudi Arabian association has been invaluable in securing high-value project finance mandates.
Les références
‘Experts in more than just ad hoc real estate transactions; the team is well known for issuing Islamic bonds and structuring novel shari’ah-compliant financial products.‘
‘Varied and wide-ranging experience, with a unique understanding of the Islamic finance market.‘
Principaux clients
Savills Investment Management
Goldman Sachs
Credit Suisse
Fortress Investments
Abu Dhabi Islamic Bank
Tokeny Lux
JP Morgan
Bank of America Merrill Lynch
Saray Capital
EFG Hermes
Principaux dossiers
- Structuring and assessment of the Tokeny Ethereum blockchain platform for the issuance of Sukuk and Islamic token investment instruments.
Dentons
Acting in conjunction with its extensive global network, which includes a strong presence throughout the GCC, Dentons is instructed by a litany of Islamic and conventional banks, which it advises on real estate finance transactions and a range of capital markets mandates. In particular, the team has noted expertise in Islamic structured finance, an aspect of the practice that was further strengthened in 2019 by the arrival of Yusuf Battiwala, who joined the firm from Allen & Overy LLP. The London-based team works especially closely with its colleagues in Dubai and Abu Dhabi. Matthew Sapte heads the wider banking and finance practice.
Les références
‘A very professional team that is always prepared to go the extra mile.‘
‘Extraordinarily professional, but at the same time approachable.‘
Principaux clients
Emirates NBD
Emirates Islamic Bank
Dubai Islamic Bank
Arab Banking Corporation (Bank ABC)
Abu Dhabi Commercial Bank
Emirates NBD Capital
First Abu Dhabi Bank
Noor Bank
Principaux dossiers
- Advising multiple financial institutions on the update of, and issues under, Sharjah Islamic Bank’s trust certificate issuance programme.
- Advising a financial institution on multiple shari’ah-compliant derivatives transactions.
- Advising a bank on the shari’ah-compliant refinancing of a London property.
- Acting for a European bank in the documentation of a shari’ah-compliant master murabaha facility.
Norton Rose Fulbright
The Islamic finance offering at Norton Rose Fulbright cuts across the firm's practices in project finance, ABS and capital markets, investment funds, and real estate finance. Although the team has noted a drop in sukuk redemption, it has picked up steady streams of work in real estate finance throughout Europe and the UK, and has reported increased activity in project and trade finance emanating from Indonesia and various African jurisdictions. Also of note, the team has recently been involved in the development of certain Islamic blockchain products. The Islamic finance practice is headed by Farmida Bi, who chairs the firm's EMEA group and specialises in shari'ah-compliant capital markets transactions.
Principaux clients
ABC International Bank
Al Rayan Bank
Albaraka Türk Katılım Bankası
Asian Development Bank
Citi
Credit Suisse
Government of Pakistan, Ministry of Finance
HSBC / HSBC Saudi Arabia
Islamic Corporation for the Development of the Private Sector
Islamic Development Bank
Macquarie Bank Limited
Qatar National Bank
Principaux dossiers
- Acting for Standard Chartered Bank as mandated lead arranger in a $700m World Bank-backed financing to the Government of Pakistan.
- Acted for Bank ABC on a refinancing of seven properties located in Canterbury, England.
- Advising a financial institution on its broker arrangements for the purposes of commodity murabaha transactions.
- Advising a new financial platform on the development of a shari’ah-compliant crypto currency.
- Advising a financial institution on a diminishing musharaka real estate portfolio refinancing.
Foot Anstey
Foot Anstey's Islamic finance group is heavy focused on the London real estate market, where it acts for a variety of Middle Eastern financial institutions and domestic banks with significant shari'ah-compliant activities. Despite any uncertainty in the UK property market, the team has noted a stable appetite for Islamic real estate structures and has also seen rapid growth in investment not only from the Middle East, but also from Malaysia. In addition, the firm is seeking to increase its work for Saudi Arabian investors and as such it finalised an alliance with a domestic Saudi firm in late 2018. Imam Qazi heads the Islamic finance group and is highly regarded among his peers.
Principaux clients
ABC International Bank
Ahli United Bank UK
Gatehouse Bank
Qatar National Bank (QNB)
QIB (UK)
Sidra Capital
Greenridge Investment Management
Rosette Merchant Bank
90 North Real Estate Partners
Habib Bank Zurich
Malayan Banking Berhad
Principaux dossiers
- Advised on the purchase of Travelodge at Heathrow Terminal 5 for £40m by a Jersey SPV set up by the UK arm of a Saudi investment fund (SIDRA). Funding of £26m of shari’ah-compliant lending was provided was by ADIB UK.
- Advised on the sale of part of Parham Student Village in Canterbury by a Jersey SPV backed by 90 North Group (a shari’ah compliant investment adviser) to Canterbury City Council for £17.8m.
- Advised Rosette Merchant Bank on the Islamic finance, investment, tax and property elements of the acquisition of the Debenhams department store in Swansea.
- Advised Bank ABC on financing the acquisition of Sigma House by a Cayman incorporated company for £28.3m. The bank provided an Islamic facility of approximately £17m.
- Assisted QIB (UK) with the £10m shari’ah-compliant refinancing of two hotels in London.
K&L Gates LLP
K&L Gates LLP's Islamic finance group is perhaps most recognised for its strength in Doha and Dubai, though the London-based team plays a key role in the practice group, particularly when it comes to cross-border aviation finance, real estate finance involving UK properties, and deals involving hybrid investment platforms. Further, the cross-office practice group has experience of restructuring mandates with shari'ah-compliant debt. A key figure in the team is Barry Cosgrave, who divides his time between the firm's London and Dubai offices.
Principaux clients
Bank of America Merrill Lynch
Bank J. Safra Sarasin
Citibank
Credit Suisse
Deutsche Bank
Emirates Islamic Bank
Emirates NBD
Emirates REIT
Franklin Templeton Investment
Garuda Indonesia
JP Morgan
Julius Baer (Middle East)
Masraf Al Rayan
MENA Financial Partners
NMC Healthcare
Natixis
Northridge Capital
Qatar Financial Centre Authority
QInvest
Rosenthal & Rosenthal
Roshan
Samba Financial Group
SriLankan Airlines
Standard Life Investments
Swiss Bankers Association
The Royal Bank of Scotland
Veling Limited
Kayan Limited
Gatehouse Bank
Barwa Bank
Principaux dossiers
- Represented Deutsche Bank as facility agent and security agent in the restructuring of GGICO.
- Representing Ahmad Hamad Algosaibi & Brothers Company (AHAB) in Saudi Arabia in connection with certain compromise negotiations with its creditors in relation to approximately $9bn in liabilities.
- Represented Veling Limited in a $277m combined conventional and Islamic facility for the purchase of an A380 aircraft.
- Represented Gatehouse Bank in a £16.5m and a £20.5m shari’ah-compliant financing of residential real estate portfolios in the UK.
- Advised Global Investment House (GIH) on the structuring and documentation of a shari’ah-compliant wrapper to facilitate an investment in a strategic logistics asset in Germany.
Trowers & Hamlins LLP
The London outfit at Trowers & Hamlins LLP is a key part of a globally integrated Islamic finance group, which spans the firm's UK, Middle East and southeast Asia offices. On the ground in London, the practice group specialises in real estate acquisitions and development finance, involving both high-end residential and commercial property. Sarah Gooden has handled shari'ah-compliant property investments and financing for UK Islamic banks, and Middle Eastern and Malaysian financial institutions.
Les références
‘The senior members of the team are always on hand to assist, and where required have brought in additional resources to complete the transactions.‘
‘The team is very responsive and has always delivered to a very high standard.‘
‘An excellent split of partners and junior lawyers has meant that transactions have been completed to an excellent standard within timeframes determined at the outset.‘
Principaux clients
Lembaga Tabung Haji
90 North Real Estate Partners
Gatehouse Bank
Apache Capital Partners
Permodalan Nasional Berhad (PNB)
Kuwait Finance House
Standard Chartered Bank
Dubai Islamic Bank
First Energy Bank
Rasmala Investment Bank
Principaux dossiers
- Advised Apache on the £58.5m financing of a build-to-rent development known as The Lexington in Liverpool.
White & Case LLP
White & Case LLP is known worldwide for its deep involvement in emerging markets across the globe. In addition, the firm is active in some of the GCC's more sophisticated financial jurisdictions, where the cross-office Islamic finance team has advised on the development of shari'ah-compliant debt finance instruments. Though the team is primarily based in Dubai, the practice group fields lawyers in London and also maintains an association relationship in Turkey. Debashis Dey is a key contact working across London and the Middle East.
Clifford Chance LLP
Clifford Chance LLP's Islamic finance team is spread primarily across the firm's Dubai and Abu Dhabi offices, though the London office has also played a role in the firm's wider Islamic finance offering. Contacts in London include Leonard Cleland and Habib Motani , who moved into a consultant role in 2019.
Druces LLP
Druces LLP's banking and property finance lawyers advise a number of Islamic banking institutions in real estate and acquisition finance transactions. Headed by Christopher Axford, the group also acts for Middle Eastern investors in property investment deals. It recently enhanced its Middle East-facing private client practice with the recruitment of Matthew Duncan from Kingsley Napley LLP. Duncan acts as a consultant in the team and is one of the market's only English qualified lawyers who is authorised to advise on estate planning in the DIFC in Dubai.
Les références
‘The team is commercial and professional in its approach, clearly cares for its clients and takes pride in its work.‘
‘A solid team offering timely and commercial advice.‘
Principaux clients
Bank of London and The Middle East plc
British Arab Commercial Bank plc
Principaux dossiers
- Advised Bank of London and The Middle East on the terms of over 15 transactions; both real estate finance transactions and acquisition finance deals.
Fladgate LLP
Fladgate LLP's funds, finance and regulatory practice group has experience of shari'ah-compliant real estate finance transactions and also handles taxation and restructuring mandates involving Islamic financing structures. The team sees the bulk of its activity in the UK property market, where it has advised conventional and Islamic lending banks on the development of shari'ah-compliant financing products. The group also has experience of advising Islamic investment offices on property acquisitions. Ella Leonard is a name to note.
Principaux dossiers
- Acting for a bank in the structuring and implementation of a commodity murabaha facility, secured over Hotel Honegg in Switzerland.
- Acting for a broker client in the establishment of a VAT lending platform to operate within a shari’ah-compliant context.
- Representing a bank in connection with the preparation of a commodity murabaha to fund the purchase of a prestigious commercial property in Liverpool.
- Assisting a Middle Eastern investment company and its JV partner in the UK with restructuring and refinancing matters related to a commodity murabaha-financed UK property portfolio.
Hogan Lovells International LLP
As part of its asset finance practice, Hogan Lovells International LLP provides shari'ah-compliant financing and transactional advice to banks and specialty aviation finance groups. The team's deal work spans the aviation and maritime sectors and often involves shipowners and commercial and cargo airlines in the Middle East. The asset finance practice is led by Robert Fugard, while senior associate Faraz Naqvi advises on many of the group's Islamic financing deals.
Milbank
Milbank's London office houses a couple of lawyers with notable Islamic finance capabilities, who as a team make up a key part of the firm's project finance practice throughout EMEA and into Asia. In particular, the team has experience of multi-source financing transactions in the context of natural resources and infrastructure developments, which have often involved Islamic institutions and export credit agencies. John Dewar is recommended.
Shakespeare Martineau LLP
Shakespeare Martineau LLP is well known in the UK Islamic finance market, where it regularly advises family partnerships and Islamic banks on property refinance and development finance deals. Of particular note, the firm has been among the market leaders in the implementation of Islamic structures for use in retail mortgages. Led by Mohammed Saqub, the team has a strong longstanding relationship with Al Rayan Bank, and has continued to expand its work, having recently taken on Gatehouse Bank as a client in the retail mortgage space.
Les références
‘Mohammed Saqub really understands the value of speedy feedback.‘
‘Competitive on fees when necessary, and always makes sure the clients are protected.‘
Principaux clients
Al Rayan Bank
Gatehouse Bank
Abu Dhabi Islamic Bank PJSC
ADIB UK
Habib Bank AG Zurich
Qatar Islamic Bank
UBL
Masraf Al Rayan
Principaux dossiers
- Over a period of 12 months the department advised clients including Al Rayan and Abu Dhabi Islamic Bank on close to £500m worth of retail Islamic mortgages.
- Assisted Al Rayan Bank with drafting a commodity murabaha facility to two British Virgin Islands companies and related security documents, to refinance two London residential properties.
- Acted for Al Rayan Bank in the provision of shari’ah-compliant financing to a customer for the refinance of a property for development purposes.
- Advised a client on the incorporation of 188 buy-to-let properties from the existing dual partnership structure to two SPV company vehicles alongside a refinance of all properties.
A&O Shearman
Working in conjunction with its Middle East offices and its Saudi association firm, Shearman & Sterling LLP's London finance group handles Islamic bond issuances, secured lending mandates and conventional finance matters for major GCC corporates and investors. The practice group is particularly active for Saudi-listed corporates including real estate and infrastructure developers and natural resources companies. Key contacts include Iain Goalen, 'a very good all-round finance lawyer'.
Principaux dossiers
- Advising a Saudi-listed company on its SAR2bn sukuk programme through a private placement, including legal due diligence, offering memorandum, sukuk transaction agreements and local regulatory advice.
Taylor Wessing LLP
The banking group at Taylor Wessing LLP has experience of handling shari'ah-compliant components of larger real estate finance and commercial lending deals. The firm also has lawyers based in the Middle East with expertise across a range of Islamic products including Islamic bonds. Jonathan Marks is a key figure in the debt finance group.