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AZP Legal Consultants
Founder / Managing Partner

Email: ary@azp.co.id

Practice areas

Banking & finance; capital markets; infrastructure; M&A; restructuring & insolvency


Ary Zulfikar is the founder partner of Ary Zulfikar & Partners, which is also known as azp legal consultants. He has more than 25 years of experience in law and has handled both domestic and international transactions with diverse expertise in corporate and litigation practices. He started his career at Kartini Muljadi & Rekan (KMR), where he handled many capital market transactions and corporate actions. His experience in capital markets expanded as he joined Indonesia Securities Deposit Clearing (PT Kliring Deposit Efek Indonesia) and Indonesia Central Securities Depository (PT Kustodian Sentral Efek Indonesia) (self-regulatory organisations in Indonesian capital market) as its legal and compliance department head.

During the Indonesian financial crisis in 1997-1998, he later joined the Indonesian Bank Restructuring Agency, where he handled numerous corporate restructuring transactions and settlement of shareholders’ obligations under the bank restructuring program. He was also involved in establishing the Indonesia Deposit Insurance Corporation (IDIC) as a team member appointed by the Ministry of Finance of the Republic of Indonesia from 2002 to 2004.

In 2004, he founded and became the managing partner of azp legal consultants, specialising in capital markets, banking and finance, infrastructure, restructuring, insolvency and asset resolution, as well as litigation and dispute resolution practice areas. In his career as a legal advisor, he has also involved in a number of the Republic of Indonesia’s global sovereign bonds or sukuk and retail sukuk issuances, including the global green sovereign sukuk to finance and/or refinance eligible green projects as part of the Indonesia’s strong commitment to combat the impact of climate change and other several infrastructure project financing.

In February 2020, he stepped off as the managing partner of azp legal consultants and is currently serving as the executive director of legal division of IDIC, focusing on the deposit insurance, restructuring and resolution program for Indonesian banks. In his busy schedule, he still manages to lecture at the faculty of law of the University of Trisakti and the University of Pancasila in Indonesia.

Ary Zulfikar graduated from the University of Padjadjaran with a bachelor’s degree in law in 1994. He continued to pursue his study and obtained his master’s degree in law from the University of Gadjah Mada in 2015. He then obtained his doctoral’s degree (cum laude) from the University of Padjadjaran with his dissertation titled “Foreign Direct Investment Restriction Policy as a Control of Inward Foreign Direct Investment in Accordance with Sustainable Development Principles” in 2019.

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