Demand for Sharia-compliant finance and an increasing alignment between Islamic finance and the global ethical finance movement has led to unprecedented and accelerating growth within the sector. This is evidenced not only by the Islamic finance market’s size, but also by the growing number of Islamic finance providers beyond banks, and the increasing diversity of products and services. Sharia-compliant funds and takaful (Islamic insurance) have emerged as substantial markets in their own right. Technology has played its part in that evolution and with the exponential growth of artificial intelligence (AI) has come increasing awareness of the ethics of finance.

Today, Islamic finance attracts sovereigns, financial institutions, multinationals, corporates and customers across the retail spectrum who are looking to access Islamic liquidity across sukuk (Islamic bonds), corporate, retail, acquisition, funds, development and project financings.

This third edition features fully updated, insightful chapters by leading Islamic finance practitioners and analyses market trends, key developments and structures for sukuk, syndications, funds, takaful, project financing and Islamic liquidity management. New to this edition are chapters on fintechs, AI ethics and derivatives.

Islamic Finance: A Practical Guide makes essential reading for anyone already engaged in Islamic financing transactions as well as those interested in gaining an understanding of the Islamic finance market and the structures underpinning the world’s fastest-growing finance sector.

Michel Abi Saab
Senior associate, A&O Shearman
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Michel Abi Saab is a senior associate in the global financial markets (GFM) group at A&O Shearman, London. He advises on OTC derivatives transactions, conventional and Islamic structured products, and netting and financial collateral regulation. In particular, Michel has advised a number of financial institutions and corporates on Sharia-compliant structures based on ISDA/IIFM product-specific terms, as well as on bespoke Islamic repos and securities lending transactions.
Prior to joining the GFM group in London, Michel gained experience in banking and finance as an associate at A&O Shearman, Dubai. He is fluent in both Arabic and French.

Shibeer Ahmed
Shareholder, Greenberg Traurig
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Shibeer Ahmed is a shareholder in Greenberg Traurig. He has over 30 years’ experience of structuring and advising on Islamic and conventional banking and project finance transactions. He has extensive experience of advising project sponsors, commercial banks, export credit agencies, development finance institutions and procurers on (conventional and renewable) power, petrochemical, transport and social infrastructure (including private–public partnership) projects in the EMEA region.

Rahail Ali
Global head of Islamic finance, Hogan Lovells
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Rahail Ali is the global head of Islamic finance at Hogan Lovells and is based in their Dubai office. He is a world-renowned expert on Islamic finance, reflected in numerous accreditations from leading industry bodies and journals. Chambers describes him as “a standout lawyer. He’s very respected and technically excellent” and notes that he has “a fantastic market reputation; clients know they have a market leader when he is on their side”. He has worked on many of the most innovative and high-value Islamic finance transactions closed to date.
In addition to authoring numerous publications, Rahail is the consulting editor of Sukuk and Islamic Capital Markets (Globe Law and Business) and has authored many leading thought pieces. He has been listed in The World Muslim 100 Power List for his influence and contributions to Islamic banking and finance.

Omar Fisher
Takaful expert, business builder and educator
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Dr Omar Fisher is a dynamic and resourceful business builder and educator with more than four decades of experience in the Islamic financial services industry on three continents. He has delivered numerous presentations at Islamic banking and takaful conferences across the world since 1980.
Omar is author of several books: Takaful Training Manual (1997); What is Takaful? (2004); The Takaful Primer (distributed by Thomson Reuters at the 2013 World Takaful Summit in Dubai); Becoming a Conscious Leader – Gateway to the Fifth Dimension (Xlibris, 2022); Guide to Islamic Wealth-building (2005); and Conscious Wealth – A 30-day Blueprint for Financial Freedom (2022). Omar is co-founder of three takaful companies – in the United States, Saudi Arabia and Bahrain – an Islamic investment bank and six other financial startups. He is currently developing a series of publications on conscious leadership, human capital and spiritual intelligence in the workplace for enhanced productivity and personal fulfilment.

Muhammad Ali Hashmi
Managing director, Semantic Blue
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Muhammad Ali Hashmi, an MIT alumnus, is a technology leader with expertise in AI and the broader technology field. As a thought leader, Ali has delivered talks on AI and technology at venues and events across the world including Harvard, the World Government Summit and The Economist Corporate Club. He also served as technology director at Deloitte, leading AI and public sector digital transformations across the GCC.
Ali was a McCormick fellow at Northwestern, Chicago, and a Knight fellow at the Boston Globe. He has also held research roles at Harvard Law School and the MIT Media Lab, and has advised organisations across the private, public and nonprofit sectors.
Recognised for his expertise in developing strategic and impactful technology solutions, Ali has managed high-performing teams across the United States, Canada and the Middle East. He actively engages with the AI startup community and is a sought-after consultant in the technology and telecom sectors. He maintains academic affiliations and contributes to AI research across various disciplines, including neuroscience and law.

Mustafa Kamal
Counsel, Zarei & Hamdan Law Firm
[email protected]

Mustafa Kamal has advised some of the world’s largest corporations, financial institutions and governmental bodies on a wide range of areas including complex Islamic banking and finance, corporate and commercial matters, regulatory compliance, and governance issues. He has structured, negotiated and documented Islamic finance, corporate/commercial transactions, DCM transactions and project financings.
Mustafa is actively involved in capacity building for the global Islamic finance industry through his participation in the drafting of model Islamic commercial codes in collaboration with leading Sharia scholars.
He has a special interest in fintechs and has advised a wide range of companies in the sector on structuring, licensing and regulatory issues, and Sharia-compliant structures.
Mustafa holds a Juris Doctor from the University of Maryland School of Law and is licensed in Maryland, USA. In law school, he was awarded the Dr Martin Luther King Diversity Recognition Award by the University of Maryland, Baltimore.
Michael Kortbawi
Senior partner, BSA Ahmad Bin Hezeem & Associates LLP
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Michael Kortbawi a senior partner in BSA Ahmad Bin Hezeem & Associates’ (BSA Law) corporate and M&A practice, based in BSA Law’s DIFC office in Dubai. He focuses on corporate and regulatory advice in relation to all aspects of corporate and finance law including cross-border financing, real estate finance, and transactions involving financial institutions and insurance companies. He leads the firm’s bankruptcy, insolvency and restructuring practice.
Michael is an expert in financial restructuring, leading the team in several large restructuring matters over the past three years, including one of the largest restructuring exercises in the Middle East. Also leading the firm’s banking and finance function, he oversees the majority of the firm’s banking matters, particularly in corporate restructuring.
Michael has extensive experience in the Middle East, with over 18 years’ experience practising in the United Arab Emirates. He has successfully spearheaded the organic growth of BSA into the six countries in which it now operates. His diverse array of key clients includes Halliburton, ADCB, Emirates NBD, Mashreq Bank, CIMIC Group, JBF Industries and Banijay Group.
Michael and his team are known for providing valuable and practical knowledge of the law delivered to international standards.

Kamal MA Mian
CEO, Fast Cables Limited
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Kamal MA Mian has 30 years’ experience in corporate law, Islamic investment banking and the manufacturing sectors of Pakistan and the GCC. Kamal holds an LLM from Harvard Law School, specialising in corporate law. He has published several articles in international journals and is a speaker at local and international forums.

Rima Mrad
Partner, BSA Ahmad Bin Hezeem & Associates LLP
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Rima Mrad is a partner in BSA Ahmad Bin Hezeem & Associates’ (BSA Law) corporate and M&A practice. Her core expertise includes advising public and private clients, and financial institutions, on general corporate and commercial matters including mergers and acquisitions, commercial agencies, antitrust and competition law, restructuring, and general and compliance regulations. She has also advised and assisted international clients in developing their businesses throughout the GCC.
Rima has been appointed on several occasions to assist government agencies and departments to work on gap analysis projects, advising on improving regulations in line with best practice. Her experience in relation to drafting laws and regulations is frequently commended and much sought after.
Rima was recognised as a leading woman in the legal industry and selected to be the face of Executive Women magazine. She has twice been selected as one of the 10 most influential women lawyers in the GCC, and has been listed by Financial News among the 50 most influential women in Middle East finance.
Rima is an active lawyer and a leading promoter of major pro bono events across the jurisdictions in which she practises, including organising the annual BSA legal clinic. She is also a regular contributor to articles and legal guides. She contributed to the previous edition of this guide and co-authored Insurance and Reinsurance in the MENA Region: A Legal and Regulatory Guide (2013), also published by Globe Law and Business.

Abdullah Qureshi
Associate, Hourani & Partners
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Abdullah Qureshi is a US-qualified associate at Hourani & Partners with a degree in law from the Georgetown University Law Center and a degree in Islamic law and theology from Zaytuna College. His expertise spans corporate, commercial, estate and succession planning, and regulatory matters across the United Arab Emirates, the Kingdom of Saudi Arabia and the United States, with a special focus on Islamic law and Sharia compliance in these areas.
Abdullah has advised on numerous financial transactions, both Islamic and conventional, with companies and fintechs around the world from large multinational corporations and banks to small startups. He also works closely with leading Sharia scholars on matters of Islamic finance and estate planning.


Imtiaz Shah
Partner, Hogan Lovells
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Imtiaz Shah is a corporate and commercial lawyer who has been based in the Middle East for over 25 years, advising clients on complex commercial and regulatory issues, and closing hundreds of deals across the region.
In addition to M&A, he has a focus on investment funds and is a leading name in advising on all Sharia aspects of investment funds. Imtiaz advises extensively on Sharia fund formation, adding Sharia tranches to conventional funds, and advising Sharia investors in both conventional and Sharia fund structures.
He has worked on funds established in the DIFC, ADGM, Saudi Arabia, Bahrain and the Cayman Islands. He regularly works with fund managers, investors, Sharia scholars and finance providers to successfully integrate Shariacompliant investments into a wide variety of funds across various sectors.

Daniel Smith
Senior associate, A&O Shearman
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Daniel Smith is a senior associate in the London office of A&O Shearman. He is a derivatives specialist and advises on all asset classes, in addition to commodity financing, repo financing and securities lending products.
Dan has particular expertise in Islamic derivative and repo transactions, and has advised regulators and industry bodies on the drafting of derivatives regulations in GCC countries and the development of industry standard documentation such as the double wa’ad master agreement for the sale and purchase of securities. Dan regularly advises institutions on the development of novel structures and documentation for bespoke Islamic derivatives products, and his practice covers ISDA/IIFM documentation, Islamic structured certificate programmes and repo transactions using double wa’ad and collateralised murabaha arrangements.
He regularly presents at conferences in London and the Middle East.

Rahail Ali