MALAYSIAN LAW FIRM TO PROMOTE ISLAMIC FINANCE IN AUSTRALIA

By Neville D'Cruz

MELBOURNE, Jan 23 (bernama) - Malaysian law firm Zaid Ibrahim & Co has been
granted licences by Australian authorities to operate offices in Sydney and
Melbourne to promote Islamic finance.

Chairman and senior partner of the firm Dr Nik Zorzul Thani was reported in
"The Australian" newspaper as saying that his firm was keen to take advantage of
the growing interest in Islamic finances and was planning to open offices in
Australia this year.

Dr Nik, who was in Australia recently, said his primary focus was to promote
Islamic finance and provide shariah advisory services.

He also said his firm wanted to work with lawyers, bankers and accountants
to facilitate investment from Malaysia to Australia and help firms wanting to do
business in Malaysia.

The newspaper said Zaid Ibrahim's expansion comes at an opportune time as
the Australian Financial Centre Forum this week recommended the government act
to remove barriers to the development of Islamic finance.

" The greatest opportunity for Australia, in terms of assessing offshore
capital pools to finance domestic investment needs competitively as possible,
would appear to be in the area of developing shariah compliant-wholesale
investment products," the report said.

According to the report, the global market for Islamic financial services
was estimated at US$729 billion at end 2007.
-- BERNAMA