ARCHIVED: This Practice Note has been archived and is not maintained. This Practice Note is part one of a series of two and introduces some of the issues that should be considered when setting up a Shari'ah compliant investment fund. It explains some key concepts in Shari'ah finance, including the principles of Shari'ah law, fund structures, the process of purification, the concept of riba or interest and the basic finance techniques and fund types which are commonly utilised in Shari’ah compliant investments. What is Shari'ah law? Shari'ah is a set of Islamic principles adhered to by Muslims, and is derived from the central religious text of Islam, including the holy Qùran. Shari'ah law governs nearly all aspects of Muslim life, including placing certain restrictions on the types of finance and investments available within Muslim countries. Investments that are considered unfair or unethical under Shari'ah law, ie investments where the burden of risk is carried by only one party, are therefore prohibited. The guiding principles of Shari'ah have precluded

Sharia or Islamic law presents a legal system that is based on the religion of Islam. Sharia in Arabic means the clear path to water, in the legal context it can be suggested that it prescribes the right path for individuals in order to live their lives in a fulfilling and beneficial manner.

The distribution of an estate under Islamic law can be quite complex, and this flowchart sets out both the main steps to be undertaken on death and the beneficiaries that are entitled to take. It does

Arbitration analysis: In a dispute over OneCoin cryptocurrency, a UAE court (Ras Al-Khaimah Primary Court) ordered the invalidation and rescindment of a cryptocurrency sale contract on the basis that the cryptocurrency transacted (OneCoin) was not a recognised currency or commodity in violation of Shariah rules and the Civil Transactions Law. Mahmoud Abuwasel, managing partner at Wasel & Wasel examines the decision.

The case Martin-Dye v Martin-Dye is leading authority for the principle that it is not appropriate for the court to deal with pensions in payment as capital; they should rather be dealt with by way of a pension sharing order.

'Possession' and 'occupation' are not interchangeable expressions. A covenant in a lease that forbids parting with possession is not broken by a tenant who, in law, retains possession, even though the tenant allows another to use and occupy the premises. Possession Possession includes the right to receive rents and income from a property. There is no parting with possession by a tenant unless the person allowed into occupation by the tenant has the right to exclude all others, including the tenant, from the premises. Thus, in Reiner v Triplark, a tenant parted with possession by assigning the lease, even though the assignment had not been registered at HM Land Registry and so the legal title remained vested in the tenant. The assignee had taken control of the premises and had the right to exclude all others from the premises. In the case of a prohibition on sharing possession, possession is interpreted in the same strict way and does not include, and therefore does not prevent, sharing occupation. A covenant against sharing possession prevents

Islamic law (literally the clear path to water).

A supervisory board or committee comprised of several Shari’ah scholars with expertise in finance and Islamic commercial jurisprudence that reviews proposed financing structures and documentation in detail and issues fatwa in respect of the Shari’ah compliance of those structures and related documentation. Most Islamic financial institutions have their own Shari’ah board, as increasingly do many corporate vehicles. Islamic investors, whether financial institutions, sophisticated investors or individuals, rely heavily on the involvement of Shari’ah boards in the structuring, documentation and approval of transactions and financial products.

An investigative Panel led by Lord Sharman commissioned in the aftermath of the financial crisis (March 2011) to identify lessons for companies and auditors addressing going concern and liquidity risks and recommend any necessary improvements to the existing reporting regime and guidance for companies and auditors in relation to these matters.

Law360, London: NCSC said on 28 October 2025 that it has handled an average of four 'nationally significant' cyberattacks every week in 2025, more than double the number in the previous 12 months.

A measure of risk-adjusted return: the average additional return per unit of risk. Specifically, it is the ratio of the average performance relative to the risk-free asset (usually cash) to the volatility of return relative to the risk-free asset.

In recent weeks two concessions which allowed leave to enter outside the Rules to be granted to sheep shearers and offshore well boat workers, according to criteria set out in published guidance, have been marked as ‘withdrawn’ on GOV.UK. Now, new text states that each concession has been closed and instead replaced by a ‘temporary visa concession’. In each case, potential applicants are instructed to contact the Home Office by email to worker.concessions@homeoffice.gov.uk for details on eligibility and how to apply. The withdrawal notices are dated 12 March 2026 for the sheep shearer concession and 1 April 2026 for the well boat worker concession. The sheep shearer concession, which had been a seasonal route running between April and June each year for non-visa nationals, had been stated to be open to 30 June 2025, so it would appear that the concession has been extended for another year, but now with the requirement to obtain prior entry clearance. The well boat worker concession had been open to 8 February 2029, and provided for leave to enter to be granted for non-visa nationals, and entry clearance for visa nationals. It would appear that all applicants under this concession will need to apply for entry clearance.