Malaysia's largest law firm Zaid Ibrahim & Co has opened offices in Sydney and Melbourne.
The chairman of ZICO, Dato' Dr Nik Norzrul Thani has said that his firm hopes to build a niche practice in Australia rather than compete with the major Australian firms, according to the Australian. The firm (which also has offices in Dubai) says its Middle East clients are looking to invest in Australia using Sharia compliant products.
The success of the enterprise is at least part dependent on the Federal Government's review of tax laws that currently make Islamic finance techniques non-competitive with traditional forms of finance. The federal government has confirmed that a review will take place. Assistant Treasurer Senator Sherry said that "ultimately, a guiding principle here is that the tax treatment of Islamic financial products should be based on their economic substance rather than their form wherever possible." He also launched a ZICO book "Demystifying Islamic Finance in Australia" last month.
The news will be of particular interest to lawyers from an Islamic background in Australia as well as international lawyers working in islamic finance markets internationally. To date there has been little Islamic finance in Australia when compared with Malaysia, the UK and Dubai, although Melbourne firm Logie-Smith Lanyon recently appointed a Sharia consultant.
ZICO is also understood to be in talks with two domestic law firms about inter-firm secondments.
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The chairman of ZICO, Dato' Dr Nik Norzrul Thani has said that his firm hopes to build a niche practice in Australia rather than compete with the major Australian firms, according to the Australian. The firm (which also has offices in Dubai) says its Middle East clients are looking to invest in Australia using Sharia compliant products.
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Hi Dr Nik! |
The success of the enterprise is at least part dependent on the Federal Government's review of tax laws that currently make Islamic finance techniques non-competitive with traditional forms of finance. The federal government has confirmed that a review will take place. Assistant Treasurer Senator Sherry said that "ultimately, a guiding principle here is that the tax treatment of Islamic financial products should be based on their economic substance rather than their form wherever possible." He also launched a ZICO book "Demystifying Islamic Finance in Australia" last month.
The news will be of particular interest to lawyers from an Islamic background in Australia as well as international lawyers working in islamic finance markets internationally. To date there has been little Islamic finance in Australia when compared with Malaysia, the UK and Dubai, although Melbourne firm Logie-Smith Lanyon recently appointed a Sharia consultant.
ZICO is also understood to be in talks with two domestic law firms about inter-firm secondments.