Acting on its own as well as often in collaboration with Islamic finance experts based in Dubai and Abu Dhabi, the 'helpful, commercial and responsive' team at Ashurst is well-suited to advising Islamic and conventional banks, central banks and corporates across a myriad of Islamic finance products and transactions. The London team is led by Conor Funston who, as well as offering practical knowledge gleaned from many years structuring deals in accordance with differing interpretations and applications of Islamic finance structures in many different jurisdictions, also brings additional insight to clients by virtue of his involvement in various working groups. In addition, he is able to draw upon a wealth of broader finance capability from the office's strong overarching capital markets, banking and project finance practices, in particular.

Leveraging ‘great strength and knowledge across the board’, Foot Anstey has, since it established a standalone Islamic finance practice in 2011, continued to grow its credentials in the space among both banks and borrowers, and is appreciated for its ability to ‘effortlessly explain the concept of Islamic finance’. Under the leadership of Imam Qazi, the firm has also successfully broadened its scope to include an increasing volume of work in the capital markets space, as well as fintech, and has played an active part in promoting the use of Islamic finance in the UK, including lobbying for stakeholders seeking to effect change to ensure a more favourable tax status for Islamic finance structures. Real estate, however, remains the primary driver for the team, and it acts for investors and the majority of Islamic banks active in the UK on both new money and refinancing mandates. Appreciated for his ‘very pragmatic and commercial approach’, Zahir Nayani has, along with Qazi, been key to developing the firm’s expertise at handling Shariah-compliant real estate transactions for a growing roster of creditor clients, as well as investors, where he adds value due to a previous role at a privately owned investment advisory firm. Exeter-based retail financial services head Alan Hughes assists with advice to credit providers and Islamic banks. Kate Heard provides ‘very knowledgeable and proactive’ advice to Shariah-compliant banks on transactions involving commercial and residential assets; Ayah Snober is ‘responsive and collaborative’ when working on complex financing transactions as well as product development projects; and Aziz Deen has a ‘deep understanding of the various Islamic products’. Aside from when mentioned, all named practitioners are based in Bristol.

Drawing on strong lender relationships, Milbank regularly advises banks on new money and restructuring mandates involving Islamic finance structures. Many of these deals are cross-border, with Shariah-compliant debt sitting alongside other conventional funding often for the purposes of facilitating large-scale energy and infrastructure projects in the Middle East. John Dewar is at the forefront of many of the highest-profile matters handled by the team and is particularly skilled at handling first-of-its-kind transactions involving creative structuring and often very complex inter-creditor arrangements. Munib Hussain co-heads the team alongside Dewar and is well-versed at handling a range of Shariah-compliant structures, including sukuks and Murabaha facilities, often acting alongside Dewar on transactions as well as working with other practice groups, including aviation finance, on structures that require input from an Islamic finance perspective.

Acting on its own as well as leveraging a strong presence in Dubai, the 'responsive and efficient' team at Norton Rose Fulbright is well-placed to provide an 'excellent service' to conventional and Islamic banks, sovereigns and corporates across a range of Shariah-compliant structures used to facilitate transactions, including in areas of firmwide sector strength such as energy and transport. Team head Farmida Bi has vast transactional expertise in capital markets-related Islamic finance work in particular, as well as being at the forefront of thought leadership, including within the context of utilising Islamic finance to promote sustainable goals. Yusuf Battiwala is also extremely well-versed at handling capital markets work, particularly in the derivatives and structured finance space, where he is able to provide 'invaluable insights into market practices while also being able to assist in creating novel products'. Andrew Coote is a key member of the team who regularly advises issuers and underwriters on sukuk listings, as well as handling innovative Islamic finance mandates including Shariah-compliant cryptocurrency transactions.

Shakespeare Martineau LLP, with its strong presence in Birmingham and London, has carved a niche in the realm of Shariah-compliant financial structures, catering to both creditors and debtors involved in the UK's commercial and residential real estate sectors and from both a new money and a refinancing perspective. The firm's adroitness at structuring deals utilising Islamic finance techniques has not only attracted a steady stream of domestic work but is also beginning to pique the interest of international investors and funds. The team's longstanding relationships with lenders, including those fully compliant with Shariah and conventional banks with an Islamic finance window, has positioned it as a major force in the UK market, both on complex structures as well as more commoditised high-volume work, including as this relates to retail mortgages. Mohammed Saqub, a prominent figure in the Islamic finance market, leads from the front, earning recognition from clients on transactional work as well as by dint of his advisory roles with the UK government to foster the growth of Islamic finance. Afreen Cole brings her deep understanding of Islamic finance principles to the forefront, skillfully handling real estate finance transactions and negotiations over commodity Murabaha facility agreements.

Forming an integral part of the firm’s multi-office Islamic finance group that also includes key outposts in the Middle East and Southeast Asia, Trowers & Hamlins LLP‘s London team, which is headed by Simon Valner, excels in the structuring and financing of Shariah-compliant investments across asset classes. The real estate sector accounts for much of this work, with Valner regularly advising investors on Shariah-compliant investing into the UK, including on mandates implementing commodity Murabaha facilities. Helen Fysh is also well-versed in handling Islamic finance work in the real estate sector, regularly advising large asset managers raising finance via Shariah-compliant structures with investors from the GCC, to be used for UK real estate investment and development projects. As well as handling real estate work, Jonathan Grosvenor undertakes broader banking and capital markets-related mandates, including raising money via listed and unlisted sukuk issuances. Katharine Lewis is also a key member of the team, focusing on Islamic financing for real estate.

Drawing upon the expertise of a number of Islamic finance practitioners and also able to leverage resources from the broader corporate, finance and real estate practice groups, Druces LLP continues to advise a fairly balanced mix of banks, funds, high-net-worth individuals and corporates across a broad swathe of Shariah-compliant structures. Corporate head Christopher Axford is central to much of this work, including advice on Murabaha transactions and a growing amount of sukuk issuances. Antony Cotton and Suzanne Middleton-Lindsley co-head the practice alongside Axford, with both handling a raft of real estate financings including for the team's flagship client, a British Shariah-compliant bank.

Galvanised by the arrival of Afsor Ullah in 2022 from Shakespeare Martineau LLP, the 'responsive and helpful' team at Hill Dickinson LLP provides 'solutions-driven' advice to funders and borrowers seeking or providing finance to facilitate real estate transactions in the UK. Here, Ullah works alongside the broader real estate group, led by James Garton, in providing the necessary Shariah-compliant structuring to facilitate deals, including for ultra-high-net-worth Middle Eastern individuals regarding their UK property investments.

The ‘client-centric’ team at Keystone Law provides an ‘exceptional service’ to a range of stakeholders, including corporates, funds, private clients and banks, across a myriad of Shariah-compliant structures to facilitate inward investment relating to real estate, M&A and general corporate activities, among others. Fara Mohammad is central to much of this work and is lauded for her ‘practical, pragmatic and solutions-oriented advice’, including in relation to fintech mandates, regulatory matters and work for investment managers establishing Shariah-compliant funds.