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Interlaw Firms Collaborate on Ahli United Bank (UK)’s Landmark Conversion to Become Fully Sharia-compliant
Interlaw firms Trowers & Hamlins and Morton Fraser MacRoberts LLP have advised Ahli United Bank (UK) on its conversion from a conventional bank to a fully compliant Islamic bank, the conversion being the first of its kind in the UK banking industry.
The team advised on all aspects of the conversion process from advice on the options available to the bank to achieve the goal of becoming an Islamic bank through to the review and update of existing Shariah compliant products.
The Trowers team was led by partners Simon Valner, Helen Fysh and Katharine Lewis from the banking and finance team. There was wider involvement in the transaction from the real estate, corporate, dispute resolution and litigation and tax teams in the UK as well as assistance from colleagues in Trowers' Oman and Kuala Lumpur offices.
John Lunn at Morton Fraser MacRoberts LLP assisted on AUBUK's customer communications strategy, compliance with the FCA's Consumer Duty and financial services regulatory matters.
Helen Fysh commented:
"We are delighted to have advised Ahli United Bank (UK) on its groundbreaking, market-leading conversion to a fully Shariah compliant institution. This landmark transformation underscores our commitment to innovation in Islamic finance, guiding the bank through the entire process from strategic planning to advising on both existing and new Shariah compliant products. This successful conversion sets a new standard in the UK banking sector and reinforces our role as a leader in Islamic finance advisory services."
