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  1. Islamic finance
  2. Leading individuals

Leading individuals

The ranking assesses shari’ah-compliant financing capabilities in London and the Middle East. Recommended lawyers are London-based, unless noted otherwise.

Allen & Overy LLP’s ‘excellent’ sukuk practice is underpinned by the firm’s depth in conventional banking, and it also advises across shari’ah-compliant trusts, derivatives, project financings and restructuring. The team advised Saudi International Petrochemical Company on its SAR1.8bn mudaraba sukuk issuance, and the joint lead managers on Kuveyt Türk Katilim Bankasi’s $350m sukuk, Turkey’s first under new legislation. It also acted for the lenders on the $2.85bn Qurayyah IPP project, which included a sizeable shari’ah-compliant tranche. Jamie Durham and Dubai-based Anzal Mohammed have ‘an excellent understanding of the Islamic as well as conventional aspects of a deal’. Roger Wedderburn-Day, Salim Nathoo and Michael Duncan are also recommended, as is European Islamic finance head and recently promoted partner Atif Hanif.

‘One of the few firms that can offer a rounded, full shari ’ah-compliant service’, Clifford Chance credibly spans Islamic finance and conventional capital markets. It advised HSBC Bank Middle East Limited on updating its $5bn sukuk programme including a $500m issuance, the first institutional sukuk incorporating a wakala and mudaraba. It also advised PT Natrindo Telepon Seluler on its $1.2bn equipment financing and the mandated lead arrangers on a QAR1bn ijara facility for Northgate Company LLC, marking the largest private sector shari’ah-compliant financings in Indonesia and Qatar respectively. Habib Motani is the key figure in London, with Dubai-based Debashis Dey, global practice head Qudeer Latif and Robin Abraham also recommended.

Hogan Lovells International LLP ‘compares extremely well with any Islamic finance team in the world’, and provides ‘outstanding service for Islamic debt capital markets’. It advised the lenders on the $400m revolving credit murabaha for ACWA Power Global Holdings, and acted for another lender on its guarantee of a large Asian syndicated Islamic finance transaction. Other clients include Dubai Islamic Bank, the IFC and Sharjah Islamic Bank. In Dubai, global practice head Rahail Ali is ‘much respected and one of the leading Islamic finance lawyers in the world’; he and Imran Mufti show ‘product knowledge, capital markets expertise, and familiarity and credibility with shari ’ah scholars’. Rustum Shah is also recommended. London-based Robert Fugard, who joined from Linklaters LLP in 2011, has experience in shari’ah-compliant asset finance.

King & Spalding International LLP is ‘very responsive, has extensive industry knowledge, gives thorough and comprehensive advice, and is worth the money spent’. Its excellent record in structuring innovative Islamic finance deals includes sukuks and investments for leading global and European real estate funds. The firm advised Kuveyt Türk Katilim Bankasi on its sukuk under Turkey’s new legislation, and Islamic Development Bank (IDB) on its $750m trust certificate issuance (dual listed on the LSE and Bursa Malaysia). Other clients include Alinma Bank, Eastgate Capital and HDG Mansur Investment Services Inc. In Dubai, Jawad Ali is recommended for corporate law advice, and Rizwan Kanji is ‘very good’. London-based Michael Rainey has ‘the ability to hold the confidence of the transaction counterparties and is very good at providing a reasoned approach’.

Norton Rose LLP’s three regional practice heads – Manama-based Mohammed Paracha for the Middle East and Africa, London-based Farmida Bi for Europe, and Hong Kong based Davide Barzilai for Asia – are recommended, as is Dubai-based Anthony Pallett and Oli Charlesworth in Abu Dhabi. Paracha is ‘a very reliable lawyer, who works actively to design and document solutions’, and Bi is ‘a bona fide Islamic finance lawyer’. The team acted on Indonesia’s sovereign international sukuk issuance under Reg S and Rule 144A terms. Other matters included various billion-dollar-plus project financings, securitisations and bonds, structured fully or partly as shari’ah-compliant arrangements.

Ashurst is acting for Saad Trading and Investment Goldenbelt sukuk holders in litigation that will serve as a test case in Saudi Arabia. The team is also developing a new shari’ah-compliant structured products platform for a client, and acted for Abu Dhabi Islamic Bank (ADIB) on a $500m sukuk issuance. Practice head Abradat Kamalpour is ‘a smart lawyer who knows the market well’.

Herbert Smith LLP advised the arrangers on the $800m Salik toll road financing, and QIB (UK) plc on establishing a new shari’ah-compliant platform to exploit listed equities. Other clients include Commercial Bank of Abu Dhabi, Gatehouse Bank and Qatar Islamic Bank (QIB). Dubai-based practice head Nadim Khan is recommended. Andrew Roberts joined the London team from Linklaters LLP, while senior associate Michael Dunphy joined Abu Dhabi colleagues from King & Spalding in affiliation with the Law Office of Mohammad Al-Ammar in Riyadh.

Milbank, Tweed, Hadley & McCloy LLP handles shari’ah-compliant and dual Islamic/conventional transactions, and is ‘a great team for project finance deals in the Middle East’. Recent work includes structuring Islamic financing of the $2bn Al Dur IWPP in Bahrain as well as Saudi Arabia’s $2.5bn Riyadh PP-11 IPP and $10bn Yanbu refinery. Other clients include Alinma Bank and Riyad Bank. John Dewar is recommended.

SNR Denton provides ‘excellent, highly professional and innovative solutions’. It advised the arrangers on IDB’s $3.5bn trust certificates issuance, and ADIB as lender on an AED250m ijara-backed facility. Matthew Sapte is ‘responsive, and understands the subject matter’; Richard de Belder has ‘extensive knowledge of Islamic banking’; and Paul Jarvis in Abu Dhabi is also recommended.

Simmons & Simmons LLP’s ‘very good’ practice has core expertise in shari’ah-compliant funds, certificate programmes and structured products. Clients include Abu Dhabi Commercial Bank, Mashreqbank and QIB. Muneer Khan in Abu Dhabi is ‘probably one of the world’s top Islamic finance lawyers: he is considered and thoughtful, and respected by peers, clients and scholars’.

Addleshaw Goddard LLP provides shari’ah-compliant real estate, funds and asset management services to Islamic banks and fund managers. Practice head Andrew Petry is recommended.

Berwin Leighton Paisner LLP shows ‘good business sense and good industry knowledge’. It acted on tawarruq and murabaha facilities for an international bank, and has developed shari’ah-compliant investments for ultra-high-net-worth clients. Other clients include ABC Islamic Bank and European Islamic Investment Bank plc. Department head Saleem Malik is recommended. Tamara Box joined Reed Smith.

K&L Gates LLP reinforced its ‘very competent and professional’ practice by bringing in Amjad Hussain from Eversheds LLP and Kathleen Bradley from her own firm in Doha, as well as Paul Simpson from Simmons & Simmons Middle East LLP in Dubai. Jonathan Lawrence co-heads the group, and Thomas Ross is also a key figure. Clients include Bank Sarasin, Gatehouse Bank and QIB (UK) plc.

Latham & Watkins LLP’s practice is focused on Saudi Arabia. Craig Nethercott and Brian Conway are the main figures.

Shearman & Sterling LLP is ‘outstanding’ and ‘excellent: very prompt’. It advised lenders including IDB on the dual conventional/Islamic financings of Uzbekistan’s Khausak-Shady and Kandym gas field projects, and represented Citicorp Trustee Co Ltd and Citibank (UAE branch) on the Salik toll road financing. Tim Pick is the key figure in London.

Taylor Wessing LLP’s practice straddles Islamic and conventional finance. Clients have included Helaba and the government of Dubai. Practice head Hamid Yunis has ‘a good-quality practice’, and Rodney Dukes is also recommended.

Trowers & Hamlins LLP handles mid-market murabaha and other real estate and commodities transactions. Sarah Gooden advised Gatehouse Bank on a $53m shari’ah-compliant facility for Kuwait Finance House to purchase industrial property in Glasgow. Other clients include Dar Capital, QIB (UK) plc and new gain ABC International Bank. Practice head Nicholas Edmondes and Manama-based Neale Downes are recommended.

White & Case LLP advised Tabreed’s lenders’ committee on its AED2.8bn debt restructuring, and is advising sponsors Qatar Petroleum and Exxon Mobil regarding the Barzan gas project financing. London-based Tom Bartlett and Shibeer Ahmed in Abu Dhabi are the key names.

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