For the chilli jam, heat the olive oil in a pan, add the shallots and fry for about two minutes. Add the rest of the ingredients, cook for 15 minutes and then remove from the heat to cool slightly. Blend in a food processor or blender until smooth. Pass through a sieve into a clean bowl.
For the prawns, heat the oil in a large saucepan for deep frying (CAUTION: hot oil can be dangerous. Do not leave unattended.)
Mix together the flours and baking powder in a large bowl. Add enough sparkling water to make a wet batter.
Coat the prawns in the tempura batter and fry until lightly browned in the hot oil. Remove with a slotted spoon and drain on a plate lined with kitchen paper. Season with salt and freshly ground black pepper.
Serve the prawns immediately with the chilli jam.