Islamic finance
The term ‘Islamic finance’ refers to a system of banking that is consistent with sharia law. In particular, interest is prohibited, as is investing in businesses considered unlawful, such as those which trade in pork or alcohol. Although Islamic finance was initially important predominantly to commercial firms with interests in the oil-rich countries of the Middle East, it is now a practice area in every major international firm. Banks, financial institutions, sovereigns and corporates worldwide still take a great interest in traditional Islamic financemarkets such as Malaysia, the United Arab Emirates and Saudi Arabia, but there are also significant Islamic financial centres in London, Hong Kong and Singapore. This, combined with the growth of Islamic finance throughout Asia and Africa, is leading to an increased need for lawyers who understand Islamic finance. The son of a Kashmiri immigrant to the United Kingdom, Mohammed Saqub was raised among humble surroundings in Birmingham. He didn’t really know what he wanted to do after sixth form, but at the back of his mind was the idea that he’d like to go to Cambridge. Law was really an afterthought: “I went to university without any real experience; all I knew about the law was from movies like My Cousin Vinny and The Firm .” But it proved no barrier and Mohammed was the first of his family to graduate from university. Work experience After completing his law degree, he returned home to Birmingham, “partly because that’s where I’m from, and partly to continue to help care for my brother.” Looking back, Mohammed realises that although he had been his brother’s carer from a young age, it was when he returned from university to care for him during this second phase that he really began to find himself. “I considered myself fortunate that I was in a position to care, as it gave me purpose – having purpose has been at the centre of my approach to
law. On returning to Birmingham, I was unemployed and found myself at the job centre – I didn’t really know what else to do. I knew I had to apply for vacation placements, but I was behind the curve. I went to a few interviews and, looking back, my answers were so off the mark, I had next to no commercial understanding.” Not allowing that to hold him back though, Mohammed took a year out to get some work experience “so I could learn to be more polished – something they didn’t really teach me at school.” Taking control of a law career Mohammed’s newly gained office experience proved invaluable. He went to the College (now University) of Law and applied for a training contract and was offered a place at Davies & Partners with admission for the same year. “That was how I started my legal career, with that training contract – and I remember using LawCareers.Net for all my many applications.” Once the training contract was completed, Mohammed went to work for Gowling. “I really enjoyed the experience, but I found it very difficult being a full-time carer along with long office hours. My brother required support during the night and it really had an impact on how I functioned the following day.” The firm was very good about his personal circumstances and offered Mohammed the opportunity to take time out or work part time, but he chose instead to move to Shakespeare Martineau on a four-day basis with shorter working hours, so that he could continue to care for his brother. “To be honest, I found part- time working a bit of a struggle. Now that I am an employer myself, I recognise the struggle in others and relate to those on part-time working patterns with responsibilities outside work.” Mohammed inevitably ended up working on his day off, but it gave him time to think about what it was that he wanted to do with his career. “I amMuslim and I had some difficulties being involved in certain transactions, for example,
For more firms that work in this practice area, please use the “Training contract regional indexes” starting on p205.
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