About

IDRAK means ‘perception,’ ‘awareness,’ ‘consciousness’ and ‘discernment.’

IDRAK Ltd is a purveyor of knowledge and understanding. Its ambit is finance and banking that comports with Islamic commercial law and the broader principles of humility, honesty and fair-dealing exemplified by it.

The mission of IDRAK is to cause the scattered wisdom, reasoning and insights of this nascent enterprise to coalesce into a single source.

A source from which these accomplishments may be mined and refined — by professionals, specialists and those seeking to better conform their economic lives with their deeply held beliefs.

IDRAK serves global Islamic banking and financial services and the organisations, governments and institutions either working towards or already offering these.

IDRAK Ltd acquired the UK Islamic Finance Law webpage and blog, which was founded in April 2014. IDRAK is headquartered in London and may be contacted here.

cropped-img_4050-e1434690347739.jpg

All photographs and images on this webpage are original, and are the property of IDRAK.

The Director of IDRAK, Scott Morrison, has authored a book titled The Law of Sukuk: Shari’a Compliant Securities (London: Sweet and Maxwell, 2017)

img_3847-e1495965804129

From Sweet and Maxwell’s promotional page:

This book is the first authoritative guide to Sukuk, or shari’a-compliant securities. The book offers clear guidance for legal and finance professionals on the sale, purchase, origination and issuance of sukuk, including standard form documents and financial services contracts.

  • Offers guidance to solicitors, barristers and legal and finance professionals on the sale, purchase, origination and issuance of sukuk, the Islamic equivalent of bonds
  • Gives an account of how to run Islamic finance transactions, including standard form documents and shari’a-compliant financial services contracts
  • Explains the meaning of sukuk, both modern and pre-modern, and compares bonds and sukuk
  • Provides an up-to-date treatment of the legal, regulatory, and policy issues pertinent to shari’a-compliant securities specifically in the UK and the utility of passporting to the European Economic Area
  • Explains English case law and statute on banking and company law as pertinent to the principles and practices of Islamic financial law
  • Authored by a leading English lawyer with experience of financial services in a shari’a compliant context
  • Sets out the steps to floating a sukuk on the LSE and includes the forms with which to do so, together with procedural and documentary timetables for sukuk and for listing on the LSE
  • Contains UK and international case studies of notable sukuk issuances and structures, to highlight issues of disclosure, liability, and insolvency or default specific to the sale of sukuk
  • Analyses the state of the art regarding benchmarks, rating and accounting for sukuk; offers some conjectural observations on the impact of Brexit upon Islamic finance in the UK and abroad
  • Explains and categorises nominate shari’a-compliant contract types; sets out the required document lists
  • Analyses the use of corporate service providers and offshore trusts and financial service centres
  • Analyses securitisation, asset backing and Islamic finance
  • Contains a glossary and explanation of Arabic terms pertinent to sukuk and classical Islamic commercial law
  • Sets out international hard and soft law on sukuk
  • Advises on and provides precedent language for sukuk prospectuses
  • Takes into account the usufruct and tangible property requirements
  • Presents alternative to litigation for sukuk: Islamic Dispute Resolution
  • Considers the costs and provides a cost-benefit analysis of sukuk
  • Covers corporate governance and Islamic banking and finance reviews Islamic securities and deals in the UK
  • Supports investigation of sukuk as a financing option and associated investment and asset classes
  • Identifies areas of legal uncertainty and attendant risk, and its related measurement and management, considering the respective utility and function of shari’a compliant and conventional instruments
  • Sets out analysis of completed or prospective deals in Islamic securities
  • Analyses and categorises nominate shari’a-compliant contract types