Islamic finance
This section covers banking and finance work which attempts to recognise Islam’s ban on oppressive (usually interest-based) contracts. The ranking takes account of both London and Gulf-region capabilities.
Allen & Overy LLP’s Islamic finance team is a ‘good resource in terms of both quality and quantity’. It advised several banks as joint lead managers on Tabreed, the first shari’ah-compliant mandatory exchangeable sukuk issue, and also represented Dubai Islamic Bank on the AED550.9m Islamic facility for refinancing Port & Free Zone World FZE, alongside a conventional loan. London partners Salim Nathoo and Michael Duncan can call on support from colleagues in Abu Dhabi, Dubai, Riyadh, Hong Kong and Singapore.
Clifford Chance’s ‘top-tier’ practice has been involved in several award-winning transactions including advising Project Blue (Guernsey) Limited on the US$2.5bn musharaka sale and ijara lease as part of the abortive plan to redevelop Chelsea Barracks. It also handled the AED4bn shari’ah-compliant Shorouh sukuk, the first in Abu Dhabi to be securitised on real estate receivables. London-based Tim Plews and Dubai partners Robin Abraham, Debashis Dey and group leader Qudeer Latif are recommended.
Norton Rose LLP advised the mandated lead arrangers (including HSBC Bank Middle East Limited and Qatar National Bank) on the Chelsea Barracks purchase, although the redevelopment plan has now been withdrawn. It also represented Principle Insurance Company Limited in becoming the first FSA-approved takaful insurer; and helped structure Al Wa’ab City WLL’s US$200m istisna’a real estate financing. Clients recommend recently elected London partner Davide Barzilai as ‘highly responsive’. Well-respected practice head Neil Miller has relocated to Dubai, and the firm also has resources in Abu Dhabi, Bahrain and Riyadh.
Linklaters LLP has concluded several innovative transactions recently, including Tabreed. It advised Dubai Bank PJSC on a US$5bn sukuk programme with trust certificates issued on the LSE and Dubai International Financial Exchange. Clients praise London-based Andrew Roberts and Dubai-based practice head Luma Saqqaf for their ‘good service’.
Praised for its ‘high-quality service’, Lovells LLP recently acted on a US$5.6bn dual-currency syndicated Islamic financing facility for Investment Corporation of Dubai, and represented the sole bookrunner and syndicate of banks on a US$350m LSE-listed sukuk issue by the Government of Bahrain. Dubai-based global practice head Rahail Ali has ‘good relationships with the key shari’ah scholars from the region’.
Denton Wilde Sapte LLP has recruited Dubai-based Muddassir Siddiqui, formerly of the Islamic Development Corporation, while Richard de Belder (who has returned to London) and Matthew Sapte are also prominent. Clients include Standard Chartered Bank, Abu Dhabi Islamic Bank and new addition Al Hilal Bank.
Herbert Smith LLP represents institutions such as RBS and Merrill Lynch, recently acting for the former on a murabaha facility for Kuwait Finance House to finance Motherwell Bridge Limited’s LBO. It also acted on the award-winning Villamar sukuk-al-musharaka, a non-recourse sukuk to finance real estate development. Investment fund clients include Millennium Finance Corporation. Dubai-based Nadim Khan heads the practice.
Trowers & Hamlins LLP’s key partner Neale Downes is based in the firm’s Bahrain office, and additional support is available from an associate law firm in Saudi Arabia. Clients include National Bank of Bahrain BSC, Khajeeli Commercial Bank BSC, and BFH Asset Company.
White & Case LLP recently advised Saudi Electricity Company on the SAR6bn dual murabaha financing of Saudi Arabia’s largest power generator. Mohammed Al-Sheikh and Craig Nethercott are recommended.
Ashurst LLP recruited Abradat Kamalpour from Dechert LLP in October 2008. Clients include Gatehouse Bank, an FSA-licensed shari’ah-compliant bank.
Berwin Leighton Paisner LLP’s clients include Bank of London and the Middle East (BLME), and Dubai Islamic Bank, while new relationships include Noor Islamic Bank (Dubai). Andrew Baird is a key figure, and Saleem Malik has ‘good Middle East and Islamic finance connections’. The firm opened its Abu Dhabi office in March 2009.
King & Spalding International LLP acts primarily for shari’ah-compliant borrowers. It recently advised T-MENA, a Luxembourg-based real estate fund, on a €250m development in Antalya, Turkey. Jawad Ali leads the practice.
Milbank, Tweed, Hadley & McCloy LLP’s project finance practice is experienced in shari’ah-compliant financing for clients including National Commercial Bank and Riyad Bank. John Dewar is recommended.
Simmons & Simmons leverages its funds practice to advise on shari’ah-compliant structures, with Muneer Khan heading the Islamic finance group. Clients include Allianz and BLME.
Stephenson Harwood’s main focus is shari’ah-compliant asset finance and real estate. The practice operates from London under the leadership of Robert Newman, with strong capability in Paris. Clients include Credit Suisse and Chelsfield Partners.
Taylor Wessing LLP’s London and Dubai offices mainly act on real estate matters. Clients include Bank of Tokyo-Mitsubishi UFJ Ltd and Deutsche Postbank. Practice head Hamid Yunis has ‘excellent knowledge’.