On the sell side, you talk about working with an advisory boutique such as Lazard as halal.My question to you is based on the hadith, of the prophet “the receiver, the payer, the witness” isn’t the person who is creating these valuation models, discounted cash flow,etc… that person is building the entire models, based on Interest rate and is going a step further and recommending which bank to finance this merger or acquisition. Based on the hadith, how can this be halal? Do you consider this is entering a Grey area? Also, some M&A acquisitions happen with companies which are fundamentally non halal, what does a person do in that case? How can a person work in London or Paris, and be an associate and climp up the ladder, with a huge possibility of facing these issues? 

The approach I have adopted is that an advisory-only service (regardless of whether the underlying business is permissible or not) is permissible. If you want to be very cautious, you may wish to avoid even that. But my view is that this would make life intolerably hard.