A network of worldwide Islamic finance lawyers is to launch next week.

Luxembourg-based Islamic Finance Lawyers (ISFIN) said it is looking to recruit more lawyers to provide Sharia-compliant investment advice worldwide.

The network aims to bring together specialist lawyers from member law firms to advise Islamic banks, sovereign funds, and private and public investors from asset-rich Islamic countries such as Saudi Arabia, Kuwait, Qatar, UAE, Oman and Bahrain.

The lawyers will advise on investments in developing nations, including India, China and Brazil, and also on tax structuring in offshore territories, such as Jersey, Guernsey, British Virgin Islands and elsewhere.

ISFIN chief executive Laurent Marliere said: ‘We are seeking and cherry-picking the best Islamic finance legal teams in the market.

'High energy prices and the fact that Islamic banks have been protected from the credit crunch due to their (Sharia) ethical approach has provided Islamic investors with huge liquidities of around £55bn. This capital now needs to be invested.’

ISFIN’s initial meeting will take place on 12 May at the Islamic Finance Service Board summit in Luxembourg.

Membership is restricted to one firm per jurisdiction.

The network aims to have 50 members in time for the ISFIN meeting at the International Bar Association conference in Dubai in November.