Contact details

Rustum Shah

T: +971 4 407 3903 M: +971 50 552 5408 Email Rustum | vCard Office: Dubai

Rustum Shah Partner and head of Islamic finance

Contact details

Rustum Shah

Rustum Shah
Partner and head of Islamic finance

T: +971 4 407 3903 M: +971 50 552 5408 Email Rustum | vCard Office: Dubai

Rustum is a partner within our global finance practice, based in Dubai. He is also the head of the Islamic finance practice for the firm.
  • Profile
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Having been based in the Middle East region for over 15 years Rustum specialises in advising international and local financial lenders as well as large corporates, governments and quasi-sovereign institutions, undertaking high-end financings in the Middle East and beyond. In particular he has significant experience in Shari’ah-compliant transactions acting for clients in the Middle East, Africa, Europe, and Asia and the US.

His broad practice is principally cross-border and active across all areas of finance (conventional and Shari’ah-compliant), debt capital markets and derivatives. He also advises clients on infrastructure and construction finance, real estate finance, aviation finance, funds finance, corporate finance and syndications, and restructurings.

Rustum's standing as one the leading finance practitioners in the international market is reflected through him being ranked as a "leading individual" by many of the most notable legal publications, including Chambers Global, Legal 500 EMEA and IFLR1000.

"Rustum Shah is a seasoned Dubai-based practitioner who acts for major financial institutions on a variety of matters, including novel sukuk restructurings. He is also adept at acting for clients in the real estate sector and has notable skills in syndicated finance."

Chambers Global 2022, Islamic Finance – Middle East-wide

  • Islamic finance
  • Real estate finance
  • Trade finance
  • Ship and offshore finance

Advising Mashreqbank and a syndicate of Islamic and conventional banks, on a AED2 billion shari'ah complaint and conventional financing facility made available to GEMS Education, one of the UAE's leading education providers.

Advising Dubai Islamic Bank in relation to a AED600 million Islamic financing for Construction Workers Residential City LLC for financing the construction of a worker's accommodation in Abu Dhabi, UAE.

Crédit Suisse, Deutsche, Citi, and Dubai Islamic Bank on a US$1.5 billion mudaraba/murabaha facility for Dubai Aerospace Enterprises.

Advising Samba Financial Group, Noor Islamic Bank as the lead arranger for an AED 1.1 billion ijara facility for Dubai-based developer, Nakheel.

Kuwait Energy Company on a US$50 million Islamic financing from IFC for development and exploration of oil and gas assets in Egypt and Yemen.

Advising Deutsche Bank (Suisse) SA in relation to a £20.8 million commodity murabaha facility to an offshore borrower to facilitate the purchase of six residential apartments in Knightsbridge, London., UK. 

Advising Standard Chartered Bank and Emirates NBD as lead arrangers on a complex dual tranche conventional and shari'ah compliant financing for Garuda Indonesia.

Advising WestLB in connection with a US$1.1 billon syndicated murabaha facility for Arcapita Bank.

Advising Standard Chartered Bank on a €175 million murabaha facility for Arcapita Bank.

Advising HSBC Amanah and Samba Financial Group in relation to dual-secured multi-currency syndicated murabaha facilities (total aggregate, circa. US$282 million) for VIVA Bahrain.

Advising Mashreqbank and the syndicated banks as the syndication legal counsel, on an AED739 million 10-year ijara re-financing for Emirates District Cooling LLC (Emicool).

Advising Ras Al-Khaimah Ceramics in relation to a US$225 million murabaha facility arranged by HSBC Amanah.

Advising The Royal Bank of Scotland, Samba Financial Group and HSBC (as Arrangers) in relation to a US$750 million murabaha facility for Dubai based property developer, Emaar Properties.

Advising Dubai Islamic Bank in relation to a AED600 million Islamic financing for Construction Workers Residential City LLC for financing the construction of a worker's accommodation in Abu Dhabi, UAE.

Advising an independent real estate investment adviser on Islamic real estate financing in the UK.

Advising Ahli United Bank (UK) plc in relation to a £7m commodity murabaha facility to an offshore borrower to facilitate the purchase of five residential apartments at 42 Queens Gate Gardens, London, UK.

Advising the lender on a £25 million refinancing of five apartments in Park Lane, London, UK.

Acting for Yunak Corporation on raising £50 million finance against a residential property near Hyde Park, London, UK.

Advising Gatehouse Bank plc on a £18.5 million financing for two shopping centres in the UK.

Advising Deutsche Bank (Suisse) SA on a £12 million refinancing and development financing of property in London and Buckinghamshire, UK. 

Acting for a Swiss bank on a £22.6 million financing of properties in Eaton Place, London, UK.

Advising Standard Chartered Bank in relation to a US$123.2 million project financing facility for the Turkish contractor, Gunal Construction, to fund the construction of a road project in Dubai, UAE.

Advising Standard Chartered Bank in relation with two term loan facilities provided to Rousch (Pakistan) Power Limited.

Advising Ras Al Khaimah Investment Authority and Ras Al Khaimah Government on a US$90.7 million facility arranged by HSBC and supported by SACE.

Advising HSBC Bank plc on multiple secured trade finance facilities by way of murabaha to fund imports to Turkey.

Advising Barclays Bank plc and Standard Chartered Bank (as mandated lead arrangers) in relation to the US$1.2 billion revolving credit facility for Petrofac.

Advising Kuwait Energy Company on a US$50 million Islamic financing from IFC for development and exploration of oil and gas assets in Egypt and Yemen.

More: Trade finance

Advising Tufton Oceanic on the financing, purchase and bareboat charter of a new build 25,000 dwt vessel.

Advising Arab Petroleum Investments Corporation (APICORP) and Tufton Oceanic in relation to the establishment of the US$150 million APICORP Petroleum Shipping Fund.

Advising Tufton Oceanic as Manager on setting up series 2 shipping funds sponsored by a number of high-profile regional entities.

Advising Barwa Bank on a US$125 million Islamic facility for UAE-based Topaz Energy and Marine to finance 12 vessels.

  • Banks and banking
  • Shipping
  • Aviation

Advising Mashreqbank and a syndicate of Islamic and conventional banks, on a AED2 billion shari'ah complaint and conventional financing facility made available to GEMS Education, one of the UAE's leading education providers.

Advising Kuwait Energy Company on a US$50 million Islamic financing from IFC for development and exploration of oil and gas assets in Egypt and Yemen.

Advising Barclays Bank plc and Standard Chartered Bank (as MLA's) in relation to the US$1.2 billion revolving credit facility for Petrofac.

Acting for a French banking and financial services company, which acted as agent to a syndicate of banks in relation to providing a working capital facility for a DIFC-based agricultural business.

Advising a large food manufacturing and retailing group on their inaugural Islamic finance syndication.

Advising The Royal Bank of Scotland, Samba Financial Group and HSBC (as Arrangers) in relation to a US$750 million murabaha facility for Dubai based property developer, Emaar Properties.

Advising the lead arrangers (with a syndicate of 22 banks) on a US$98 million and €108.5 million dual tranche syndicated commodity financing for Albaraka Türk Katilim Bankasi.

Advising the lead arrangers (with a syndicate of 26 banks) on a US$171 million and €94.5 million syndicated facility for Asya Katilim Bankasi A.S. (Bank Asya).

Advising the lead arrangers on a US$1.2 billion syndication for a listed oil and gas construction and services group.

Advising the lenders on a US$120 million structured syndicated Islamic finance facility, based on the Airline Ticket Voucher Distribution Structure.

Advising Tufton Oceanic on the financing, purchase and bareboat charter of a new build 25,000 dwt vessel.

Advising Arab Petroleum Investments Corporation (APICORP) and Tufton Oceanic in relation to the establishment of the US$150 million APICORP Petroleum Shipping Fund.

Advising Tufton Oceanic as Manager on setting up series 2 shipping funds sponsored by a number of high-profile regional entities.

Advising Barwa Bank on a US$125 million Islamic facility for UAE-based Topaz Energy and Marine to finance 12 vessels.

More: Shipping

Advising the lenders on a US$120 million structured syndicated Islamic finance facility, based on the Airline Ticket Voucher Distribution Structure.

Advising United Bank Limited and Credit Suisse AE, Singapore Branch in relation to US$130 million IATA receivables backed term loan facility to Pakistan International Airlines Corporation.

Advising Deutsche, Citi, Crédit Suisse and Dubai Islamic Bank on a US$1.5 billion mudaraba/murabaha facility for Dubai Aerospace Enterprises.

Advising the lead arrangers on a US$500 million syndicated Islamic facility to FlyDubai.

More: Aviation
  • UAE
  • UK
  • France
  • The Middle East

Advising Dubai Islamic Bank in relation to a AED600 million Islamic financing for Construction Workers Residential City LLC for financing the construction of a worker's accommodation in Abu Dhabi, UAE.

Advising Barwa Bank on a US$125 million Islamic facility for UAE-based Topaz Energy and Marine to finance 12 vessels.

Crédit Suisse, Deutsche, Citi, and Dubai Islamic Bank on a US$1.5 billion mudaraba/murabaha facility for Dubai Aerospace Enterprises.

Advising Ras Al-Khaimah Ceramics in relation to a US$225 million murabaha facility arranged by HSBC Amanah.

Advising Ras Al Khaimah Investment Authority and Ras Al Khaimah Government on a US$90.7 million facility arranged by HSBC and supported by SACE.

Advising Standard Chartered Bank in relation to a US$123.2 million project financing facility for the Turkish contractor, Gunal Construction, to fund the construction of a road project in Dubai, UAE.

Advised ENBD in relation to a US$50 million term loan facility to National Bank of Fujairah.

Advising Dubai Islamic Bank on an AED 740 million financing for the Sahara Centre shopping centre in Sharjah, UAE.

Advising a leading Islamic bank lender in relation to an ijara financing for a UAE-based conglomerate.

Advising Mashreqbank and the syndicated banks as the syndication legal counsel, on an AED739 million 10-year ijara re-financing for Emirates District Cooling LLC (Emicool).

Advising Deutsche Bank (Suisse) SA in relation to a £20.8 million commodity murabaha facility to an offshore borrower to facilitate the purchase of six residential apartments in Knightsbridge, London., UK 

Advising Ahli United Bank (UK) plc in relation to a £7 million commodity murabaha facility to an offshore borrower to facilitate the purchase of five residential apartments at 42 Queens Gate Gardens, London, UK.

Advising an independent real estate investment adviser on Islamic real estate financing in the UK. 

Advising Ahli United Bank (UK) plc in relation to a £7 million commodity murabaha facility to an offshore borrower to facilitate the purchase of five residential apartments at 42 Queens Gate Gardens, London, UK.

Advising the lender on a £25 million refinancing of five apartments in Park Lane, London, UK.

Acting for Yunak Corporation on raising £50 million finance against a residential property near Hyde Park, London, UK.

Advising Deutsche Bank (Suisse) SA on a £12 million refinancing and development financing of property in London and Buckinghamshire, UK. 

Acting for a Swiss bank on a £22.6 million financing of properties in Eaton Place, London, UK.

Acting for a leading French bank, as lender, in relation to dual currency receivables-backed murabaha facility for a leading Turkish fashion retailer.

Acting for a French banking and financial services company, which acted as agent to a syndicate of banks in relation to providing a working capital facility for a DIFC-based agricultural business.

Advising Crédit Agricole on the restructuring of Islamic warehousing facilities to a Bahrain company.

Crédit Suisse, Deutsche, Citi, and Dubai Islamic Bank on a US$1.5 billion mudaraba/murabaha facility for Dubai Aerospace Enterprises.

Acting for a leading French bank, as lender, in relation to dual currency receivables-backed murabaha facility for a leading Turkish fashion retailer.

Advising the lenders on an AED 500million financing for Joyalukkas Group, the largest, single-owned jewellery retail chain in the Middle East.

Advising Crédit Agricole on the restructuring of Islamic warehousing facilities to a Bahrain company.

Advising HSBC Bank plc on a wide range of secured facilities to Turkish corporates including Akinal, Altinmarka, Erisler. Erpilic, Kuveyt Turk, Ozon, Tema and several facilities to Vestel.

Advising Arab Petroleum Investments Corporation (APICORP) and Tufton Oceanic in relation to the establishment of the US$150 million APICORP Petroleum Shipping Fund.

Advising Citigroup on a variety of financings for many of the leading Turkish corporates, including Ak Gida, Boyner, Beymen, Bilkont, Kuveyt Turk, Ozcan and Yildiz Sunta.

Kuwait Energy Company on a US$50 million Islamic financing from IFC for development and exploration of oil and gas assets in Egypt and Yemen.

Advising the lead arrangers (with a syndicate of 22 banks) on a US$98 million and €108.5 million dual tranche syndicated commodity financing for Albaraka Türk Katilim Bankasi 

Advising the lead arrangers (with a syndicate of 26 banks) on a US$171 million and €94.5 million syndicated facility for Asya Katilim Bankasi A.S. (Bank Asya).

Advising HSBC Bank plc on multiple secured trade finance facilities by way of murabaha to fund imports to Turkey.

Advising an international bank on warehousing facility for a Bahrain mortgage company.

Latest news & insights

01 Feb 2022

From News

Rustum Shah joins Stephenson Harwood as partner

Law firm Stephenson Harwood LLP has strengthened its finance practice with the arrival of Rustum Shah as a partner. He joins the firm in Dubai and will head the firm's..

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© Stephenson Harwood LLP 2016. Any reference to Stephenson Harwood in this document means Stephenson Harwood LLP and/or its affiliated undertakings. Any reference to a partner is used to refer to a member of Stephenson Harwood LLP.