Islamic finance

Our comprehensive legal services for Shariah-compliant financial transactions allow us to advise clients across various sectors, including banking, project finance and capital markets. We specialise in sukuk issuances and conversions to Islamic banking models.

With offices in the key hubs of the UK, the Middle East and Malaysia, we have been advising investors on the structuring and financing of Shari’ah compliant investments across all asset classes for 25 years. Our clients include issuers and financiers, privately owned and publicly listed corporations, government entities, family offices, private equity firms and Islamic finance institutions.

We have always styled our Islamic finance practice as offering a wide range of services, drawn from a broad skill base, addressing the different needs of actors within the Islamic finance industry. We do more than just structure and process Islamic finance deals. We advise regulators such as central banks on regulatory issues, notably working closely with the Central Bank of Oman and Bank Nizwa in setting up both the regulatory environment and helping establish the first ever Islamic bank in Oman. We advise Islamic financial institutions on product development, processes and documentation, both retail and commercial. We advise on corporate governance and corporate set up. We have advised on conversions from conventional to Islamic and on numerous corporate finance/M&A deals. We feel that we support all parts of the industry from a holistic point of view. We consider that it is important that a firm and a team can bring together and understand all the elements that make up the industry. Real estate is a core part of our Islamic finance business. From build to rent and landmark mixed use projects to industrial and retail we advise across investment, development, construction, planning, environment, corporate, tax and dispute resolution. We also set up and subsequently invest on behalf of Islamic real estate funds through the full life-cycle.

We handle complex issues faced by Shari’ah compliant institutions such as financial distress, enforcement actions and internal and regulatory investigations. We have advised on numerous restructurings of distressed obligors and transactions involving significant Shari’ah compliant debtor/creditor issues.

Our thought leadership in Islamic finance means that we are able to contribute significantly to public debate and the development of the legal infrastructure for Shari’ah compliant products.

In brief

  • Dedicated experts in Islamic finance across our offices.
  • Extensive expertise in capital market transactions (sukuk).
  • Extensive expertise in real estate transactions.
  • Hands-on and client focused. Innovative and award-winning.

Islamic finance

Meet the team

OUR CASE STUDIES

Islamic finance work we do for our clients

  • Pioneering Oman's first hybrid Ijara-Wakala Sukuk

    We acted as sole transaction counsel to Energy Development Oman (EDO) on its landmark Sukuk programme and inaugural issuance, designing a first-of-its-kind hybrid Ijara-Wakala structure for Oman. Our cross-border team combined Islamic finance, capital markets and regulatory expertise to deliver an innovative structure supporting EDO's strategic funding ambitions.

    • $2.6bn USDSukuk issuance programme
    • $130m USDInaugural Sukuk issuance
    Pioneering Oman's first hybrid Ijara-Wakala Sukuk
    Pioneering Oman's first hybrid Ijara-Wakala Sukuk
    "Trowers & Hamlins played an important role - together with the EDO and NBO teams - by designing an innovative Sukuk structure that supported investor receptivity, and by preparing a high-quality disclosure document."
    Sultan al Mamari
    CFO, Energy Development Oman

Knowledge Hub

Latest in Islamic finance

Insights
29 October 2025 | Author: Debopam Dutta & Elias Moubarak

UAE's financial system reimagined: demystifying the New Banking Law

A new consolidated banking law being the Federal Decree Law No. 6 of 2025 Regarding the Central Bank, Regulation of Financial Institutions and Activities, and Insurance Business (the New Banking Law) was issued by the President of the United Arab Emirates (the UAE) on 8 September 2025. The New Banking Law was published in the official gazette on 15 September 2025 and has come into effect from 16 September.

Case Studies
07 October 2026 | Energy Development Oman

Pioneering Oman's first hybrid Ijara-Wakala Sukuk

We acted as sole transaction counsel to Energy Development Oman (EDO) on its landmark Sukuk programme and inaugural issuance, designing a first-of-its-kind hybrid Ijara-Wakala structure for Oman. Our cross-border team combined Islamic finance, capital markets and regulatory expertise to deliver an innovative structure supporting EDO's strategic funding ambitions.