huge opportunity for Islamic finance to develop further within the ESG umbrella.” She explains that there is huge potential for Shariah-compliant social impact financing, targeting improving health, education, housing, and other social development goals, which can be seen by the fact that some charities are now tapping into the zakat (the amount of wealth a Muslim person pledges to charity each year) market. Farmida and the team at Norton Rose Fulbright recently provided pro bono advice to the global charity Save the Children on a zakat campaign to encourage donations.
Next steps Farmida believes the most important thing for those who are contemplating a career in law and/or Islamic finance is to be interested and engaged in the nature and purpose of it. “As far as Islamic finance is concerned, it’s important to understand conventional financing structures as Islamic finance uses those as a starting point to consider what alterations are needed to comply with the principles of Shariah,” she explains. She continues to use her position to
broaden inclusivity in her own firm and in the wider market, and to make the firm’s work more meaningful. In 2021, she initiated a three-year strategic partnership with Save the Children which includes significant pro bono work, and she also
FARMIDA’S AWARDS AND RECOGNITION Fifty Most Influential Lawyers list 2022 – Financial News
Women in Power & Influence awards 2022 – Innovative Leaders in ESG and Diversity
The 100 Most Influential Women in European Finance 2021, 2020 and 2019 HERoes Top 100 Role Model List 2020 and 2019 The Lawyer Hot 100 Leaders 2019
Outstanding Practitioner Award 2019: Euromoney, Europe Women in Business Law Awards Finance Team of the Year 2018: Legal Business Awards FT 100 Innovative Lawyers Europe 2018
launched the Scholars bursary programme, through which ten students aspiring to study law were each awarded £5,000, as well as educational and career support. “With frequent changes in the law and
the market, everyone’s practice and experience will evolve over time but for those willing to work hard and remain open to change, law can be very rewarding,” says Farmida. “We have a more inclusive culture now, and people who traditionally thought a career in a City law firm wouldn’t be comfortable for them may be surprised. Things have changed enormously and anyone who is bright and ambitious, with a passion for justice, should definitely think about the law.”
// THERE IS HUGE POTENTIAL FOR SHARIAH- COMPLIANT SOCIAL IMPACT FINANCING //
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