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MALAYSIA: Global law firm
Trowers & Hamlins has become the first foreign law firm to secure a
Qualified Foreign Law Firm (QFLF) license – one out of five – from the
Malaysian Bar Council, a recognition reserved for non-Malaysian firms with
solid Islamic finance capabilities and experience, the firm confirmed with
IFN.
Valid for three years (renewable), this branch license enables Trowers
& Hamlins to transition from being a Malaysia Investment Development
Authority-approved non-trading representative regional office in Kuala
Lumpur to being able to operate independently in Malaysia and advise on
international legal issues, subject to certain restrictions.
Coming into effect last June, the QFLF license is part of the country’s
wider strategy to liberalize its legal market in order to attract foreign
firms. More significantly however, it is a move to enhance its Islamic
finance industry by utilizing international expertise of qualified players.
“While we are not allowed to work on domestic deals (where Malaysian law is
involved), we hope to bring to the table our Islamic finance expertise and
cooperate with Malaysian institutions in relation to international aspects
drawing from our extensive and deep experience in the Middle East,” shared
Nick White, the regional managing partner of Trowers & Hamlins based in
Kuala Lumpur, with IFN. The license will also serve to boost the firm’s
reach in both Malaysia and the ASEAN region.
The firm has a long-standing relationship with Malaysian clients assisting
them with their investment and business activities into the UK and the
Middle East and in 2012, opened a regional office in the capital of
Malaysia to better meet the needs of their clients. It has also been
confirmed that partner Nicholas Edmondes (another instrumental figure in
leading the firm’s Malaysian expansion initiative) will soon join White in
Kuala Lumpur.
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