“I was very interested in setting up a law firm with an express ethical mandate, which serves the law ... and a higher spiritual purpose”Oliver Ahga, Agha & Shamsi
It may also demonstrate that although firms with clients in the conventional banking and financial sectors have seen steady growth rates, their larger exposure to the economic downturn can also lead to their demise – as was the case with Heller Ehrman.
Agha says that the financial crisis has led to a positive outlook for work. “A lot of the problems in leverage, collateral debt obligations, hedge funds and the issues that have plagued the conventional banking system are largely not tolerated in the Islamic system,” he said. “I think that’s resulted in the implicit endorsement of the Islamic system, as it hasn’t been as affected.”
There’s also much benefit in being surrounded by a large base of the right clientele and resources in the Middle East. As the understanding of Islamic finance practices grows, it will become more accepted as an important and alternative method of financing.
Successful or not, it’s clear that Agha remains steadfast in his pursuit, with the concept of the wholly profit-driven law firm having to take a backseat. “We are confident that the firm will be successful; however it matters more to us that our success is rooted in doing this correctly,” he said.
“We don’t compromise on our principles or integrity.”