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

Zul Rafique & Partners
Ashela Ramaya photo

Work Department

Banking & Finance, Islamic Finance and Capital Markets


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

Ashela specialises in corporate and investment banking, capital market financing, syndications, Islamic financing, structured finance, project finance as well as cross-border transactions.

Ashela has worked on multiple award winning deals including 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) 2018 by Asian Legal Business (ALB) Malaysia Law Awards and the Sukuk Mudharabah Facility of up to MYR650.0 million established by N.U.R. Power Sdn Bhd which was a winner of the Restructuring Deal of the Year Award by Islamic Finance News.

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 the Syndicated Islamic Financing Facilities of up to MYR500 million arranged for UDA Holdings Berhad to part finance the construction cost of eight separate projects in the Peninsular Malaysia to be developed by the subsidiaries of UDA Holdings Berhad.


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

The team at Zul Rafique & Partners offers regulatory and transactional advice to domestic and international financial institutions, acting on both the lending and borrowing side in project financing and syndicated lending matters. The practice is led by the ‘excellent‘ Loh Mei Mei, advising clients such as Standard Chartered, HSBC, and Bank of China Malaysia. Mei and Celine Rangithan advised Maybank and CIMB on a complex project financing deal involving four different companies, with a total of around RM1.17bn in funds provided. Kung Suan ImAshela Ramaya, and Chan Kwan Hoe are all active in the practice.

Malaysia > Islamic finance

With experience handling a range of domestic and cross-border transactions, Zul Rafique & Partners‘ banking and finance practice group advises on a wide range of structures involving various Shariah principles. Practice head Loh Mei Mei – who has recently been particularly active in advising Islamic banks on project finance transactions – Kung Suan Im, Ashela Ramaya, Chan Kwan Hoe and Celine Rangithan, all have broad practices and experience in transactions in the bank lending space and debt capital markets.

Malaysia > Capital markets

Zul Rafique & Partners‘ banking and finance practice has been particularly active of late in debt capital markets space and has been frequently instructed by domestic and international financial institutions to advise on regulatory and transactional elements of transactions. The group also has experience advising corporates on equity and debt capital market offerings. Loh Mei Mei is well regarded for her debt capital markets and project finance experience; she advised Genting Malaysia and its subsidiary, GENM Capital, on Genting Malaysia’s medium-term notes programme. Ashela Ramaya and Chan Kwan Hoe are other names to note for debt capital markets transactions, while Jerry Ong is highlighted for his expertise in equity mandates.