Deepak Sadasivan and Adrian Chee coordinate the Islamic finance team at Adnan Sundra & Low. Counting major clients such as Credit Suisse (Singapore) and Maybank as clients, it advises on sector issues such as stapled securities, municipal bonds, parallel Mudharabah structures and derivatives master agreements. In particular, a recent highlight is the firm's role in advising CIMB Investment Bank on IJM Land's Perpetual Sukuk Programme (With Subordinated Guarantee). This complex transaction raised important Musharaka principles for Shariah-compliant investments in the operations of the Issuer and/or its subsidiaries. Kok Ling Gan has a strong track record in infrastructure and energy projects while Edward Ng specialises in debt capital markets and syndicated financing.
Islamic finance in Malaysia
CIMB Investment Bank Berhad
AmInvestment Bank Berhad
Hong Leong Investment Bank Berhad
United Overseas Bank (Malaysia) Berhad
NewParadigm Capital Markets Sdn Bhd
Danajamin Nasional Berhad
OCBC Al-Amin Bank Berhad
RHB Investment Bank Berhad
MUFG Bank (Malaysia) Berhad
Hong Kong Shanghai Banking Corporation Limited
HSBC Amanah Malaysia Berhad
Credit Suisse (Singapore) Ltd
Maybank Investment Bank Berhad
Affin Bank Berhad
Bank Pembangunan Malaysia Berhad
Affin Hwang Investment Bank Berhad
AmBank (M) Berhad
Malaysia Islamic Bank Berhad
Malayan Banking Berhad
OCBC Bank (Malaysia) Berhad
- Advised CIMB Investment Bank Berhad on IJM Land Berhad’s Perpetual Sukuk Programme (With Subordinated Guarantee)
- Advised AmInvestment Bank Berhad, CIMB Investment Bank Berhad and Hong Leong Investment Bank Berhad as the principal advisers, joint lead arrangers and joint lead managers for Zamarad Assets Berhad’s RM2.0 Billion Sukuk Murabahah Asset-Backed Securitisation Programme
- Advised United Overseas Bank (Malaysia) Bhd as the Lead Arranger, NewParadigm Capital Markets Sdn Bhd as the Financial Adviser and Danajamin Nasional Berhad (“Danajamin”) as the guarantor for Exsim Capital Resources Bhd Inaugural Sukuk Musharakah IMTN Programme and Sukuk Murabahah ICP Programme
Led by Lily Tan Chea Li, Chung Loong and Sharifah Dalilah Albar, the Islamic finance team at Albar & Partners covers a broad spectrum of Shariah principles. This includes: Murabahah, Bai' Bithaman Ajil, Bai' Inah, Bai Al-Dayn, Kafalah and Al-Wakalah, all of which it pursues for the purposes of trade and bilateral financing. In addition, its work in debt capital markets incorporates the concepts of Mudharabah, Musyarakah, Istisna' and Ijarah Thumma Bai'; areas in which it advises on the structure of both techniques and instruments. Recently, the firm acted for Top Glove in the issuance of perpetual notes following the parameters of Wakalah bi al-Istithmar.
AmBank (M) Berhad, AmInvestment Bank Berhad, & AmBank Islamic Berhad
CIMB Bank Berhad, CIMB Investment Bank Berhad, & CIMB Islamic Bank Berhad
DRB HICOM Berhad
Hong Leong Bank Berhad, Hong Leong Investment Bank Berhad, & Hong Leong Islamic Bank Berhad
United Overseas Bank (Malaysia) Berhad
Malayan Banking Berhad, Maybank Investment Bank Berhad, & Maybank Islamic Berhad
MIDF Amanah Investment Bank Berhad
MMC Corporation Berhad
Public Bank Berhad, Public Investment Bank Berhad, & Public Islamic Bank Berhad
RHB Bank Berhad, RHB Investment Bank Berhad, & RHB Islamic Bank Berhad
- Acted for Maybank Investment Bank Berhad & RHB Investment Bank Berhad as joint principal advisers, joint lead arrangers and joint lead managers in the Islamic medium-term notes programme of RM3.5 billion based on the Shariah principle of Wakalah bi Al-Istithmar and acted for Maybank Islamic Berhad & RHB Islamic Bank Berhad as the joint financiers in the syndicated Islamic term financing facility of RM1.5 billion based on the Shariah principle of Murabahah (via Tawarruq arrangement).
- Acted for Top Glove Corporation Berhad (Top Glove) in the issuance of perpetual Islamic notes under the Shariah principle of Wakalah bi al-Istithmar pursuant to a perpetual Islamic notes issuance programme of up to RM3 billion in nominal value by its wholly owned subsidiary, TG Excellence Berhad as the issuer with a subordinated guarantee by Top Glove as the Kafalah Provider.
- Acted for Credit Suisse (Singapore) Limited and The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch as the Joint Global Coordinators and Standard Chartered Bank (Singapore) Limited (together with the Joint Global Coordinators) as the Joint Bookrunners and Joint Lead Managers in the issuances of US$200 million Trust Certificates by SD International Sukuk II Limited (Issuer).
Representing clients such as Standard Chartered Saadiq and HSBC Bank Malaysia, the Islamic finance team at Lee Hishammuddin Allen & Gledhill handles issues such as commercial papers and medium term notes. Directed by Weng Hwee Tay, known for his expertise in Musharakah, it also features Megat Hizaini Hassan, a partner adept at facilitating substantive complex multi-billion ringgit issuances. A recent highlight concerns the firm's role in advising RHB Islamic Bank on the review and revision of its standard legal documentation. Notably, this is utilised for the bank’s home financing products (Commodity Murabahah Term Financing-i and Equity Financing-i) and ensures compliance with the regulations issued by Bank Negara Malaysia.
Other key lawyers:
Headed by Loh Mei Mei, the Islamic finance team at Zul Rafique & Partners assists clients with a broad range of Sharia principles. Specifically, this includes: Musyarakah, Mudharaba, Murabaha, Istisna, Wakalah, Musawamah and Ijarah matters. A notable recent case concerns the firm's work for Maybank and United Overseas on an unrated medium term notes programme (up to RM682.5 Million). The firm also includes corporate banking specialist Kung Suan Im, debt capital market expert Celine Rangithan and Sukuk practitioners Ashela Ramaya and Chan Kwan Hoe.
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, 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)
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)
- Advised Maybank Investment Bank Berhad and United Overseas Bank (Malaysia) Bhd on an Unrated Islamic medium term notes programme of up to RM682.5 Million for part financing of the settlement (which shall include the principal and profit/interest amount due) for certain specified financing facilities of Dayang Enterprise Holdings Bhd and its group of companies.
- Advised HSBC Amanah Malaysia Berhad, AmInvestment Bank Berhad, AmBank Islamic Berhad, Bank Islam Malaysia Berhad, MIDF Amanah Investment Bank Berhad, Standard Chartered Saadiq Berhad, United Overseas Bank (Malaysia) Bhd and The Hongkong and Shanghai Corporation Limited in relation to a Syndicated Murabahah term financing facility of up to RM1.2 Billion granted to Serba Dinamik Holdings Berhad which has a greenshoe option.
- Advised Affin Hwang Investment Bank Berhad and HSBC Amanah Malaysia Berhad on a sukuk programme of up to RM1 Billion established by Konsortium KAJV Sdn Bhd to be utilised to amongst others, to fund the construction of the water treatment plant and membrane water treatment plants, intakes, service tanks, installation of raw and treated water pipe, retrofitting and other associated works for the proposed water supply scheme.
The financial services group at Shearn Delamore & Co is known for providing advice on Shariah-compliant transactions as well as assisting with template Islamic financing documents. Notably, it has consolidated a niche reputation in advising on the regulation of derivatives. Recommended personnel: Christina Kow and Pamela Kung.
Other key lawyers:
Areas of Islamic finance covered by Shook Lin & Bok include: sukuks, product development, equity instruments and profit and loss schemes. The team is led by Jalalullail Othman and Mei Lin Khong and is particularly well known for its work in infrastructure, telecommunications and high technology projects. Advising on both domestic and international syndications, it also handles ship and aircraft financing including purchase, mortgages and leveraged leasing.
Urusharta Jamaah Sdn Bhd
Icon Offshore Berhad and its affected subsidiaries
DanaInfra Nasional Berhad
- Assisted with the issuance of up to RM27.6 billion Sukuk by Urusharta Jamaah Sdn Bhd.
Wong & Partners
Wong & Partners' banking and financing team offers commercial and technical advice on a broad spectrum of Shari'ah compliant products. Notably, as a member firm of the Baker McKenzie network, it is able to leverage this expertise in cross-border matters. Practice group head Mark Lim and partner Esther Chik are the names to note.
Other key lawyers:
The banking and finance team at Zaid Ibrahim & Co (a member of ZICO Law) has experience in structuring, negotiating and drafting documentation for a range of Islamic finance transactions. Lilian Liew heads the team alongside David Lee Kim Meng. Chin Sook Kwan is an additional name to note.
Mohamed Ridza & Co
Led by the trio of Mohamed Mohamed Ridza Abdullah, Hafidah Aman Hashim and Sharifah Shafika Alsagoff, the Islamic finance team at Mohamed Ridza & Co serves commercial, merchant and investment banks as well as borrowers, lessees and real property vendors. Specifically, it works on issues such as syndication, cross-border financings, the drafting of compliant documentation and the parameters of Sukkuk vehicles. Notably, the offering assisted MBSB Bank Berhad with the conversion of existing conventional loans into variants compliant with Commodity Murabahah. Sector principles handled include: Al-Bai Bithamin Ajil, Ijarah, Istisna, Bai’ Inah, Bai’ Al-Dayn and Bithamin Ajil.
‘The lawyers are responsive and always provide fast and prompt service that is practical and workable‘.
‘Hafidah Aman Hashim: smart, knowledgeable and super responsive‘.
MBSB Bank Berhad
- Advising MBSB Bank Berhad and preparing legal documentation in relation to the conversion of its existing conventional loans to Islamic facilities.