Clifford Chance

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Clifford Chance advises on the most complex and ground-breaking Islamic finance deals throughout the world

Clifford Chance has for many years been involved in Islamic financing techniques and Islamic product development. In fact, you could say we are pioneers in this space having orchestrated many global best practices when it comes to Islamic financing. We help devise and deliver financing solutions for both investors and issuers/borrowers in accordance with the principles and values of Islam.

Our lawyers have structured some of the most complex and innovative Islamic finance transactions and have worked closely with many different Shari'a committees and advisers. We have represented a range of institutions including sovereigns, corporates and banks and have also collaborated with regulators to develop legislation geared towards Islamic finance solutions.

Our global Islamic Finance practice, headed by partner Qudeer Latif, is highly experienced in all Islamic finance contracts (including bai salaam, ijara, istisna'a, mudaraba, murabaha and musharaka). Members of our Islamic finance team, located in London, Dubai, Abu Dhabi, Riyadh, New York, Singapore, Hong Kong, Paris and elsewhere in our international network of offices, have extensive expertise and experience in both Islamic finance and conventional finance and are at the forefront of innovation as Islamic financing techniques and products evolve. 

We advise on a very wide range of Islamic financial services and products including:

  • capital markets
  • project and infrastructure finance
  • acquisition and leveraged finance
  • asset finance
  • private equity and real estate funds
  • financial regulation
  • structured products and derivatives
  • real estate finance
  • tax

Globally recognised leaders in Islamic finance

Clifford Chance is lead counsel and the law firm responsible for drafting the ISDA-IIFM Ta'hawwut Master Agreement (TMA) and has recently advised ISDA and IIFM, including the IIFM Scholars, to prepare and finalise the Profit Rate Swap Confirmation templates for use with the TMA. We were also counsel to IIFM for the development of the Master Agreement for Treasury Placement.

We have recently co-authored with the Dubai International Financial Centre (DIFC), a Guidebook for sukuk; continue to host Islamic finance workshops across a wide range of industry-specific forums around the world including recently in Istanbul, Cairo, London, and throughout Asia and the Middle East. We also author articles in Clifford Chance and external publications, took part in interviews and updated books such as the LMA Islamic Finance Guide and co-authored an Islamic Finance book with INSOL.

We are represented on the HK FSA Committee on Islamic Finance, and are a member of the HM Treasury Islamic Finance Committee in the UK.

Client experience

  • Advising DP World on the issuance of US$1.2 billion trust certificates due 2023 under its US$3 billion Trust Certificate Issuance Programme.
  • Advising the joint lead arrangers in relation to a landmark first of its kind US$1.5 billion lease certificate issuance by the Republic of Turkey in 2012, subsequent lease certificate issuances of US$1.25 billion in 2013, US$1 billion in 2014 and US$1 billion in 2016.
  • Advising Kuwait National Petroleum Company in respect of the first phase of financing for its multi-billion dollar Clean Fuels Project. The facilities, provided by local banks and lasting for 10 years, comprise both conventional and Islamic tranches together worth 1.2 billion dinars (US$3.98 billion) and were arranged by National Bank of Kuwait and Kuwait Finance House. 
  • Advising the investors on the Islamic financing of boeing 787 dreamliner to Etihad, including the first dreamliner to be delivered to Etihad.
  • Advising a large syndicate of 28 international and Saudi banks on US$4.7 billion conventional and Islamic facilities provided to Yanbu Aramco Sinopec Refining Company (YASREF) Limited.
  • Advising Amlak on its AED10 billion restructuring which included a number of novel Islamic structures including the first Shari'a compliant convertible contingent instrument, which was issued by a Cayman Island SPV in favour of the financiers. Clifford Chance devised and implemented the world's first Islamic convertible contingent instrument.

Quotes

  • "Seasoned team with an outstanding reputation and track record in Islamic finance."
    Chambers Global 2017: Islamic Finance, Middle East – Tier One
  • "Highlighted for its specialist focus on multinational sukuk issuances, with further experience in project and development financing."
    Chambers Global 2017: Islamic Finance, Middle East – Tier One
  • "The Clifford Chance Islamic finance practice is lauded by a range of sources, who compliment its 'full spectrum' capabilities and 'very proactive and client-driven approach."
    Chambers Global 2017: Islamic Finance, Global – Tier One
  • "Clients appreciate the extensive resources of this 'outstanding team' and highlight it as a strong choice for large transactions."
    Chambers Global 2017: Islamic Finance, Global – Tier One
  • "Qudeer Latif is highly rated for his Islamic finance practice. Sources say: 'He is certainly a leader in Islamic finance; he has made it his niche.'"
    Chambers Global 2016: Islamic Finance, Middle East – Tier One
  • "The firm's depth of expertise is highlighted by clients: 'They made an outstanding contribution and were pivotal to the success of the transaction.'"
    Chambers Global 2017: Islamic finance, Asia Pacific

Awards

  • Debt Market Deal Of The Year: Government of Indonesia 2016 sukuk
    ALB SE Asia Awards 2017
  • Islamic Finance Deal of the Year: Etihad sukuk
    Global Transport Finance Awards 2016
  • Deal of the Year, UAE Deal of the Year: DP World US$1.2 billion sukuk
    Syndicated Deal of the Year: EGA US$4.9 billion facility
    Murabaha Deal of the Year: Axiom Telecom facility
    IPO Deal of the Year, Equity Deal of the Year: Middle Eastern Healthcare Company US$480 million IPO
    Saudi Arabia Deal of the Year: Jabal Omar Makkah Project financing
    Africa Deal of the Year: Yinson Production US$780 financing
    Indonesia Deal of the Year: Government of Indonesia 2016 sukuk
    IFN Deals of the Year Awards 2016
  • Best Islamic Law Firm of the Year
    Best New Sukuk, Islamic Deal of the Year, Best Corporate Sukuk, Best Deal Indonesia: Garuda Sukuk
    Best Sovereign Sukuk, Best Islamic Deal, Best Sukuk‎: Government of Malaysia sukuk
    The Asset Triple A Islamic Awards 2016
  • Debt and Equity-Linked Deal of the Year: Garuda Indonesia's US$500 million sukuk
    IFLR Asia Awards 2016
  • Emirates ECA-backed US$913 million sukuk
    Government of Malaysia US$1.5 billion sukuk
    Euromoney Awards for Innovation in Islamic Finance 2016

Financial Markets Toolkit

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