Rising Stars

Islamic finance in Malaysia

Adnan Sundra & Low

Adnan Sundra & Low’s leading Islamic finance practice offers its know-how to a variety of local and international clients, including offshore funds, financial institutions, developers and government agencies. The firm has demonstrable experience in negotiating and documenting complex Islamic financial structures and is particularly skilled at advising on Islamic exchangeable bonds issuances, where recent standout work includes handling the world’s first perpetual Sukuk. The team is collectively led by the following practitioners: expert Adrian Chee Meng Yang, who focuses on sustainability-linked Islamic finance, specialist Deepak Sadasivan who handles Islamic stapled securities transactions, Edward NG Foo Yuen, Gan Kok Ling, Putri Norlisa Najib, Kim Lim, and Hairolnisah Hamdan.

Practice head(s):

Deepak Sadasivan; Adrian Chee Meng Yang; Edward NG Foo Yuen; Gan Kok Ling; Putri Norlisa Najib; Kim Lim; Hairolnisah Hamdan


Key clients

AmInvestment Bank Berhad


Hong Leong Investment Bank Berhad


Maybank Investment Bank Berhad


Bank Pembangunan Malaysia Berhad


BNP Paribas


CIMB Investment Bank Berhad


Citigroup Global Markets Limited


DBS Bank Ltd


Government of Malaysia


Groupe Solmax Inc


HongKong and Shanghai Banking Corporation Limited


JP Morgan


Malayan Banking Berhad


Malaysia Wakala Sukuk Berhad


Maybank Islamic Berhad


Merrill Lynch (Singapore) Pte Ltd


MIDF Amanah Investment Bank Berhad


MUFG Securities Asia Limited


OCBC Al-Amin Bank Berhad


OCBC Bank (Malaysia) Berhad


RHB Investment Bank Berhad


United Overseas Bank (Malaysia) Berhad


Citigroup Global Markets Singapore Pte. Ltd


MUFG Securities Asia Limited Singapore Branch


Standard Chartered Bank (Singapore) Limited


Affin Hwang Investment Bank Berhad


HSBC Amanah Malaysia Berhad


EdgePoint Malaysia Holdings Sdn Bhd


Work highlights


  • Advised AmInvestment Bank Berhad, CIMB Investment Bank Berhad and Hong Leong Investment Bank Berhad on the senior sustainable and responsible investment Sukuk Murabahah programme of up to RM 5.5bn in nominal value based on the Shariah principle of Murabahah.
  • Advised CIMB Investment Bank Berhad and Maybank Investment Bank Berhad on TNB Power Generation Sdn Bhd’s first issuance of RM1.5bn sustainability Islamic medium term notes programme, under an Islamic medium term notes programme of up to RM10bn in nominal value.
  • Advised Maybank Investment Bank Berhad and Affin Hwang Investment Bank Berhad on a Sukuk Wakalah programme of up to RM3.5bn in nominal value based on the Shariah principle of Wakalah Bi Al-Istithmar by Johor Corporation.

Albar & Partners

Boasting a well-established Islamic finance practice, the team at Albar & Partners advises on a wide range of transactions including Sukuks, Islamic medium term notes programmes, and other Shariah products. The firm counts leading local and financial institutions, investment banks, and insurance companies amongst its key roster of clients, which includes the likes of Maybank Investment Banking and AmInvestment Bank. Chung Swee Loong leads the banking and finance practice and advises on innovative Islamic structures, whilst Sharifah Dalilah Albar focuses on Sukuk programmes. Lily Tan Chea Li left the firm in February 2024.

Practice head(s):

Chung Swee Loong; Sharifah Dalilah Albar


Other key lawyers:

Niv Lee Chiw Poh


Key clients

AmInvestment Bank Berhad


CIMB Investment Bank Berhad


Hong Leong Bank Berhad


Maybank Investment Banking Berhad


MBSB Bank Berhad


MIDF Amanah Investment Bank Berhad


Public Investment Bank Berhad


RHB Investment Bank Berhad


United Overseas Bank (Malaysia) Berhad (UOB)


Weststar Aviation Services Sdn Bhd


Work highlights


  • Advised MIDF Amanah Investment Bank Berhad on the Islamic term financing facility based on the Shariah principle of Murabahah via Tawarruq arrangement granted to MSA Resources Sdn Bhd as the Borrower.
  • Advised AmBank Islamic Berhad and United Overseas Bank (Malaysia) Berhad on the multilateral financing facility granted to to JAKS Solar Nibong Tebal Sdn Bhd as the Borrower.
  • Advised Weststar Aviation Services Sdn Bhd in the syndicated facilities granted by a consortium of banks.

Lee Hishammuddin Allen & Gledhill

Lee Hishammuddin Allen & Gledhill’s Islamic finance team has a stellar reputation and is led by Tay Weng Hwee, who advises on various legal documentation and issues regarding Islamic banking facilities. Counting major lenders, borrowers, and financial institutions amongst its key roster of clients, the department advises on Shariah-compliant financing, Malaysian and foreign currency-denominated transactions, and has recently extended its expertise to include working on Shariah fintech financing products. Megat Hizaini Hassan’s presence bolsters the strength of the team, thanks to his expertise on Sukuk mandates, Murabahah and Ijarah transactions, and Islamic investment work.

Practice head(s):

Tay Weng Hwee


Other key lawyers:

Megat Hizaini Hassan; Bella Chu Chai Yee


Testimonials

‘Megat Hizaini Hassan is proactive and knowledgeable.’

Key clients

AFFIN Islamic Bank Berhad


Direct Lending Sdn Bhd


OSK Holdings Berhad


Sabah Credit Corporation (SCC)


Work highlights


  • Advised Direct Lending Sdn Bhd in relation to its online Shariah auto service financing offering.
  • Advised OSK Holdings Berhad in respect of the legal documentation for its Islamic term financing and Islamic revolving credit facility.
  • Acting for Sabah Credit Corporation in relation to the proposed variation of the negative covenants of its existing Sukuk Musharakah Programmes.

Zul Rafique & Partners

With strong foundations in banking and finance and debt capital markets, Zul Rafique & Partners’ Islamic finance practice is well-equipped to advise an array of local and international financial institutions. The firm frequently advises on Islamic medium-term notes programmes and commercial papers, in addition to structures involving Shariah principles such as Musyarakah, Mudharaba, Murabaha, Istisna, and Ijarah. Expert Loh Mei Mei leads the team alongside Ashela Ramaya, Kung Suan Im, Celine Rangithan , and Chan Kwan Hoe, all of whom have demonstrable experience in sustainability-linked Sukuks.

Practice head(s):

Loh Mei Mei; Kung Suan Im; Ashela Ramaya; Celine Rangithan; Chan Kwan Hoe


Key clients

Maxis Berhad


Standard Chartered Bank Group (Standard Chartered Bank (Malaysia) Berhad, Standard Chartered Saadiq Berhad)


Maybank Group (Maybank Investment Bank Berhad, Maybank Islamic Berhad, Malayan Banking Berhad, Maybank International (L) Ltd, other Malayan Banking Berhad branches, ie China, Ho Chi Minh City, Hanoi)


Bank of China (Malaysia) Berhad


Affin Group (Affin Bank Berhad, Affin Hwang Investment Bank Berhad, Affin Islamic Bank Berhad)


HSBC Group (HSBC Bank Malaysia Berhad, HSBC Amanah Malaysia Berhad)


CIMB Bank Group (CIMB Bank Berhad, CIMB Islamic Bank Berhad, CIMB Investment Bank Berhad, CIMB Bank (L) Ltd)


OCBC Group (OCBC Bank (Malaysia) Berhad, OCBC Al-Amin Berhad, Oversea-Chinese Banking Limited Corporation, Labuan Branch)


Genting Berhad


RHB Group (RHB Bank Berhad, RHB Investment Bank Berhad, RHB Islamic Bank Berhad, RHB Bank (L) Ltd)


MIDF Group (MIDF Amanah Investment Bank Berhad, MIDF Investment Bank Berhad)


Bank Islam Malaysia Berhad


Bank Kerjasama Rakyat Malaysia


Cathay United Bank


MUFG Bank (Malaysia) Berhad


Sumitomo Mitsui Banking Corporation Malaysia Berhad


United Overseas Bank (Malaysia) Berhad


Work highlights


  • Advised HSBC Bank Malaysia Berhad on the establishment of RM1bn Sukuk Wakalah Programme and issuance of Sustainability-Linked Sukuk Wakalah by Yinson Holdings Berhad.
  • Advised AmInvestment Bank Berhad on an Islamic medium term notes programme of up to RM500m Million established by JB Cocoa.
  • Advised Maybank Investment Bank Berhad and OCBC Al-Amin Bank Berhad on an Islamic medium term notes programme of up to RM3bn established by Edotco Malaysia.

Rahmat Lim & Partners

Rahmat Lim & Partners has established itself as a leader in the banking and finance and capital markets spheres, allowing it to benefit from a steady pipeline of Islamic finance engagements. Led by Wan Kai Chee, who principally focuses on fintech and investment funds, the firm has demonstrable experience in Islamic finance contracts, including financing under the principles of Ijarah, Mudharabah, and Musharakah. Acting for major regional banks including the likes of Maybank Investment and RHB, the team also counts Sukuk issuances and medium-term notes programmes within its scope of work. Kelvin Loh, Azman bin Othman Luk, and Syed Rashid bin Rahim Alsree are key members of the department.

Practice head(s):

Wan Kai Chee


Other key lawyers:

Kelvin Loh; Azman bin Othman Luk; Syed Rashim bin Rahim Alsree


Work highlights


  • Advised on an Islamic medium term notes programme of up to RM6bn in nominal value by Sarawak Petchem Sdn Bhd, based on the Shariah principle of Wakalah Bi Al-Istithmar.
  • Advised on an Islamic medium term notes programme of up to RM3bn in nominal value by edotco Malaysia Sdn Bhd, based on the Shariah principle of Wakalah Bi Al-Istithmar.
  • Advised on the RM1.1bn term financing-i facility based on Shariah principles of Murabahah (via a Tawarruq arrangement) to YTL DC South Sdn. Bhd.

Shearn Delamore & Co

Shearn Delamore & Co’s Islamic finance practice builds upon its well-established background in banking and finance, in addition to its strong relationships with Malaysia’s leading banks and financial institutions. The firm advises on Sukuk issuances, Islamic securities investments and derivatives, and Islamic medium-term note programmes. Elsewhere, the team acts for Islamic financiers in advising on innovative Islamic products involving Shariah principles such as Murabahah, Tawarruq, and Hiwalah. Christina Kow leads the department and Pamela Kung is a notable member of the group.

Practice head(s):

Christina Kow


Other key lawyers:

Pamela Kung


Key clients

OCBC Al-Amin Bank Berhad


AmBank Islamic Berhad


HSBC Amanah Malaysia Bank Berhad


CIMB Islamic Bank Berhad


Standard Chartered Saadiq Berhad


Maybank Islamic Berhad


MIDF Amanah Investment Bank Berhad


RHB Investment Bank Berhad


CIMB Investment Bank Berhad


Kenanga Investment Bank Berhad


Scientex Quatari Sdn Bhd


Malakoff Corporation Berhad


IJM Corporation Berhad


ZJ Advisory Sdn Bhd


Gas Malaysia Distribution Sdn Bhd


Work highlights


  • Acted for RHB Investment Bank as lead arranger in respect of the Islamic medium term notes programme of up to RM1bn in nominal value under the Shariah principle of Murabahah by MMC Port Holdings Sdn Bhd as issuer.
  • Acted for MIDF Amanah Investment Bank as lead arranger in respect of the Islamic medium term notes programme of up to RM310m in nominal value under the Shariah principle of Murabahah by Ranhill Solar Ventures Sdn Bhd as issuer.
  • Acted for CIMB Investment Bank as lead arranger in respect of the Islamic medium term notes programme of up to RM360m in nominal value under the Shariah principle of Murabahah by Fairview Valley Sdn Bhd as issuer.

Wong & Partners

The Islamic finance practice at Wong & Partners is led by Mark Lim, who is experienced in advising on conventional and Shariah-compliant financing for acquisitions, project development, and refinancing. Engaged by local and international banks and financial institutions, the firm is regularly engaged in cross-border work and Sukuk programmes. Elaine Foo is a notable member of the group and focuses on the issuance of Islamic debt capital market instruments including medium term notes programmes, whilst Esther Chik often represents corporate borrowers in various Islamic finance transactions.

Practice head(s):

Mark Lim


Other key lawyers:

Elaine Foo; Esther Chik; Licia Tan


Testimonials

‘Esther Chik is very experienced and is a pleasure to work with. Even on Islamic structure, she is able to argue with facts and logic while keeping the clients’ best interests in mind at all times.’

Key clients

CIMB Group (CIMB Bank Berhad, CIMB Investment Bank Berhad


DRB-HICOM Berhad


Maybank Group (Malayan Banking Berhad, Maybank Investment Bank Berhad, Maybank Islamic Berhad, Maybank International)


Press Metal Aluminium Holdings Berhad


S P Setia Berhad


Sime Darby Plantation Berhad


Mohamed Ridza & Co

Mohamed Ridza & Co’s Islamic finance offering advises domestic and international financial institutions and investment banks on various syndication exercises, cross-border financings, and debt restructuring exercises. The firm is particularly experienced at drafting Islamic financing documents, preparing Shariah-compliant corporate agreements, and converting conventional loans into Islamic facilities. Renowned Mohamed Ridza Abdullah leads the practice and is equipped with a strong banking and finance background, alongside Naseem Binti Mohamed Abdulla and Shazana Abdul Aziz.

Practice head(s):

Mohamed Ridza Bin Abdullah; Naseem Mohamed Abdulla; Shazana Binti Abdul Aziz


Raja, Darryl & Loh

Led by Chew Phye Keat, the Islamic finance team at Raja, Darryl & Loh advises on various Shariah principles. The practice regularly advises Islamic banking clients on potential new products, in addition to assisting with regulatory and governance considerations. The firm has demonstrable experience in advising digital banks on their Islamic finance products, as well as handling compliance work. Syed Adam Alhabshi is a key member of the group.

Practice head(s):

Chew Phye Keat


Other key lawyers:

Syed Adam Alhabshi


Work highlights


  • Advised an Islamic financial institution in conducting a Shariah rectification exercise following the discovery of a Shariah non-compliant event in respect of its cash line facility.
  • Advising two of the five new digital banks that have been awarded digital banking licenses, specifically the two banks that will offer Islamic finance products under the Islamic Financial Services Act 2013.
  • Advising an Islamic financial institution that is structuring a new program which utilises the client’s Zakat fund as a source of funds for a microfinancing product to qualified B40 beneficiaries who are pre-bankable.