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Adil Hussain

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Adil Hussain is a partner and the Global Head of Islamic finance at Baker McKenzie. He is based in Dubai and also leads the Firm’s Banking and Finance practice in the Middle East. Prior to joining the Firm, he worked for an international law firm in Dubai.

On 8 July 2025, the Dubai Court of Cassation questioned the enforceability of late payment compensation in Islamic finance. Unlike default interest, such compensation is not retained by financiers but donated to charity. The ruling may affect market practices, though its broader impact remains uncertain under UAE law.

AAOIFI released a Sukuk exposure draft in early November 2023 in response to a rapid increase in the use of Sukuk and the development of the market in the past decade. A key change in the draft standard is that it requires an actual transfer of ownership to occur under an Ijara Sukuk investment. It is unclear what the appetite will be for asset-backed Ijara Sukuk if the standards are tightened and whether, at this stage, the standard will pass.