Published: July 16, 2010
Western law firms eyeing Islamic finance must do more than dabble to succeed in a competitive market, reports Mark Dunne.
Where bankers lead, lawyers will surely follow. Just as the rise of Islamic finance has seen international institutions rush to boost their business in the Middle East, now legal firms too are eager to tap into a market expected to grow by as much as 20% annually. In recent years, 20 firms from the UK alone have opened offices in the Gulf offering advice that complies with Islamic law, or shariah, according to legal publisher Chambers & Partners.