Consultant, Shepherd and Wedderburn LLP; Advisory Board Member, The Islamic Finance Council UK (IFC)
Graham structured and documented the first (and so far as we are aware only) Shariah-compliant mortgage products operating under Scots law. In 2013 he also carried through the first purely Islamic commercial property financing in Scotland. Graham was also involved in consultations with HM Treasury in relation to the impact of stamp duty on Islamic mortgages which culminated in the enactment of provisions in the Finance Act 2005 to create a tax neutral environment for Scotland in parallel to that which already existed in relation to English mortgages. His highlights include:
- Developed the first Scottish Islamic mortgage for United National Bank plc using a Shariah-compliant diminishing Musharakah structure.
- Structured the “Home Purchase Plan Scotland” for the Islamic Bank of Britain plc (now Al Rayan Bank) based on trust and co-ownership principles in order to overcome Scottish statutory restrictions on leasing.
- Refinancing of educational premises in Glasgow on behalf of the Islamic Bank of Britain plc – first fully Shariah compliant commercial real estate financing in Scotland.
- Acted for a German bank in refinancing the £50m+ acquisition of an aerospace site using both conventional and Murabaha financing techniques.