Could you provide a brief journey of how you arrived where you are today?
I’ve always had a genuine interest in banking and Islamic finance. So, working in the Islamic finance sector enables me to combine both my professional and personal interests. My career in Islamic finance was kick-started when, as a trainee at Norton Rose, I developed experience and a track record in Islamic finance working at the firm’s offices in both the UK and Dubai. My client base included some of the UK’s biggest conventional and Islamic finance banks and my advice ranged from brokering product development to interbank lending.
After working at another City firm and travelling to the Middle East and Malaysia to advise on numerous high-profile and high-value instructions, I returned to Birmingham to join Wragge & Co. As one of the most important regions in the UK for Islamic finance, it’s a fantastic opportunity to make a real difference to our Islamic finance capability and be up-to-speed with the latest developments in the sector.
What does your role involve?
My role involves structuring Islamic finance transactions using Shariah techniques and ensuring that the documentation is Shariah compliant. I’m also heavily involved in business development activities to strengthen our existing practice area.
Whether it’s speaking at conferences, attending pitches or acting as one of the youngest members of a 12-strong government-appointed Islamic finance working party, I’m playing a key role in boosting our reputation in the marketplace. I’m also helping Wragge & Co’s corporate, real estate and projects practices capitalize on opportunities for growth by providing internal support and training.
What do you consider your greatest achievement to date?
I assisted on a complex US$2 billion Islamic facility to fund one of the most expensive property deals ever struck in the UK. It involved advising the mandated lead arrangers, ensuring the structure was Shariah compliant and working to a very tight deadline. The team had to contend with numerous complex political issues, including threats from the UK government to close a potential loop hole on Shariah compliant deals, to enable it to complete on time.
What are the strengths of your company?
As a full-service law firm, we provide clients with the range of services, sector expertise and resources that they need. Building strong client relationships and going the extra mile underpins the way Wragge & Co delivers its service — we strive to really understand our clients’ businesses and their commercial imperatives. We then work backwards from there to find a workable solution. In Islamic finance, this kind of approach is absolutely crucial. Working as a single team is also one of the firm’s most important values — for clients it means being assured of complete consistency wherever and whenever they touch our business.
What factors have contributed to the success of your company?
Since joining Wragge & Co last year, there has been a real step change in how opportunities in the Islamic finance market are perceived. Partners in other practice areas are keen to find out how they can help their clients explore new opportunities using Islamic finance structures, while an increasing number of clients are approaching us for advice. This awareness of new opportunities and how to help our clients access them is fundamental to the firm’s success.
What are the challenges/obstacles the company faces today?
Clients are more cautious about lending and investing and they are increasingly expecting their legal advisers to offer more for less. As a national law firm with offices in Birmingham, we can offer clients cost-effective and solutions-focused advice. And we are always seeking ways to offer clients added value, whether it’s in the form of training, looking out for opportunities in the market, or keeping them informed about developments.
Where do you see the Islamic finance industry in, say, the next five years?
Financial institutions around the world are suffering while Islamic finance counterparts continue to prosper. The liquidity squeeze is encouraging greater interest in seeking alternative finance arrangements for deal creation and for conventional banks to learn more about Islamic finance.
A popular notion is that Islamic finance will soon become the funding of choice, given the strong growth it has already been experiencing. Banks, which have traded using only conventional finance, will be looking towards opening a new offering in Islamic finance to encourage new wealth and funding opportunities.
The next five years will be a real test of how far Islamic finance can evolve. With greater regulation and a greater understanding of the principles that surround Islamic finance, it will be an exciting time.
Name one thing you would like to see change in the world of Islamic finance.
An increase in the number of Islamic finance scholars based in the UK would have a huge impact on the Islamic finance market. Scholars play an absolutely fundamental role in advising on structuring documentation in a Shariah compliant manner but with the limited number available, the costs transferred to clients remain high.
Younger recruits would no doubt lead to more innovation and creativity in the Islamic finance market and enable us to offer even more cost-effective advice.