Last Updated October 08, 2019

Law and Practice

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Winston & Strawn London LLP provides a wide range of legal services through its banking and finance practice, to public and private companies, leading financial institutions, multilateral and development finance institutions, private equity and investment funds, alternative funding sources, investors and emerging companies, on investment grade, leveraged and mezzanine financings. The firm advises on high-profile transactions and matters ranging from cross-border transactions, initial public offerings (IPOs) and project finance matters, to distressed acquisitions and creative “first-of-their-kind” financings. Clients include leading international funding sources which provide senior, subordinated, secured and unsecured debt, and hybrid (equity/debt) products, as well as institutional investors who regularly participate in senior debt markets, equity sponsors, and borrowers in both developed and emerging economies. Additional thanks to partners Ed Denny and Dan Meagher and associate Shaheer Momeni, among others, for their contributions to this chapter.

Most Shari’a-compliant products are available in the UK, the main among these being sukuk, murabaha, mudaraba, musharaka and ijara – see 9.2 Regulatory and Tax Framework for more details.

Recent developments in the Islamic finance sector in the UK include an increasing focus on:

  • offering Shari’a-complaint student financing;
  • the adoption of fintech in the Islamic finance sector;
  • the growth of the sukuk market, including the recent GBP250 million mortgage-backed sukuk issuance by Al Rayan Bank; and
  • the development of products to provide short-term Shari’a-compliant funding to SMEs.

In addition, the Bank of England plans to launch a Shari’a-compliant facility through a new subsidiary that will offer a non-interest-based source of liquidity to support the Islamic finance industry in the UK. 

Winston & Strawn London LLP

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JeRobertson@winston.com www.winston.com
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Authors



Winston & Strawn London LLP provides a wide range of legal services through its banking and finance practice, to public and private companies, leading financial institutions, multilateral and development finance institutions, private equity and investment funds, alternative funding sources, investors and emerging companies, on investment grade, leveraged and mezzanine financings. The firm advises on high-profile transactions and matters ranging from cross-border transactions, initial public offerings (IPOs) and project finance matters, to distressed acquisitions and creative “first-of-their-kind” financings. Clients include leading international funding sources which provide senior, subordinated, secured and unsecured debt, and hybrid (equity/debt) products, as well as institutional investors who regularly participate in senior debt markets, equity sponsors, and borrowers in both developed and emerging economies. Additional thanks to partners Ed Denny and Dan Meagher and associate Shaheer Momeni, among others, for their contributions to this chapter.

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