Islamic Finance in UK Law

Leading Cases
  • Asia Islamic Trade Finance Fund Ltd v Drum Risk Management Ltd and Others
    • Queen's Bench Division (Commercial Court)
    • 17 December 2015

  • Robert John McKendrick v The Financial Conduct Authority
    • Court of Appeal (Civil Division)
    • 28 March 2019

  • Dubai Islamic Bank PJSC v PSI Energy Holding Company BSC (a Bahraini corporation) and Others
    • Queen's Bench Division (Commercial Court)
    • 06 December 2013

    From November 2002 onwards the Structured Finance Department of the Bank entered into a series of Agency Agreements with the fifth defendant and its associated company, CCH plc (referred to collectively as "CCH") as the means by which short-term trade finance would be provided to exporters.

    The second defendant was arrested at Dubai airport on 21 May 2008. Mr Mallin relied upon a Minute of an Investigation dated 23 May 2008 started by Mr Al Zarouni, Assistant Public Prosecutor in the Public Prosecutor's office. This refers to the second defendant's arrest and states that that day they had received a file from the General Directorate of State Security at Police Headquarters relating to three individuals accused of fraud, the second, third and fourth defendants.

  • Mehta v Islamic Investment Company of the Gulf Ltd
    • Court of Appeal (Civil Division)
    • 14 April 2010

    The proceedings arise from a finance agreement made between the claimants, an Islamic Investment Company, and the first defendants, who were diamond traders, in January 2000. The appellant guaranteed the obligations of the first defendants and both the financing and the guarantee agreement were subject to English law and English jurisdiction. An event of default having occurred, the claimants issued proceedings in 2001 against the first defendants and the appellant.

    On 26 November the appellant sought a further adjournment. This time it was because he had gone from Belgium to India voluntarily, so as to avoid extradition proceedings and was unable to leave India. On 6 December he adjourned the hearing to 31 January 2008 and ordered that in the event of the appellant failing to attend on that day he should provide written answers to a list of questions by 14 February 2008.

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Legislation
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Books & Journal Articles
  • Financialised ethics, economic security and the promise of Islamic finance
    • No. 7-1, March 2022
    • Asian Journal of Comparative Politics
    • 0000
    The character and state of a financial system are important contributing factors to the performance, stability and security of any economy, something which has been repeatedly demonstrated during t...
  • The development of Islamic finance: Egypt as a case study
    • No. 12-1, January 2009
    • Journal of Money Laundering Control
    • 74-87
    Purpose: The purpose of this paper is to analyze the political and economic dilemma that Islamic finance (IF) poses on some Muslim Governments of either encouraging or restraining this global pheno...
  • Islamic finance award for CIMA.
    • No. 2014, December 2014
    • Financial Management (UK)
    • INFORM
    ...The institute has been recognised for its contribution to the growth of the Islamic banking and finance industry at the Global Islamic Finance Awards in Dubai. CIMA was named best Islamic finance education provider, having introduced the world's fi......
  • CIMA extends Islamic finance tie-in.
    • No. 2009, November 2009
    • Financial Management (UK)
    ...The institute and HSBC Amanah have agreed to continue their global partnership to promote CIMA's certificate in Islamic finance. The collaboration, now in its second year, will mean that more HSBC Amanah employees will complete the certificate, which......
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Law Firm Commentaries
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