The Legal 500 > United Kingdom - Solicitors > London > Islamic finance

Allen & Overy LLP's market-leading Islamic finance team in London is an integral part of the global Islamic finance practice. It serves as a one-stop shop for leading Islamic banks, export credit agencies, development finance institutions, sponsors and corporate borrowers. The group's expertise in high-profile, complex and innovative transactions spans a multitude of areas, including project finance, asset finance, derivatives and structured finance mandates. Jamie Durham is particularly knowledgeable about sukuk issuances. In 2019, notable highlights included Lorraine Bayliss and counsel Sajjad Khoshroo advising the export credit agencies (CESCE, K-Exim, K-Sure, SACE, UKEF) and banks on the $4.2bn financing of the expansion and modernisation of the Bapco refinery. Senior associate Sajjad Juma, whose practice is split between London and Dubai, is also highly recommended.

Ashurst's team, which is led by global Islamic finance head Abradat Kamalpour, is experienced in structuring shari'ah-compliant debt capital markets transactions, structured finance matters and shari'ah-compliant funds. The group features particularly prominently in novel and groundbreaking mandates, including those involving the development of novel structures through the use of blockchain technologies. The team also includes senior associate Conor Funston, who has over ten years' experience in acting for clients from both the Islamic finance sector and global capital markets. Clients of the firm include sovereign governments, supranational institutions, corporates and investment banks. Associate Ida Mokhtassi is another name to note.

Dentons' London team works with partners based in the Middle East on a wide range of complex transactions. The firm strengthened its Islamic finance offering in 2019 by hiring Yusuf Battiwala from Allen & Overy LLP; he has particular expertise in Islamic derivatives and structured finance transactions. The group, which also includes Paul Holland and Matthew Sapte, advises clients on sukuk issuances, project and asset finance mandates and general lending matters. Reflective of the firm's first-rate reputation, it generates a significant amount of work from leading Islamic banks, bulge-bracket investment banks and other financial institutions. The firm is also one of two law firms to be regularly invited by the International Islamic Financial Market (the key industry body for Islamic finance) to discuss various initiatives.

Led by European Islamic finance head Farmida Bi, who is English and New York qualified, Norton Rose Fulbright's team caters to all the requirements of Middle Eastern financial institutions, global investment banks and corporates among other clients. The group's expertise spans a wide range of areas, including investment funds, project finance work and real estate finance matters. Bi is particularly experienced in international sukuk transactions. Illustrative of her excellent reputation, she has previously joined Department of International Trade missions to Pakistan to promote the UK Islamic finance industry.

Practice head Imam Qazi has been instrumental in putting Foot Anstey's name on the Islamic finance map. Under his leadership, the team advises clients on Islamic finance transactions involving a wide range of products and structures, including sukuk, ijarah, wakala and musharakah-related mandates. The firm is particularly well-known for its strength in shari'ah-compliant real estate finance transactions, where it acts for Islamic financial institutions and investors investing in UK assets. In 2019, Qazi assisted Black Sand Real Estate W.L.L. with the Islamic finance aspects of its £22.4m acquisition of the Technip FMC Building in Aberdeen. The firm is also increasingly sought out to advise new entrants to the market, which provide peer-to-peer and crowdfunding solutions. Legal director Zahir Nayani joined from Rosette Merchant Bank, and Lingxi Wang was promoted to senior associate.

Milbank is noted for its excellent record in highly complex and groundbreaking transactions. John Dewar, who leads the London team, is well-known as a leading global project finance lawyer; his experience spans the oil and gas, natural resources, power and infrastructure sectors, among various others. Another key figure in the global projects, energy and infrastructure group is senior associate Munib Hussain. Elsewhere, the team's recent work has involved  various sectors including the aviation and education industries. In a recent matter, Apostolos Gkoutzinis, Suhrud Mehta, Dewar and Hussain advised the financing sources on the financing of CVC Capital Partners’ acquisition of a 30% stake in GEMS Education.

Trowers & Hamlins LLP's London office is a key hub for the firm's global Islamic finance practice, which also includes offices in the Middle East and Malaysia. Sarah Gooden, who heads up the Islamic finance practice in the UK, is particularly experienced in structuring and financing shari-ah compliant real estate investments and development projects. Her clients includes UK Islamic banks, Middle Eastern banks, UK-based corporate borrowers and Middle Eastern investors investing in real estate in the UK and Europe.

At Druces LLP, the team's expertise spans a wide range of structures, including cost plus and commodity murabaha, wakala, ijarah, mudaraba and musharakah; the group is also highly active in structuring shari'ah-compliant real estate acquisition and development finance transactions. Acquisition finance transactions are another driver of work for the group, which is led by Christopher Axford. Matthew Duncan is one of a handful of English-qualified lawyers who is authorised to advise on estate planning in the Dubai International Financial Centre (DIFC) in Dubai. Simon Pullen and Suzanne Middleton Lindsley are also recommended.

Fladgate LLP's team has a notable specialism in assisting non-Islamic banks with expanding into shari'ah-compliant products, notably murabaha and ijara lease structures; the practice also has experience in establishing shari'ah-compliant lending platforms and inter-bank/treasury documentation. Another strength of the group includes advising large Middle Eastern and Far East-based family offices on the financing of residential and commercial property acquisitions in the UK. Ella Leonard is the practice head.

Shakespeare Martineau LLP is increasingly winning work from new clients, including The Charity Bank Limited, Leumi ABL and Shawbrook Bank. Mohammed Saqub, who established the Islamic finance team, is also the head of the real estate finance practice, and is one of a number of practitioners who advise on the financing of investment and development transactions. Clients include commercial and Islamic banks, borrowers and investment managers.

Shearman & Sterling LLP's work spans a range of areas including handling project finance, capital markets, derivatives and structured finance mandates. The group also advises on matters involving all of the main Islamic structures, including ijara, mudaraba, musharaka, murabaha and sukuk instruments. The main contact is Iain Goalen, whose practice is split between London, Abu Dhabi and Dubai.

White & Case LLP's Islamic finance practice is led by global head Debashis Dey, who divides his time between the firm's Dubai and London offices. Dey is one of a number of Islamic finance experts at the firm, who advise on shari'ah-compliant structures in the context of asset and project finance mandates, hedging and derivatives issues, funds work and sukuk issuances, among other transactions.