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13.3.10

Islamic finance: when will an English court consider Shari'a compliance?

Islamic finance: when will an English court consider Shari'a compliance?
Clifford Chance LLP
Qudeer Latif, Debashis Dey, Leonard Cleland, Graham Lovett, James Abbott and Paul McViety
March 2010

"As the global economic slowdown continues and more debt defaults materialise, it is inevitable that the litigation of Islamic financing structures will become increasingly common - notably in the English courts, as English law governs a significant number of cross-border Islamic finance arrangements. Stakeholders in the Islamic finance industry will be focusing closely on the outcome of these disputes, as they look to ensure that their products remain sufficiently robust when faced with a period of continued economic uncertainty.

This briefing considers the recent TID / Blom litigation and how this should be distinguished from the Shamil Bank litigation."

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