International law firm Simmons & Simmons has advised UK-based fintech company StrideUp on the successful closing of Meridian Funding 2025-1, a c£300m public securitisation transaction.
This deal represents the first public securitisation of Shariah-compliant home purchase plan assets since 2018, and is the first public rated securitisation to include Islamic hedging, with derivatives documented under the ISDA/IIFM Tahawwut Master Agreement – the standardised international legal framework for Shariah-compliant derivatives transactions.
The Meridian Funding 2025-1 transaction is backed entirely by Islamic property financing assets. Instead of interest-bearing transactions, investors hold profit-bearing certificates, and the underlying bank accounts operate through murabaha-based profit mechanisms.
The Simmons & Simmons team advising StrideUp was led by securitisation and asset-backed finance partner Kathryn James, corporate tax partner Martin Shah, and structured finance and derivatives partner Marcin Perzanowski, supported by a team of associates including securitisation managing associate Matthew Caley.
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 successful completion of this transaction highlights Simmons & Simmons’ experience in advising clients on complex, innovative transactions, particularly those involving Shariah-compliant and alternative finance solutions.
Kathryn James commented “We are delighted to have advised StrideUp on this market-first transaction, continuing our longstanding relationship with the company, and we’re proud to have played a role in raising the profile of alternative Shariah compliant financing solutions in the UK.”
