Ms Ashela Ramaya > Zul Rafique & Partners > Kuala Lumpur, Malaysia > Lawyer Profile

Zul Rafique & Partners

Work Department

Banking & Finance, Islamic Finance and Capital Markets


Ashela Ramaya is a partner in the Banking & Finance practice group.

She has worked on multiple award-winning deals including Sime Darby’s RM800.0 million Asean Sustainability Sri Sukuk Musharakah issuance which won the Real Estate Deal of the Year in the Islamic Finance News Deals of the Year 2020 Awards and the Sukuk programmes of up to MYR5.65 billion established by a subsidiary of Permodalan Nasional Berhad which was partly structured as the first ASEAN Green Sukuk to fund the proposed integrated development in the historic Stadium Merdeka and Stadium Negara enclave which won the Debt Market Deal of the Year (Premium) by Asian Legal Business (ALB) Malaysia Law Awards.

She has advised in relation to a multi-trade financing facility of up to RM55.0 million based on various Shariah principles granted to a subsidiary of a listed company. This transaction won the firm the Trade Finance Law Firm of the Year by Islamic Finance News. She has also worked on a syndicated secured loan facility of up to MYR2.15 Billion, for the development of the “Lifestyle Quarter” at the Tun Razak Exchange (TRX) in Kuala Lumpur.

She has been named in Chambers Asia Pacific 2021 as Leading Individual (Band 3) for Banking & Finance in Malaysia and The Legal 500 Asia Pacific 2021 as Recommended Lawyer for Banking & Finance, Capital Markets, and Islamic Finance. She was also named as an Outstanding Lawyer in Banking and Finance for Client Service Excellence 2021 by Asialaw.


Ashela was admitted as an Advocate & Solicitor of the High Court of Malaya in 1999.

She joined ZUL RAFIQUE & partners as an associate in the Banking & Finance practice group in 2004.

Previously, Ashela was a senior legal advisor in a leading financial institution, wherein she had advised on the legal aspects of corporate and financing transactions and operations undertaken by the bank.


English and Bahasa Malaysia


Malaysian Bar


Ashela graduated with a Bachelor of Laws from the University of London.

Lawyer Rankings

Malaysia > Banking and finance

Zul Rafique & Partners‘ team of banking and finance lawyers has extensive expertise in conventional and Islamic financing transactions, and is consequently well-equipped to provide transactional and regulatory support to financial institutions and to borrowers including multinationals and domestic public companies. Recent caseloads include offshore lending, domestic and offshore syndication, asset-backed securitisation, project financing and corporate debt rescheduling. Loh Mei Mei is recommended for conventional and Islamic financing transactions in Malaysia; she jointly leads the team with corporate banking specialists Kung Suan Im and Ashela Ramaya and Chan Kwan Hoe.

Malaysia > Capital markets

The capital markets practice at Zul Rafique & Partners has strong capital-raising offerings for clients across the insurance, finance, telecoms, oil and gas, real estate and healthcare industries, as well as manufacturing and education. Key ECM work encompasses IPOs, secondary fundraising, restructuring and advice on continuing listing requirements. Debt-side work covers Sukuk issuances, medium term notes and commercial papers programmes, bonds issuances and asset-backed securitisation. The practice has a large team of specialists to draw on, headed by Ashela Ramaya, Chan Kwan Ho , Celine Rangithan and Jerry Ong .

Malaysia > Islamic finance

The Islamic finance group at Zul Rafique & Partners advises Syariah-compliant transactions, with areas of expertise covering complex Sukuk, Isistna, Murabahah and Ijarah. Ashela Ramaya recently advised on Sime Darby’s RM800m Sukuk Musharakah issuance; she jointly heads the team with Loh Mei Mei, Kung Suan Im, private debt securities expert Chan Kwan Hoe and Celine Rangithan, who regularly advises on restructuring and project finance transactions.