Jersey Trust Firm Scoops Islamic Finance Prize
Monday, December 12, 2011

Volaw, a Jersey-based trust management company, has been recognised for its expertise in the administration of Shari'a-compliant real estate funds and Special Purpose Vehicles, in winning the Islamic Real Estate Administrator/ Trustee of the Year award, presented at the Islamic Real Estate Finance Summit.

Volaw has been a leading force in Jersey, in the administration of Shari'a-compliant investment vehicles with experience of more than fifteen years. Islamic finance presents a massive industry with many territories implementing frameworks to facilitate such investment in recent years. According to Ernst and Young, the Islamic funds industry grew by 7.6% last year, with Assets Under Management amounting to USD58bn.

During 2011, Volaw has been involved in several successful Shari'a-compliant real estate structures, including: London Central Apartments Limited (regulated by the Jersey Financial Services Commission as a Listed Fund) which will invest in prime residential properties in central London; and several acquisitions of UK commercial real estate using Jersey companies established as private 'Club' structures financed in a Shari'a-compliant manner.

Islamic investors must abide by Shariah laws, under which investments in companies involved in the alcohol, tobacco, gambling or weapons trades, among others, are banned. Interest is also forbidden under Islamic strictures, meaning that many common conventional finance products such as mortgages are off limits to Islamic investors, although the industry has devised some innovative schemes to get around this problem.

Welcoming the award, Volaw's Director of Islamic Finance and Funds Group, Trevor Norman commented: “This award is a testament to the strength of Volaw’s Islamic Finance team and it's wonderful to see the work of my team and colleagues recognised in this way. I may be the face of Islamic Finance at Volaw, but our reputation for excellence and expertise in Islamic Finance is founded on their hard work and diligence in looking after our clients. At the London Sukuk Summit in June 2010 we won the award for Best Islamic Administrator / Trustee for our work on Sukuk structures, and I am very proud that my team is being further recognised for our efforts.”