Towards the end of this year, lawyers in the GCC are expected to be busy with more restructuring work, project financing deals and a healthy pipeline in terms of Islamic finance transactions. In Asia, Malaysian lawyers are looking forward to more Islamic finance work “across the board”, according to Loh Mei Mei, a partner at law firm Zul Rafique & Partners, and in Indonesia, managing partner of AZP Legal, Ary Zulfikar, is confident of the Shariah compliant mutual funds industry kicking off. 

Similar to all other industries, the legal sector has also been affected by the declining global economy as clients continue to seek the best deals for the best price; resulting in the onset of a price war among law firms. On the Islamic finance side, the legal industry still continues to wrestle with a shortage of talent, but the increasing number of law firms offering Islamic finance services is encouraging, nonetheless.

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