Experts in the Bristol office of national law firm Foot Anstey have advised London-based fintech start-up Nester on what is believed to be the first UK peer-to-peer Islamic finance fintech deal.
Bristol-based partner Imam Qazi and associate Leena Payyappilly of Foot Anstey’s Islamic Finance team advised on all legal aspects of the initial deal, worth £431,000, which was followed recently by a second worth £225,000. 
This included drafting the Murabaha, a common method of finance in Islamic banking with a deferred sale of goods at cost plus an agreed profit mark-up under which the seller purchases goods at cost price from a supplier and sells the goods to the buyer at cost price plus an agreed mark-up.
The Foot Anstey team also drafted legal security contracts as well as acting on behalf of Nester’s stakeholders throughout the deal to completion to ensure a smooth transaction.
Since its launch in 2018 by accountant Youness Abidou and lawyer Mohammed Paracha, Nester’s mission has been to supply financial products that are available to all through transparent communication, which ensures risk and reward are explained in a way everyone understands.
It not only supports investments but also enables individuals to act as lenders to investors and earn a return on secured investments.
Nester has strived to equip property developers, and those who wish to invest in property, with the empowerment, knowledge and clarity needed to make solid investments.
Nester CEO Youness Abidou said: “Imam and Leena at Foot Anstey have been integral to helping us take Nester from conception to launch and now to continuing to deliver solutions with inclusivity as a shared core value.”
Imam Qazi added: “Nester is a pioneer in its field and what Youness and Mohammed are doing is unique.
“It was our pleasure to support the first fintech Islamic finance peer-to-peer deal in the UK. This type of deal signifies a growing appetite in the UK market for Islamic finance.”
Foot Anstey also has offices in Exeter, London, Plymouth, Southampton, Taunton and Truro.
Islamic finance is one of the firm’s six key sectors along with development, energy & infrastructure, private equity, private wealth and retail & consumer.
