Zaid Ibrahim & Co Becomes First S.E. Asian Legal Firm In DIFC

Bernama : Malaysia's Zaid Ibrahim & Co has become the first South East Asian law firm to receive a licence from the Dubai Financial Services Authority to provide legal services to local, regional and International clients in and from the Dubai International Financial Centre (DIFC).

The firm's operations in Dubai is being headed by senior associate, Farid Hussain.

"World-class legal firms are an important element of the industry value chain in the DIFC as they provide key services that enable financial companies to operate efficiently," Nasser Al Shaali, the chief executive officer of DIFC Authority said in a statement.

He said the DIFC is keen to attract quality legal firms like Zaid Ibrahim & Co as part of its efforts to build an even stronger and more productive industry cluster.

"Our expert team of lawyers with an established track record of structuring Islamic finance and banking deals as well as cross-border merger and acquisitions are now ready to assist Malaysian and South East Asian clients seeking legal and business support in Dubai and the Middle East.

"This also applies to other international clients based in the Middle East with interests in Malaysia and Asean," said Datuk Dr Nik Norzrul Thani, chairman of Zaid Ibrahim & Co.

Zaid Ibrahim & Co is Malaysia's largest law firm with more than 160 lawyers in an extensive network of regional offices in the Asean region, including Singapore, Jakarta, Bangkok, Hanoi, Ho Chi Minh City and now, Dubai.

According to the DIFC statement, the firm has structured some of the most innovative financing transactions to date, such as the one in Brunei where it was appointed advisor for the first issuance of the US$100 million Islamic bonds based on the syariah principles of Sukuk Al-Ijarah.

It also advised the Dubai Investment Group on the acquisition of Bank Islam, Malaysia's oldest Islamic bank.

Zaid Ibrahim & Co has existing mandates to advise clients in and outside Malaysia on a range of investments, including the setting up funds, and has been chosen to advise on the development of a legal and regulatory framework for Islamic financial services in the region.

This includes the drafting of legislation and guidelines in the Middle East.

The DIFC is an onshore hub for global finance. In just three years, over 700 firms have registered with the DIFC.