LAWFUEL – Law News, Law Jobs Network – Trowers & Hamlins, the international law firm, has been appointed by the Saudi Binladin Group to advise on the funding of the US $1billion expansion of the Mosque of the Prophet in the Holy City of Medina, Saudi Arabia.
The Mosque of the Prophet is generally recognised as the second most important mosque in the Islamic world and contains Mohammed’s tomb. The current Mosque area is thought to be able to hold up to 1,000,000 worshippers at a time.
Trowers & Hamlins says that Islamic finance will be used to fund the construction work and the deal is expected to be ranked as one of the biggest shariah compliant financings ever.
According to Trowers & Hamlins, virtually all projects they are undertaking in Saudi Arabia now incorporate an Islamic finance element.
Comments Leroy Levy, Head of Trowers & Hamlins’ Saudi practice: “This will be the second major and culturally significant project that we have been instructed on by the Saudi Binladin Group this year. To be selected to work on such prestigious projects is a privilege and hopefully is a reflection of how established our practice in Saudi Arabia has now become.”
Trowers & Hamlins is advising Saudi Binladin Group on the 240m high Sarah Tower in Mecca.