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Ashela Ramaya

Work +603 6209 8250
Zul Rafique & Partners

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.


Banking and finance

Within: Banking and finance

With excellent cross-border experience, the team at Zul Rafique & Partners provides transactional and regulatory advice to a range of lenders and borrowers. Ashela Ramaya acted for a very large syndicate of arrangers and lenders on Projek Lintasan Sungai Besi-Ulu Klang's RM 2.2bn financing of the Sungai Besi-Ulu Klang elevated expressway by way of an Islamic term facility. Corporate finance specialist Loh Mei Mei heads the practice; Chan Kwan Hoe, Kung Suan Im and Celine Rangithan are also active in the space. Senior associate Iris Koh Siau Wei is noted for her experience in bilateral and syndicated financing as well as complex project and offshore financing.

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Capital markets

Within: Capital markets

Noted for its strength in equity capital markets, Zul Rafique & Partners' practice is led by Jerry Ong, who advised Maxis on the regulatory aspects of its RM1.65bn private placement of shares offered to domestic and international investors. He also acted for CCCG Overseas Real Estate on its RM200m subscription of shares in WCT Precious Development. On the debt capital markets side, Ashela Ramaya and Chan Kwan Hoe advised MIDF Amanah Investment Bank as arranger on PNB Merdeka Ventures' RM2bn green socially responsible investment (SRI) sukuk and its unrelated RM3.65bn sukuk. Loh Mei Mei is highly active in debt capital markets.

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Islamic finance

Within: Islamic finance

Loh Mei Mei heads the well-resourced practice at Zul Rafique & Partners, which frequently handles high-value Islamically structured financings. Ashela Ramaya advised a very large syndicate of arrangers on a RM2.2bn Islamic financing and a RM2bn sukuk programme to fund the Sungai Besi-Ulu Klang Elevated Expressway project. Issuer clients include MEASAT Broadcast Network Systems and Genting. Celine Rangithan is also recommended.

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Projects and energy

Within: Projects and energy

Noted for its expertise in large-scale project finance matters, Zul Rafique & Partners' department has particular experience in infrastructure. Ashela Ramaya advised a large syndicate of arrangers including Affin Hwang Investment Bank and AmInvestment Bank, on the RM4.7bn financing of the Sungai Besi-Ulu Klang Elevated Expressway

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Legal Developments by:
Zul Rafique & Partners


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Legal Developments in Malaysia

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