Simmons & Simmons Advises StrideUp on £300m Shariah-Compliant Public Securitisation

"Simmons & Simmons advised UK fintech StrideUp on the closing of Meridian Funding 2025-1, a c£300m Shariah-compliant public securitisation. The deal — the first public securitisation of Shariah-compliant home purchase plan assets since 2018 — is also the first public rated securitisation to include Islamic hedging under the ISDA/IIFM Tahawwut Master Agreement. Co-arrangers: Citigroup, Venn Partners; joint lead managers: Citigroup, Standard Chartered."

Simmons & Simmons advised UK-based fintech StrideUp on the successful closing of Meridian Funding 2025-1; Citigroup Global Markets Limited and Venn Partners LLP acted as co-arrangers, while Citigroup Global Markets Limited and Standard Chartered Bank acted as joint lead managers. The transaction closed at approximately £300 million and represents the first public securitisation of Shariah-compliant home purchase plan assets since 2018. It is also the first public rated securitisation to incorporate Islamic hedging, with derivatives documented under the ISDA/IIFM Tahawwut Master Agreement, the standardised international legal framework for Shariah-compliant derivatives transactions. Meridian Funding 2025-1 is backed entirely by Islamic property financing assets. Instead of interest-bearing instruments, investors hold profit-bearing certificates, and the underlying bank accounts operate through murabaha-based profit mechanisms. The successful completion highlights experience advising on complex, innovative transactions involving Shariah-compliant and alternative finance solutions. Simmons & Simmons represented StrideUp with a team composed by: Kathryn James (partner, securitisation and asset-backed finance); Martin Shah (partner, corporate tax); Marcin Perzanowski (partner, structured finance and derivatives); Matthew Caley (managing associate, securitisation).

Simmons & Simmons Advises StrideUp on £300m Shariah-Compliant Public Securitisation

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