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Islamic banking and finance law: The UK Government hopes that London will become the western hub for Islamic Finance and banking. London has long been established as a major global finance centre. Since the global financial meltdown, the focus has somewhat shifted to consider alternative and ethical investments. The extent to which the UK has accomplished this mission remains to be seen. 

UK-Bahrain Islamic Finance Summit - Islamic Finance Banking Law Tahir Ashraf barrister

UK-Bahrain Islamic Finance Summit – Islamic Finance Banking Law Tahir Ashraf barrister

Islamic Finance – Money Money Money

The case for why the UK should bother with Islamic finance is simple. Money.  Despite the UK government’s immigration policies, it does want to try to demonstrate that it is ‘open for business’.  Let us not forget that the Islamic finance banking industry is a $1,000,000,000,000 (that’s right, a trillion dollar) industry.

Islamic Finance Banking Law – Recognised in the UK

Unlike what the mass public might misconceive to be Islamic Finance is not all about religion. Islamic finance and banking principles do actually make good business sense. The UK government recognised the significance of Islamic finance in 2013. Rightly so, given that the Islamic finance industry is huge which means there are major opportunities to attract investment into the UK. This is because demand for Islamic finance has seen an increase from Sovereign Wealth Funds as well as ethically conscious investors.

Islamic Finance Law

Islamic finance principles are derived from Islamic law also known as ‘sharia’. One might say the principles are derived from the same source as the biblical prohibition on usury (interest), ‘God’.

Islamic Finance Works

Even as an introduction this article is far too small to do justice to how Islamic Finance principles work as a sustainable business alternative to traditional western banking businesses mechanisms. One might say though, that it benefits the economy in the global financial world because it promotes an economy based on a risk share basis. It is the risk-share basis which makes Islamic Finance an attractive and viable and indeed sustainable option for businesses when compared with traditional interest based finance.

A shared risk approach in the management of financial investment instruments makes for a stronger and sustainable economic growth of national economy. Unfortunately there is a lack of a comprehension of Islamic finance principles and their application to commercial contracts and ethical investments. This is why clients would want to obtain Islamic finance and banking law advice to try and ensure that the investments can stand up to scrutiny and perhaps more importantly, withstand the tests of economic tides.


Ken Ng Model Review Group, Morgan Stanley (Business Partner) | London, UK

Tahir is an excellent communicator and provides a first class service. He gives you more than you expect, is very trustworthy and extremely helpful. His easy going character makes him a star around people and above all you can feel that he is very dedicated to his work.


A Khan, Barrister | London, UK

Tahir is a great strategist like Hannibal (one of the greatest military commanders in history).


B. Pindoria, Managing Partner Solicitor | London, UK

Tahir is an excellent lawyer who understands what a client wants from him. He provides high quality professional legal services to us with a fast and efficient turn around. He has also added value by going beyond his instructions to give us satisfied clients. A person to look out for as he progresses in his legal career in the next few years which I expect to be distinctive and leader in his field.


S. Kinch – Managing Partner, Solicitor Commercial Insolvency Litigation West Sussex, UK

Tahir has worked very hard on a complex insolvency claim and drafted some great documentation.


Cyril Worthing, West Sussex, UK

Tahir was absolutely outstanding throughout my case and very professional and cared so much about my case by treating it as his own. Terry [and his team] kept me updated with progresses and set-backs, and paid attention to every detail. This made me feel very confident during the process that I was going to get a positive result in the end.


K. Iyer, Director / General Manager, Victoria, London, UK

Having sought advice in respect of two matters a private limited company and commercial property dispute, I was pleasantly surprised by the extent of urgency and personal touch provided, which made me feel that my problem was made his own.

Finding the right quality business legal advice service is no longer challenging and  expensive. Business barrister Tahir Ashraf can help you and your business with the right quality advice at a competitive rate.

Sustainable transport and alternative fuels such as hydrogen are 21st century global challenges. Commercial barrister Tahir Ashraf advises on the banking, green bonds, Islamic finance and other aspects of these projects.

Advising on contracts, drafting, negotiation and scrutiny of contracts is at the heart of commercial barrister Tahir’s commercial contracts practice. He advises individuals, UK, international companies, as well as public sector organisations.

Traditionally in England and Wales matters relating to land law problems would be dealt with by the chancery courts. These days the courts require that parties to a dispute attempt settlement of land disputes. As a land disputes and business barrister Tahir Ashraf deals with the various forms of land disputes.

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