Newsletter #26 – Samar Ali – Shariah Compliant Finance Specialist

Note please – a correction to Newsletter #16 and 23 – reference was made to Dr. Subhi Ali’s donation of $500 to the Obama Victory Fund.  The 2008 donation to Obama was actually made by Samar Ali.

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Samar Ali, associate in Hogan & Hartson’s Abu Dhabi office, says: ‘Situations that pose problems for Islamic real estate finance transactions includes cases where a hotel sells alcohol and/or where rooms contain mini-bars and where warehouses store pork and/or alcohol.  Complications can also arise where the Islamic bank or financier’s customer is not only acquiring real estate but is also acquiring a going concern business carried on from such real estate and would require the business to be Sharia compliant.’”

Ali says several structures are used in Sharia-compliant property financing transactions, including ljara, ljara Wa lgtina, lstisna’a, Diminishing Musharaka and Murabaha.”

Ali says the UAE has helped revive Islamic finance in the modern era. Through Law No 6 of 1985, Islamic financial institutions are defined as companies whose articles and memorandum of association include an obligation to apply the Sharia law and whose operations must be conducted pursuant to Sharia law.”

International Bar News “Weathering the Storm”, Islamic Finance Section (International Bar Association), April 2010.

So far, the Global Islamic Finance Magazine, the 5th and 6th World Islamic Economic Forums, the White House, Hogan Lovells, Duke University Law School and the International Bar Association’s Islamic Finance Section all acknowledge or highlight Samar Ali’s legal expertise in Shariah Compliant Finance.

The Governor’s constituent letter stated that , “Samar’s job with the Department of Economic and Community Development is to help Tennessee businesses expand their markets to sell Tennessee products around the world.”  Are the Tennessee Pork Producers and the Jack Daniel’s Distillery part of this plan?

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