Islamic finance in London

Allen & Overy LLP's first-rate team in London is a core part of the firm's global Islamic finance practice, which advises Islamic banks, export credit agencies and corporate borrowers on a wide range of innovative transactions. Jamie Durham, Sajjad Khoshroo and Sajjad Juma are key contacts.

Dentons  is well-equipped to handle the full spectrum of Islamic finance transactions, with its UK team working closely with practitioners in the firm's Middle East offices. Areas of expertise include sukuk, project and asset finance transactions, as well as shari'ah-compliant derivatives and structured finance deals. Matthew Sapte is experienced in handling bond financings and asset-backed securitisations. He co-heads the practice with Yusuf Battiwala, who is knowledgeable about shari'ah-compliant derivatives and structured finance. Associate Annreika Ray, who joined the firm from Deutsche Bank in 2020, is becoming increasingly known for Islamic derivatives.

Norton Rose Fulbright's well-established practice in London benefits from the firm's impressive global office network, enabling it to handle complex cross-border work for financial institutions, sovereign governments and multinational corporates across Europe and the Middle East. Particular areas of strength include project finance, energy and transport, and the group has significant experience in sukuk structures, trade finance and real estate transactions. The group is led by the well-respected Farmida Bi, who stands out for her expertise in the cross-over between Islamic finance and capital markets. Counsel Andrew Coote and senior associate Mark Brighouse are also notable individuals.

Ashurst's group in London, which works closely with colleagues in the firm's Jeddah and Riyadh offices, advises financial institutions on matters such as those involving shari'ah-compliant lending, fintech and capital markets. Senior associate Conor Funston is building a solid practice involving Islamic finance issues associated with fintech and debt capital markets. Funston works closely with Ida Mokhtassi, who is noted for Islamic securitisation transactions. Tax expert Simon Swann has experience in shari'ah-compliant real estate tax structures. In 2021, former practice head Abradat Kamalpour left the firm to join Jones Day's San Francisco office.

Foot Anstey's standalone Islamic finance group predominantly focuses on real estate and investment matters, although it is increasingly active in areas such as Islamic fintech. Leading the team is Bristol-based partner Imam Qazi, who is well-versed in shari'ah-compliant products and structures, in addition to being on the board of a number of industry associations, including the Islamic Finance Experts Group. Alan Hughes in Exeter specialises in retail banking, while London-based consultant Michael Evans is experienced in handling the tax side aspects of Islamic financial structures. Legal director Zahir Nayani, who is based in Bristol, has a growing reputation for real estate-driven transactions.

Mayer Brown International LLP's Islamic finance offering was launched in 2020 with the arrival of a team from K&L Gates LLP. Led by Barry Cosgrave, the group's workload spans debt capital markets, structured finance, project finance, derivatives and investment management. Cosgrave is an expert in the use of shari'ah-compliant structures for a variety of financial products; Christopher Street is a specialist in products connected with the aviation and investment management spaces. Hannah Davies is another key individual.

Milbank's Islamic finance practice in London is most noted for the use of shari'ah-compliant structures in the context of project finance transactions; this is a key specialism of practice head John Dewar, who is supported by special counsel Munib Hussain. Clients include Islamic financial institutions and funds, with multijurisdictional transactions being coordinated from the London office.

The team at Shakespeare Martineau LLP has developed a niche assisting UK-based banks with providing Islamic finance for property transactions in the domestic market. Reflective of its standing in the market, the firm is often called on by the UK government to advise on the impact of new legislation on Islamic finance requirements. Leading the team is Mohammed Saqub, who also leads the real estate finance group, and substantial transactional experience. Andrew Stevens is another real estate finance lawyer whose practice has an interplay with Islamic finance structures. Nick Sanderson's expertise extends to wakala and sukuk structures, and issues relating to equity share schemes for residential properties. Legal director Afsor Ullah is also recommended. In 2020 Ishteyak Hannan, a core lawyer in the group, passed away.

At Trowers & Hamlins LLP, the team in London is known for advising on structuring complex cross-border tax-driven and shari'ah-compliant structures, and it is able to leverage the expertise of practitioners in offices in the Middle East and Asia. The group assists with Islamic lending on the London market as it pertains to real estate transactions. Sarah Gooden is the key contact in the London office, with significant experience in real estate investments. Neill Gibson is an expert in innovative lending and security structures for Islamic investors in the UK and Europe. Tony Poole assists Islamic financial institutions with corporate, financial services and securities issues. Based in Oman, Salman Ahmed leads the EMEA Islamic finance practice and the firm-wide Islamic securities group.

White & Case LLP's team benefits strongly from the firm's presence across the Middle East and Asia, enabling it to handle shari'ah-compliant transactions for global lenders and borrowers, sovereign governments and state-owned companies. The key contacts in London are the global head of Islamic finance Debashis Dey, who an expert in capital markets, and Ingrid York, whose specialisms include derivatives and structured finance transactions.

Clyde & Co LLP has a strong track record in UK Islamic real estate finance transactions and it is also sought after in other matters involving shari-ah principles, such as debt capital markets transactions, and asset-backed finance and commodity finance deals. Adil Hussain's clients include a range of international banks providing financing to Middle East-based customers. He co-heads the practice with legal director Robert Davy, who is knowledgeable about a wide variety of shari'ah-compliant financial products.

Druces LLP's team has extensive expertise in a wide range of Islamic finance structures, including murabaha, wakala, ijarah, mudaraba and musharakah. Its client roster includes conventional and shari'ah-compliant financial institutions, corporates and investors. Christopher Axford leads the group, which includes real estate specialist Suzanne Middleton Lindsley.

Fladgate LLP's Islamic finance practice sits within the firm's funds, finance and regulatory department. It advises lenders and borrowers on a variety of shari'ah-compliant products, including commodity murabaha and ijara lease structures. The department is led by Ella Leonard, who is well-versed in Islamic finance structures in connection with property transactions. Charles Proctor and Seetal Modi are other names to note.