UKIFS, which was established in March 2010, is the leading cross-sectoral body assisting with the promotion and development of Islamic Finance, both domestically and to represent the UK industry internationally. The Islamic finance sector in the UK received a major structural boost following the integration last week of the UK Islamic Finance Secretariat (UKIFS) into TheCityUK, the independent body promoting UK-wide financial and related professional services.  The importance of Islamic finance in the UK financial services has been under scrutiny of late.

The UKIFS tie up with TheCityUK has several important implications. For example, now, Islamic finance appears to be developing a clearer business strategy and purpose. The five UK Islamic banks – Islamic Bank of Britain, European Islamic Investment Bank, Bank of London & Middle East, QIB UK, and Gatehouse Bank – are emerging, it is argued by Richard Thomas, CEO of Gatehouse Bank and chair of the Islamic Finance Working Group at TheCityUK, from the credit crisis as much stronger individual organizations financially, with distinct business plans that complement “rather than crowd the market”.

A number of firm, however, continue to have a formidable presence in Islamic finance, such as Baker & McKenzie. Simmons & Simmons is another such firm. Simmons represented Dubai Islamic Bank as lead arranger on Saudi Binladen Group’s $842m credit facility for a university campus development. Muneer Khan in Abu Dhabi is well recognized as ‘an exceptional Islamic finance lawyer’.

For example, Simmons and Simmons were presented with the “Islamic Finance Law Firm of the Year” gong at the Middle East Legal Awards 2009. The award was given to the company on the basis of the impact it’s made in the Shariah-compliant business world this year. The series of commercial and social relationships the firm had developed within the industry and the deals it has brokered helped to persuade the judging panel of independent experts to give the company the award.

The firm has been involved with a number of challenging and pioneering transactions. It has also given advice regarding the development of a variety of structured Islamic products and funds across the Middle East. The firm’s overall application of best practice has led to the rapid creation of robust products and structures for clients, at reduced cost. Alongside their broad range of services, the Simmons & Simmons team have significant practical experience in liaising directly with the world’s leading Shariah scholars operating in the field of Islamic finance. The team are therefore well-placed to provide clients with end-to-end solutions in Islamic finance. This may involve preparing a comprehensive risk analysis of products – from a Shariah and conventional law perspective – to implementing products in accordance with market-practice and best-practice.

Some features of the working style of their team are noteworthy:

• Proficiency in the Arabic language, enabling us to liaise effectively with Shariah scholars in their native language and produce and review documentation and original sources in Arabic.
• Team members who have studied Shariah and Arabic at the leading Islamic university, Al Azhar.
• Industry-leading know-how on both market standards and best practice in Islamic finance transactions, which leads to robust documentation.
• An unique track record of team-members that demonstrate a strategic commitment to the growth and stability of the global Islamic finance industry.