Foot Anstey advises SAH Diagnostics on the UK’s first Islamic Financed acquisition of a Mobile CT Unit.

The Islamic Finance team at Foot Anstey LLP, the national law firm, has advised SAH Diagnostics on a 'first of kind' transaction in the UK.

The firm's Islamic Finance team acted on behalf of SAH Diagnostics on the acquisition of a mobile CT unit using the Murabaha Islamic Financing structure, the acquisition was financed by City Fund and Bristol and Bath Regional Capital. This is the first time Islamic Finance has been used to acquire a mobile CT unit in the UK.

The mobile CT Unit is to be deployed in Bristol and will help communities in Bristol along with the rest of the underserved areas in the UK. The unit is a single podded demountable 12m unit and comes equipped with CT scanning capabilities, fresh air systems and changing rooms.   

Aziz Deen, the Foot Anstey Solicitor who led on the deal said: "It has been a pleasure to support on this ground-breaking acquisition for SAH Diagnostics. This deal demonstrates the applicability of Islamic Finance and represents an expansion from its traditionally property focused usage in the UK.

 The mobile CT Unit is set to support many communities in the South West and will make a significant difference by enabling access to high quality medical care and through its ease of use. We look forward to continuing to support SAH's ambitions and in the work that it is doing."

The Directors at SAH Diagnostics stated: “The Foot Anstey team, led by Mr. Deen, worked diligently to complete this deal within the parameters of our understanding of pure Islamic Finance. We would also like to thank the City Fund and the Bristol and Bath Regional Capital led by Mr. Jari Moate for being very accommodating and accepting the pure Murabaha structure. This is a great milestone for our company as we only deal with Islamic Finance to expand our much-needed services.

"From the time of the acquisition to date we at SAH have served over 1800 patients on the newly acquired mobile CT from Canon Medical. The unit has been deployed into the NHS to help alleviate the backlog of patients caused by the pandemic. We hope that this deal will serve as a benchmark for others seeking Islamic Finance and look forward to using this structure again in the very near future for our asset purchases.

"We are rapidly expanding our fleet of mobile/modular clinical units in the field of diagnostics and urology due to the high demand and constant requests from various NHS Trusts to provide services especially during these unprecedented times.”