Bank Negara Malaysia will open the country’s legal market to foreign law firms, only in the area of Islamic finance, as early as next year. “Bank Negara is looking at inviting three to five foreign firms to apply for licenses to operate here,” said Ahmad Lutfi Abdull Mutalip, a partner at Azmi & Associates. “There may be more firms as we’ve already had some foreign firms expressing interest.”
BNM is preparing a draft legislation in line with its proposal, pushing for the amendment of Malaysia’s Legal Profession Act to permit the entry of foreign firms. The bank will also set up a committee to review all applications made. The committee will comprise seven members, made up of representatives from the attorney-general’s office, BNM and the Malaysian Bar Council.