Islamic Finance

Islamic Finance

Our Islamic finance team is drawn from our international offices to offer multi-jurisdictional expertise.

Our expertise includes:

  • Islamic Real Estate Structures and Corporate Finance
  • Islamic Finance and Commercial Business
  • Takaful and Retakaful (Islamic Insurance & Reinsurance)
  • Islamic Finance & Dispute Resolution, Arbitration & Litigation

Our market-leading financial services, health and real estate teams, along with our other service offerings, attract clients that either wish to conduct Shari‘ah-compliant business or are engaged in disputes involving Islamic transactions and products.

Recent work examples

Islamic Real Estate Structures and Corporate Finance

We have dealt extensively with real estate transactions (with a value in excess of £1billion) using Shari‘ah-compliant structures, including murabahah, ijarah and istisna’ arrangements.

  • Grosvenor Place, London – acquisition and financing of this £200million+ prime office building. Financing was provided by the London branch of a major German bank and the property holding structure (ijarah agreement) and security documents enabled the acquisition and ownership to be compliant.
  • 40 Gracechurch Street City of London - Shari‘ah-compliant (ijarah) acquisition and funding, redevelopment, letting and subsequent sale of 110,000 square foot office scheme.
  • Murabahah – dealing with a £30million murabahah funding for the construction costs of a substantial office development in central London.

Finance and Commercial Business

  • Acting for the muwakil in a dispute in the UK commercial court involving a default by the wakil under a master wakalah contract.
  • Advising on the creation of a musharakah joint venture between an Australian fund manager and a large Middle Eastern Islamic financial institution.
  • Advising an East Asian central bank on regulatory best practices and issuance of Islamic capital market instruments in that jurisdiction.

Takaful and Retakaful (Islamic Insurance & Reinsurance)

  • Acting as counsel to a retakaful wording working group of the Malaysian Takaful Association on the development of a Shari'ah compliant retakaful contract template for Malaysian retakaful operators.
  • Consultation to Bank Negara Malaysia with respect to the establishment of a financial ombudsman.
  • Acting as counsel to a retakaful wording working group of the Malaysian Takaful Association on the development of a Shari'ah compliant retakaful contract template for Malaysian retakaful operators.
  • Advising a Lloyd's syndicate on the establishment of a retakaful operator in the Malaysian Federal Territory of Labuan.

Islamic Finance & Dispute Resolution, Arbitration & Litigation

  • Disputed Murabahah with European Bank.
    Review and consultation to the Sindh High Court in Karachi with respect to a proposed mediation bill.
  • Acting for the muwakil in a dispute in the UK High Court involving a default by the Wakil under a master Wakalah contract. (Blom Developments Bank Sal –v- The Investment Dar Company KSCC [2009] EWHC 3545 (Ch).) 

What our clients say

DAC Beachcroft in Asia is a specialist insurance and reinsurance practice, offering a wide range of contentious and non-contentious advice to insurer and reinsurer clients across Asia and further afield. Notably able to provide guidance on takaful and retakaful Islamic insurance issues in the region. Chambers & Partners Asia-Pacific 2014 Edition (Band 1 Ranking)

We are recognised experts in commercial litigation and civil fraud (Legal 500 and Chambers & Partners). Our clients describe us as "calm under pressure" and "a pleasure to work with", that we "perform excellently" and "provide robust advice".

 

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