Consultant, Shepherd and Wedderburn LLP; Advisory Board Member, The Islamic Finance Council UK (IFC)

Graham Burnside

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.