Zul Rafique & partners


IFLR1000 Reviews

Financial and corporate

Located in Kuala Lumpur, Zul Rafique & Partners founded in 1999 by Zulkifly Rafique, who also serves as the managing partner and head of corporate.


Focusses / specialisms

The firm excels in banking and finance and capital markets and has strong offerings in corporate and M&A and project development.

The firm advises domestic and international clients on transactions such as asset-backed securitisation, Islamic financing, international issuance of debt instruments, debt restructuring, project financing, and domestic and offshore loan syndication.


Key clients

Key clients include CIMB Investment Bank, Maybank Investment, United Overseas Bank, HSBC, Standard Chartered Saadiq, RHB Investment Bank, Kuwait Finance House and Genting.


Research period review: 30th edition (2019/2020)

During the research period the firm was most active in banking and finance and debt capital markets.

The firm took on roles for arrangers, lenders, borrowers, managers, issuers, guarantors on the establishment of MTN programmes, sukuk (Islamic bond) programmes, bond issuances and financings.


Deal highlights: 30th edition (2019/2020)

Dayang Enterprise Holdings RM682.5 million Islamic MTN programme

Genting RM10 billion MTN programme

Konsortium KAJV RM1 billion sukuk programme

Resorts World Las Vegas $1 billion 4.625% notes issue

Semangkuk 2 RM5 billion MTN programme

Serba Dinamik Holdings RM1.2 billion financing


Client feedback: 30th edition (2019/2020)


“Very responsive, good legal awareness and expertise.”

“Fast feedback, thorough assessments, and attention to details.”


Ashela Ramaya

“Ashela is very responsive and aware of relevant legal issues.”

“Fast feedback, thorough assessments, and attention to details.”