Allen & Overy has advised the Republic of Indonesia on its $3.25 billion sale of U.S. dollar-denominated Islamic bonds with 5-year and 10-year tenures, the country's biggest global sukuk issuance, with White & Case representing the arrangers and managers.

Islamic finance operators are scrambling to tighten the industry’s rules to make sure other companies cannot take the same path as Dana Gas, which this week forced a $700 million debt restructuring.

As the global Islamic finance market grows at an impressive pace, offshore financial centres (OFCs) are increasingly in demand to help structure sharia-compliant products. Unsurprisingly, offshore law firms are seeing a need for Islamic finance-related services grow as well.