Stephenson Harwood and Norton Rose scoop sharia insurance deal

Stephenson Harwood and Norton Rose have snared lead roles on the outsourcing of sharia-compliant insurance, believed to be the first deal of its kind.

Norton Rose, led by partner Mike Rebeiro, advised Principle Insurance on the £90m outsourcing of its insurance back-office function to Capita. Principle Insurance is the first sharia-compliant insurer.

Rebeiro said: “We advised Principle on its IPO recently so it’s a reasonably new relationship. Principle is a very interesting company and I imagine we’ll start to see more sharia-compliant companies and products such as these in the future.” Stephenson Harwood advised outsourcing company Capita on the deal with head of commercial outsourcing and technology John Buyers leading.

Buyers said: “We have strong outsourcing expertise in the London office and our association with Gulf firm Al Sarraf gave us the expertise we needed in the area of sharia-compliance.”

Principle ;Insurance became the first sharia-compliant insurer to be authorised by the Financial Services Authority earlier this month.

Rebeiro said: “I think our expertise in Islamic finance has put us in a good position to advise on these deals.”