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Trowers & Hamlins advise on Islamic financing of property purchase

Trowers & Hamlins advise on Islamic financing of property purchase

Trowers & Hamlins advise on the refinancing of the acquisition of Grosvenor House Apartments

The Shari'ah compliant financing was provided by Lloyds TSB Bank plc through a revolving murabaha facility which involved a series of commodity based murabaha contracts. The facility was structured so as to fall within the alternative finance arrangements contained in the Finance Act 2005 which are designed to facilitate Islamic finance in the UK. This is one of the first murabaha contracts which have been used to finance a large property purchase since these arrangements were implemented and therefore lays the foundations for structuring future Shari'ah compliant property financings.