Islamic finance in Malaysia

Adnan Sundra & Low

Adnan Sundra & Low standouts for its expertise in Islamic finance, advising on a high proportion of Sukuk issuances in Malaysia year on year. The firm is a leader in Sukuk issuances globally. It acts for banks operating in the Islamic finance sphere in Malaysia, along with major issuers. The firm is now at the forefront of sustainability-linked Islamic finance and recently acted for Malaysia Wakala Sukuk Berhad and the Government of Malaysia on the world’s first sovereign US dollar sustainability Sukuk issuance by the Government of Malaysia. Adrian Chee Meng Yang and Deepak Sadasivan, who are outstanding practitioners in the field, lead the practice alongside Kim Lim, Hairolnisah Hamdan and Putri Norlisa Najib.

Practice head(s):

Deepak Sadasivan; Kim Lim; Hairolnisah Hamdan; Putri Norlisa Najib; Adrian Chee Meng Yang

Other key lawyers:

Gan Kok Ling; Rodney D’Cruz; Edward Ng; Jerry Tiew

Key clients

AmInvestment Bank Berhad

Bank Pembangunan Malaysia Berhad

CIMB Investment Bank Berhad

Government of Malaysia

Hong Leong Investment Bank Berhad

Malaysia Wakala Sukuk Berhad

Maybank Investment Bank Berhad

Maybank Islamic Berhad

MIDF Amanah Investment Bank Berhad

OCBC Al-Amin Bank Berhad

OCBC Bank (Malaysia) Berhad

RHB Investment Bank Berhad

United Overseas Bank (Malaysia) Berhad

AmBank Islamic Berhad

HSBC Amanah Malaysia Berhad

Work highlights

  • Advised Malaysia Wakala Sukuk Berhad and the Government of Malaysia on world’s first sovereign US dollar sustainability Sukuk issuance by the Government of Malaysia.
  • Advised Hong Leong Investment Bank, OCBC Bank (Malaysia) Berhad and United Overseas Bank (Malaysia) Bhd on Infracap Resources’ Sukuk Murabahah programme.
  • Advised RHB Investment Bank Berhad, AmInvestment Bank Berhad, CIMB Investment Bank Berhad and Maybank Investment Bank Berhad on Small Medium Enterprise Development Bank Malaysia’s sustainable Sukuk.

Albar & Partners

Albar & Partners has outstanding banking and finance credentials, with Islamic finance being a core part of the practice. The Islamic finance-focused team has a broad outlook, covering a range of Sukuks, Islamic medium term notes programmes and other Shariah products. Much of the practice is driven by the firm’s strong connections to key banks in Malaysia, including Maybank Islamic, CIMB Investment Bank, and RHB Investment Bank. Joint managing partners Lily Tan Chea Li and Chung Swee Loong are co-heads of the banking and finance group with a substantial focus on the Islamic finance segment. Sharifah Dalilah Albar is another key partner.

Practice head(s):

Lily Tan Chea Li; Chung Swee Loong

Other key lawyers:

Sharifah Dalilah Albar

Key clients

AmBank (M) Berhad/AmInvestment Bank Berhad

CIMB Bank Berhad/CIMB Investment Bank Berhad

Hong Leong Bank Berhad/Hong Leong Investment Bank Berhad

Leong Hup International Berhad

Malayan Banking Berhad/Maybank Investment Bank Berhad

MR D.I.Y. Group (M) Berhad

MMC Corporation Berhad

OCBC Al-Amin Bank Berhad

RHB Bank Berhad/RHB Investment Bank Berhad

UMW Corporation Berhad

Work highlights

  • Advised Maybank Islamic on the commodity Murabahah term financing-i facility, based on the Shariah principle of Murabahah via Tawarruq arrangement granted to Puspakom Sdn Bhd.
  • Advised CIMB Investment Bank on the issuance of a RM270m perpetual Sukuk programme based on the Shariah principle of Musharakah, part of a RM2bn perpetual Sukuk programme established by Tropicana Corporation.
  • Advised RHB Investment bank on the Islamic commercial papers programme and an Islamic medium-term notes programme established by Cellco Capital.

Lee Hishammuddin Allen & Gledhill

Lee Hishammuddin Allen & Gledhill has an outstanding reputation in the Islamic finance sector thanks to the presence of Megat Hizaini Hassan, who advises on a multitude of structures, including Murabahah and Ijarah transactions, and is a leading authority in debt restructurings under Shariah standards. Jointly led by Hassan and Tay Weng Hwee, the team has extensive experience in Malaysian and foreign-denominated Shariah financings. It frequently advises on high-value Sukuk issuances and acts for some of the most active banks in the sector.

Practice head(s):

Tay Weng Hwee; Megat Hizaini Hassan

Key clients

OSK Holdings Berhad

Bank Pembangunan Malaysia Berhad

Maybank Investment Bank Berhad

Work highlights

  • Advised Bank Pembangunan Malaysia as the issuer of the sustainable development Sukuk tranche  under an Islamic medium-term notes programme.
  • Advised OSK Holdings on the development of various Shariah-compliant financing products offered by OSK Syariah Capital.
  • Advised Maybank Investment Bank on the enhancement of existing legal documentation in respect of the Islamic Securities Selling and Buying Negotiated Transaction of Maybank Investment.

Zul Rafique & Partners

Zul Rafique & Partners is at the forefront of the Islamic finance field, including the emergence of sustainability-linked Sukuks. Thanks to its background in asset-backed securitisation and debt capital markets, it has a steady pipeline of Islamic finance engagements, including transactions under Shariah principles such as Musyarakah, Mudharaba, Murabaha, Istisna and Ijarah. The practice's extensive list of bank and issuer clients illustrates its strong reputation. Loh Mei Mei heads the banking and finance team, which includes Ashela Ramaya, Celine Rangithan, Kung Suan Im and Chan Kwan Hoe, all of whom are experienced in Islamic finance.

Practice head(s):

Loh Mei Mei

Other key lawyers:

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

Key clients

Maxis Berhad, Astro Malaysia Holdings Berhad, Measat Satelite Systems Sdn Bhd

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)

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

Natixis

ING Bank N.V. (Labuan)

Bahrain Mumtalakat

Allied Irish Bank PLC

Work highlights

  • Advised HSBC Amanah Malaysiaas principal adviser and lead arranger on the establishment of an Islamic medium term notes programme of up to RM1bn by Yinson Holdings, and the issuance of the first sustainability-linked Sukuk issuance in Malaysia.
  • Advised RHB Investment Bank on an establishment of an unrated Islamic medium-term notes programme of up to RM500m by Cenviro Sdnand the issuance of a sustainability-linked Sukuk.
  • Advised United Overseas Bank (Malaysia) on the issuance of unrated Islamic medium term notes of up to RM130m by Parkcity The Spring (Bintulu).

Shearn Delamore & Co

Shearn Delamore & Co’s long history in banking and finance and its extensive client base of banks and issuers, provides the platform for a thriving Islamic finance practice. It has demonstrated expertise in Islamic facilities, Islamic medium-term note programmes and Sukuk issuances. Christina Kow and Pamela Kung are the key partners in the team.

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

Cainiao KLIA Aeropolis Sdn Bhd

Ekovest Berhad

Iskandar Waterfront Sdn Bhd

Malakoff Corporation Berhad

IJM Corporation Berhad

SP Setia Berhad

Paramount Corporation Berhad

Country Garden Real Estate Sdn Bhd

Country Garden Pacificview Sdn Bhd

ZJ Advisory Sdn Bhd

Gas Malaysia Distribution Sdn Bhd

Cahya Mata Sarawak Berhad

Mega First Corporation Berhad

CapitaLand Malaysia Mall Trust

Work highlights

  • Acted for RHB Investment Bank and CIMB Investment Bank as joint lead arrangers and joint lead managers in respect of an Islamic medium-term notes programme under the Shariah principle of Murabahah established by Tanjung Bin Energy to finance 1,000MW coal-fired electricity generating facilities in the state of Johor.
  • Acted for an electronic payment systems company in respect of the Islamic facilities of RM100m granted by the financier to part finance and/or reimburse the customer’s Shariah-compliant capital expenditure and general working capital purposes including e-payment upgrade and all related expenses.

Wong & Partners

Wong & Partners is better known for conventional finance, especially in the acquisition finance and restructuring arenas, though the extensive experience of lead partner Mark Lim affords it credibility across the financing sphere, including in Islamic structures. This includes Murabahah term financings and Sukuk programmes. The team, which also includes Esther Chik, represents a range of leading domestic banks and local borrowers, including GLCs. Elaine Foo was made partner in 2022.

Practice head(s):

Mark Lim

Other key lawyers:

Licia Tan; Elaine Foo; Esther Chik

Testimonials

‘Enthusiastic and excellent client services.’

‘Proactive, excellent communication and attention to detail.’

‘Esther Chik has worked with us numerous times in the past and she has shown that she understands us in her work, which makes future engagements easier and more efficient.’

Key clients

Press Metal Aluminium Holdings Berhad

S P Setia Berhad

DRB-HICOM Berhad

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

CIMB Group (CIMB Bank Berhad, CIMB Investment Bank Berhad)

Sime Darby Plantation Berhad

Press Metal Aluminium Holdings Berhad

Mohamed Ridza & Co

Mohamed Ridza & Co’s profile in the market has led to key engagements from Islamic financial institutions to revise existing financing documents, and the firm is further active in converting conventional loans into Islamic facilities. The restructuring of Islamic facilities is another area of strength. Mohamed Ridza Abdullah, who has an outstanding reputation in the Islamic finance sphere, leads the team alongside Naseem Mohamed Abdulla and Shazana Abdul Aziz.

Practice head(s):

Mohamed Ridza Abdullah; Naseem Mohamed Abdulla; Shazana Abdul Aziz

Key clients

MBSB Bank Berhad

Work highlights

  • Advised MBSB Bank Berhad and preparing legal documentation in relation to the conversion of its existing conventional loans to Islamic facilities.

Shook Lin & Bok

Shook Lin & Bok has a fine record in financings and debt restructurings under Islamic principles. The firm is also active in reviewing clients’ Islamic finance documentation, including developing new template documentation. Jalalullail Othman is an experienced figure in the Islamic finance segment. Islamic finance specialist Syed Adam Alhabshi joined Raja, Darryl & Loh in April 2022.

Practice head(s):

Jalalullail Othman; Khong Mei Lin; Ho Yue Chan; Hoh Kiat Ching; Dhaniah Ahmad

Work highlights

  • Acted for a financier to undertake a critical review and enhancement of its existing template Islamic financing documentation, both the principal instruments as well as collateral instruments in the form of security.

Skrine

Skrine has built its presence in Islamic finance in recent years, now acting on a range of engagements such as Sukuk issuances under medium-term note programmes, reviewing template documents and assessing the enforceability of documents under Islamic principles. Sharifah Shafika Alsagoff and Hafidah Aman Hashim have experience in Islamic finance, while Claudia Cheah provides further expertise in Islamic finance disputes.

Practice head(s):

Sharifah Shafika Alsagoff; Claudia Cheah

Other key lawyers:

Hafidah Aman Hashim

Testimonials

‘Strong know-how.’

‘Able to structure to client’s needs.’

Key clients

Bank Simpanan Nasional

Bursa Malaysia

MIDF Amanah Investment Bank Berhad

Penjana Kapital Sdn Bhd

Employees Provident Fund Board

Federal Land Development Authority (FELDA)

Banque Cantonale Vaudoise

Sapura Resources Berhad

Lembaga Tabung Haji

EnQuest Petroleum Developments Malaysia Sdn Bhd

Work highlights

  • Assisted in preparation/drafting of the template documents for the URUS scheme.
  • Reviewed Bursa Malaysia’s existing templates of standby letter of credit for central counterparty to ascertain its enforceability and certainty and to advise on the guiding principles of Islamic SBLC.
  • Reviewed the terms and conditions of MIDF Amanah Investment Bank Berhad’s client account for the Islamic share trading account and Islamic stockbroking.