Sharia Bank Sues As £7.3M Islamic Finance Deal Sours

Law360, London (February 23, 2018, 4:42 PM GMT) -- A Sharia-compliant bank based in the U.K. has launched legal proceedings against a leisure company that it claims reneged on the terms of a deal worth £7.3 million ($10.2 million) to finance the purchase of a 40-meter yacht, according to new court filings.

The Bank of London and the Middle East PLC has filed a claim against Partners International Leisure Ltd., saying that the firm owes it £7.6 million in missed deferred payments and other costs under the terms of a mudarabah, an Islamic contract that the bank...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.