Financial institution whose constitutional documents and operations comply with Shari’ah (in addition to applicable jurisdictional laws and regulations) and which offers only Shari’ah compliant financial products.

International standard-setting body of regulatory and supervisory agencies that have a interest'>vested interest in ensuring the soundness and stability of the Islamic financial services industry, defined broadly to include banking, capital market and insurance. Established in 2002 in Kuala Lumpur, Malaysia by the central banks of Bahrain, Iran, Kuwait, Malaysia, Pakistan, Saudi Arabia, Sudan along with AAOIFI, the Islamic Development Bank, and the International Monetary Fund, the IFSB promotes the development of a prudent and transparent Islamic financial services industry through introducing new, or adapting existing, international standards consistent with Shari'ah principles and recommending them for adoption by its members. To this end, the work of the IFSB complements that of the Basel Committee on Banking Supervision, International Organisation of Securities Commissions and the International Association of Insurance Supervisors.

Acronym used in reference to the Islamic financial services industry.

Two-thirds of a deceased person's property must be distributed as per the Islamic inheritance law mentioned in the Quran. Primary heirs or Quranic shareholders (Ashabul-Furud) are the first class among various classes of shareholders. There are some shareholders in this class which can never be totally excluded from inheritance as long as there is no impediment preventing them from inheriting their share. There are some shareholders who can be partially excluded which means they have their share reduced due to the presence of other shareholders. Primary heirs are: • Father • Paternal grandfather • Husband • Uterine brother • Mother • Wife • Daughter • Paternal granddaughter • Maternal and paternal grandmother • Full sisters • Agnate sister • Uterine sister There are three groups which include parents, spouses and children who will always inherit and can never be blocked or excluded if they are present. For example, sister of the deceased will not inherit if father and sons of the deceased are present and a grandfather will not inherit

Islamic real estate finance is becoming ever more popular and increasingly mainstream in the UK and world property markets. Global assets of Islamic finance are estimated to be over US$4.5tn, and the industry is expected to continue to grow with assets forecasted to reach US$6.7trn by 2027. This has been and will continue to be fuelled by economic developments worldwide, with shifting demographic trends, rising income levels and increased investment from the Gulf Co-operation Council which has itself been sparked by strong investment returns in the Halal, infrastructure, and Sukuk sectors. As a result, the UK is well positioned to continue to reap the benefits of this ever-expanding market. In addition, conventional finance institutions are increasingly looking to the Islamic finance markets to supplement conventional equity and debt funding. The purpose of this Practice Note is to explore in some detail the main Islamic real estate finance structures below: • Ijarah • diminishing Musharaka • commodity Murabaha, and • Wakala A review

Islamic inheritance describes, in legal practice, applying Islamic (Sharia) succession principles (farāʾiḍ/faraid) to the distribution of a Muslim deceased’s estate, typically through a Sharia‑compliant will or by recognition of a foreign law. It is not defined in UK or Irish legislation; the term is a descriptive expression.Key features include fixed Qur’anic shares for specified heirs, distribution to residuary heirs (ʿaṣabah), payment of debts and funeral expenses first, and a discretionary bequest (wasiyyah) of up to one‑third. Shares for males and females may differ in certain relationships, and heirs can be excluded by nearer heirs.In England & Wales and Northern Ireland, broad testamentary freedom allows drafting to reflect faraid, but outcomes remain subject to family provision claims (Inheritance (Provision for Family and Dependants) Act 1975; NI Order 1979) and formal validity rules; domestic intestacy does not mirror Sharia. In Scotland, legal rights for a spouse/civil partner and children against moveable estate limit full implementation. In Ireland, the Succession Act 1965 gives a spouse a legal right share (one‑half if no issue, one‑third if issue) and permits children’s provision (s.117), constraining distributions.Conflict-of-laws issues arise: moveable succession generally follows the law of the deceased’s domicile; immovables follow the lex situs. Courts may apply foreign Sharia‑based succession where governing law so provides, subject to mandatory local rules and public policy.

Unit or division of a conventional financial institution whose operations comply with Shari’ah (in addition to applicable jurisdictional laws and regulations) and which offers only Shari’ah compliant financial products.

Brexit impact 11 pm (GMT) on 31 December 2020 marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements came to an end and significant changes began to take effect across the UK’s legal regime. Any changes relevant to this content will be set out below. Upon IP completion day, the European Union (Withdrawal) Act 2018 (EU(W)A 2018) created a new category of domestic UK law—retained EU Law (REUL)—made up of EU-derived rights and legislation that were preserved in the UK following Brexit. On 29 June 2023, the Retained EU Law (Revocation and Reform) Act 2023 (REUL(RR)A 2023) gained Royal Assent. REUL(RR)A 2023 reforms the treatment of REUL by:  • revoking substantial amounts of REUL from 31 December 2023 • re-labelling REUL as ‘assimilated law’ from 1 January 2024 • creating new powers in relation to assimilated law The re-categorisation of REUL (and associated terms) to assimilated law

Private Client analysis: In C v D and others, the High Court of the Isle of Man confirmed that a trustee’s decision to retain funds against a contingent tax liability could be blessed under the Public Trustee v Cooper jurisdiction. The court held that a trustee’s right of retention constitutes a power capable of blessing, that the correct test for risk is whether it is ‘more than merely fanciful’, and that conflicting evidence on tax residence justified the retention. The decision provides important clarification on the scope of blessing applications, the nature of retention rights, and the evidential threshold for contingent liabilities.

Law360: The Isle of Man's planned implementation of parts of the Organisation for Economic Cooperation and Development's (OECD) global corporate minimum tax on large multinational entities could generate as much as €35m for the jurisdiction annually, its Treasury said on 15 October 2024.

For general information on the Isle of Man, see Practice Note: Private Client jurisdictional guide—Isle of Man. For information on foundations, including their UK tax treatment, see the Foundations subtopic. Legal framework Foundations in the Isle of Man are creatures of statute, having been introduced into Manx law by the Foundations Act 2011 (Foundations Act). A Manx foundation has its own separate legal personality, although, unlike a company, it does not have shareholders. It holds assets in its own name in order to further the objects of the foundation. These objects may be persons, purposes (charitable or non-charitable) or a combination of both, provided that they are certain, reasonable and possible and not unlawful, contrary to public policy or immoral. The foundation operates in accordance with a constitution comprising two principal documents: the foundation instrument and the rules of the foundation. It is capable of exercising all the rights, powers and privileges of an individual provided that it may not directly engage in commercial trading that is not incidental

Note—to see whether notification thresholds in the Isle of Man and throughout the world are met, see further: Where to Notify. 1. Have there been recent developments regarding the Isle of Man merger control regime? What are the main points of interest and are any further updates/developments expected? Are there any other ‘hot’ merger control issues in the Isle of Man? The Competition Act 2021 (Act 2021) introduced a merger control regime in the Isle of Man law for the first time. While the Act 2021 has been brought into force, drafts of certain key pieces of secondary legislation under it (relating to matters such as the notification thresholds, etc) were rejected by the local legislature in January 2025, so the thresholds for notification are not yet known. Pursuant to the Transfer of Competition Functions (OFT to CURA) Order 2025, the regulatory body responsible for policing the Act 2021—including merger control matters—changed from the Office of Fair Trading to the Communications and Utilities Regulatory Authority (CURA) in the spring of 2025. However, a general