Alsters Kelley is providing legal advice in support of Sharia-compliant financing, based on Islamic laws which forbid charging or receiving interest on money.

Nadeem Yousef, from Alsters Kelley, says this type of finance is becoming increasingly popular.

He said: “The British Treasury approved Sharia-compliant financial products such as mortgages and investments a couple of years ago and Islamic banking has been on the rise ever since.

“Recently, a growing number of non-Muslims have also been turning to Islamic banking because customers made wary by the chaos in the Western banking system see this sector as being largely insulated from the credit crisis.

“In the past, many of our clients have faced the difficulty of raising finance – usually for the purchase of a property or business venture – in a way that is compliant with Sharia law. That’s why we have set up a department to deal specifically with these requirements.

“The Midlands, with its multicultural population and strong ties with emerging markets in India and China, can be a real champion of this type of finance.

“But it’s critical that there is a full and proper understanding of how Sharia finance works. Specialist legal advice is a fundamental part of that and we believe we can help meet our clients’ needs in a way they find ethically acceptable as well as financially prudent.”