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’ outstanding client portfolio includes major banks, as well as local and international corporates. The firm has an extensive bank lending and debt capital markets practice, and continues to work on a significant number of medium term note programmes. It is also making an impression in sustainability-linked Sukuk issuances and green loans. The firm has an established presence in both conventional and Islamic financings. Loh Mei Mei heads the banking and finance practice and is a highly-respected practitioner in the market. Kung Suan Im, Ashela RamayaChan Kwan Hoe and Celine Rangithan are also key members of the team.

Malaysia > Islamic finance

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.

Malaysia > Capital markets

Zul Rafique & Partners has demonstrable experience in handling high-value capital markets matters and counts established banks, such as HSBC Malaysia, among its key roster of clients, where the team advised on the implementation of the first sustainability-linked Sukuk issuance in the region. The dedicated and resourceful’ Loh Mei Mei leads on banking and finance mandates, with expertise across corporate banking, debt capital markets, Sukuk issuance, securitisation, as well as domestic, Islamic and cross-border financing. Other key members of the practice include Kung Suan Im, Ashela Ramaya and Chan Kwan Hoe, and Celine Rangithan, who has experience in capital markets, structured and Islamic financing. All named partners collectively lead the team.