London has emerged as a global centre for Islamic finance. As a result, there has been a huge growth in demand for Islamic finance products by those who wish to use Sharia compliant funding to assist them in their residential property purchases or re-financing. Kingfields’ team of experienced property lawyers can provide the expert advice clients need when they are about to utilise such finance.
Our team has extensive experience in using Ijarah, Murabaha and Commodity Murabaha structures. We have excellent working relationships with the legal advisers to a number of the principal banks offering Islamic finance products in the UK and those relationships facilitate the efficient and timely completion of transactions. We know what the relevant bank will require and so we can be pro-active rather than reactive in ensuring that the bank’s pre- conditions are satisfied promptly and with our clients’ best interests in mind.
Various members of our team have advised clients on a range of Sharia compliant transactions. For example:
Acting for the owners of a central London residential property to assist in their re- financing by way of a Commodity Murabaha to the value of £15 million.
- Acting for the purchasers of a number of apartments in a high profile Knightsbridge development using an Ijarah structure to the value of £25 million.
- Advising various purchasers of apartments in a new residential development in central London using Ijarah structures.
- Acting for various property owners in connection with the repayment of Ijarah structures and completing the transfer of the relevant properties from the lending bank back to the borrower.
- Acting for three companies in the re-financing and cross-collateralisation of three apartments in central London using an Ijarah structure to replace a conventional mortgage facility.
For more information, please contact:
FCILEx, Consultant Chartered
Tel. +44(0)207 042 5872
ACILEx, Consultant Associate
Tel. +44 (0)207 042 5870
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