Global law firm Norton Rose Fulbright has been named ‘ESG/Green/SRI Law Firm of the Year 2022’ by Islamic Finance News (IFN) for its pro bono advice to charity partner Save the Children UK on a new fundraising policy that will enable it to receive Zakat.
The IFN Law Awards 2022, which received submissions from around the globe, honours law firms for their work in Islamic finance. This award recognises an area of increasing focus for Norton Rose Fulbright and follows previous awards for its work on the world’s first sovereign green sukuk for the Government of Indonesia, and the world’s first Humanitarian Impact Bond for the International Committee of the Red Cross.
This new fundraising policy will allow Muslim philanthropists to give their Zakat and donate their Sadaqah in a Shariah compliant way, to help children stay safe, healthy and keep learning, throughout the Muslim-majority countries in which Save the Children operates.
Zakat, the third pillar of Islam, requires Muslims to give a percentage of their qualifying wealth each year in aid of Zakat-eligible communities who need it for specific causes.
The legal services provided in advising on the Zakat fundraising policy are part of a series of pro bono projects the firm is collaborating with Save the Children UK on, as part of a three-year strategic partnership with the charity.
Norton Rose Fulbright global chair Farmida Bi CBE, who led the team advising Save the Children UK, commented:
“We are delighted to receive this award from IFN. This was a hugely significant project, which will enable Save the Children to receive vital Islamic donations that will be used to help disadvantaged children throughout the region. We look forward to continuing our work with Save the Children to support this important cause.”
The Norton Rose Fulbright team also included counsel Andrew Coote, counsel Mark Brighouse and trainee Matt Dixon-Ward from the firm’s London office; partner Robin Balmer, partner David Johnston, trainee Najma Ahmad, trainee Sara Al-Hamlawi and senior paralegal Abdullah Al-Faifi from its Riyadh office; and counsel Shabnam Karim and associate Mustafa Aljundi from its Dubai office.
With more than 30 years of experience in Islamic finance law, Norton Rose Fulbright’s lawyers have a wealth of knowledge across a range of Shariah-compliant structures, including market-leading experience in Sukuk transactions, Murabaha, Istisna’a, Ijara and Musharakah financings and Takaful deals.