The global market for Islamic Finance is reported to be worth in the region of US $1.3 trillion. The UK is leading the way in Europe as a centre for Islamic Finance and our solicitors are well placed to offer expertise and support to this growing sector.
We have experience of acted for wholly Sharia compliant banks, UK and overseas occupiers and investors in high value residential and commercial acquisitions, re-finances and equity release transactions, typically using the Diminishing Musharakah or Murabahah Agreement.
Alongside the Islamic Finance documentation, we are experienced in reviewing and amending legal charges, leases, guarantees, third party charges, assignment of rent deeds, deeds of postponement and tripartite deeds of release. This is in addition to carrying out full due diligence on high value residential and commercial transactions including, dealing with off shore companies and legal opinion letters when dealing with sales by foreign entities.
We understand the requirements of both the Sharia compliant Bank and their Customer in preparing detailed reports on title, reviewing complex titles, searches, occupational documentation and establishing key issues affecting the security.
Typically, we work within tight deadlines and work well as a team with the solicitors acting for the seller and the bank in order to achieve exchange and completion as soon as possible.
With the growth of the Islamic Finance sector, there is also an increased demand for the equitable distribution offered by Islamic wills that are both Sharia compliant and valid under the laws of England and Wales.
According to the general principles of Sharia, it is imperative for everyone to have in place a will for the distribution of their estate. Our solicitors can advise on issues relating to Sharia compliant estate planning and the preparation of the Islamic wills.
An Islamic will typically includes a two third distribution of fixed shares to the main beneficiaries, for example, surviving spouses, parents or children and also incorporates any specific bequests for the remaining one third distribution.
In addition to the prescribed and discretionary bequests, our Islamic wills also cover the Islamic burial, trusts, charitable bequests and residual clauses.
Our solicitors are able to provide the highest quality, specialist but personal advice to this sector. Our focus is on ensuring your will is Sharia compliant whilst delivering practical and efficient solutions for your testamentary wishes.