Foot Anstey advise on first Peer2Peer Islamic Finance fintech deal in the UK
BY Youness ABidou - 2021-12-09
National law firm, Foot Anstey LLP, which has offices located in Bristol, Exeter, London, Plymouth, Southampton, Taunton and Truro, has advised London-based fintech start-up Nester Holdings Ltd on, what is believed to be, the first UK Peer2Peer Islamic Finance fintech deal worth £431,000, followed recently by a second deal worth £225,000.
Imam Qazi, Partner, and Leena Payyappilly, Associate, in Foot Anstey's Islamic Finance team advised on all legal aspects of the deal. This included drafting the Murabaha* and legal security contracts, as well as acting on behalf of Nester's stakeholders throughout the deal to completion to ensure a smooth transaction.
Since its inception in 2018, Nester's mission has been to supply financial products that are available to all through transparent communication, which ensures risk and reward are explained in a way everyone understands. It not only supports investments but also enables individuals to act as lenders to investors and earn a return on secured investments. Nester has strived to equip property developers, and those who wish to invest in property, with the empowerment, knowledge and clarity needed to make solid investments.
Youness Abidou, Founder and CEO at Nester commented on the completion of the deal: "Imam and Leena at Foot Anstey have been integral to helping us take Nester from conception to launch, and now to continuing to deliver solutions with inclusivity as a shared core value."
Imam Qazi, Partner at Foot Anstey said: "Nester is a pioneer in its field and what Youness Abidou and Mohammed Paracha are doing is unique. It was our pleasure to support the first fintech Islamic Finance Peer2Peer deal in the UK. This type of deal signifies a growing appetite in the UK market for Islamic Finance."
James Grice – firstname.lastname@example.org or +44 117 9154982
Matt Samuel – email@example.com or +44 117 9154998
Notes to editors
About Foot Anstey Foot Anstey is one of the UK's fastest growing law firms. Over our history we've grown from a high-street firm to a significant regional and national player working with leading brands and individuals predominantly across six key sectors: Developers, Energy & Infrastructure, Islamic Finance, Private Equity, Private Wealth, Retail & Consumer. We operate from seven bases: Bristol, Exeter, London, Plymouth, Southampton, Taunton and Truro.
We care about contributing to the communities where we live and work and the Foot Anstey Foundation provides grants to local grassroots organisations.
*Murabaha is a common method of finance in Islamic banking and is a deferred sale of goods at cost plus an agreed profit mark up under which the seller purchases goods at cost price from a supplier and sells the goods to the buyer at cost price plus an agreed mark-up.
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