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 (including Islamic Finance)

With a fine record in securing big-ticket engagements from Malaysia’s largest banks, as well as an array of international corporations, the practice at Zul Rafique & Partners showcases expertise in cross-border financing, asset-based securitisation transactions, Islamic financing, and offshore lending. The firm boasts a wealth of experience in advising on debt capital raising exercises, securitisation, and continues to work on medium term note programmes. Loh Mei Mei leads the team and is regularly consulted by regulatory authorities and corporations to provide insight on innovative products, policy guidelines, and financing structures. Celine Rangithan is well-versed in investment banking matters and Sukuk issuances. Chan Kwan Hoe, Ashela Ramaya, and Kung Suan Im are key members of the department.

Malaysia > Capital markets

Zul Rafique & Partners has a fine track record in advising its bank of clients on the full spectrum of financing matters, both conventional and Islamic. Engaged by Malaysia’s major banks and financial institutions, the group frequently handles debt capital raising exercises, asset-backed securitisation matters, offshore lending, and corporate debt rescheduling concerns. Recent standout work includes the team’s provision of advice to HSBC Amanah Malaysia Berhad on the establishment of a RM1bn sustainability-linked Sukuk issuance. Loh Mei Mei, an industry veteran, leads on banking and finance matters and has demonstrated expertise in syndications, structured finance, and corporate banking. Kung Suan Im, Ashela Ramaya, Celine Rangithan, and Chan Kwan Hoe, also collectively lead the team and boast a wealth of capital markets experience between them.

Malaysia > Islamic finance

With strong foundations in banking and finance and debt capital markets, Zul Rafique & Partners’ Islamic finance practice is well-equipped to advise an array of local and international financial institutions. The firm frequently advises on Islamic medium-term notes programmes and commercial papers, in addition to structures involving Shariah principles such as Musyarakah, Mudharaba, Murabaha, Istisna, and Ijarah. Expert Loh Mei Mei leads the team alongside Ashela Ramaya, Kung Suan Im, Celine Rangithan , and Chan Kwan Hoe, all of whom have demonstrable experience in sustainability-linked Sukuks.