Euromoney’s Islamic Finance Awards has acknowledged KPMG’s role in promoting and aiding the development of the Islamic finance industry through its network of international member firms for the fourth year running.
There are many KPMG member firms which are active in the Islamic finance arena in countries such as the UK, France, Canada, South Africa, Qatar and India. In the UK, KPMG is currently working on three Shariah- compliant real estate funds.One has launched and is buying its first property while the other two are in the developmental stages of fund launch. KPMG also continues to act as auditor to the first standalone takaful company in Western Europe.
KPMG’s French practice is still advising on the establishment of what are expected to be France’s first standalone Islamic retail and commercial banks and the Canadian practice is advising a company hoping to be the country’s first Islamic bank. The South African practice was included as part of the national treasury task team for recommending enabling legislation for Islamic finance by way of a new insertion in the Income Tax Act. KPMG in Qatar was commissioned to assess the feasibility of setting up a takaful company as well.Samer Hijazi, director in KPMG’s financial services practice made some comments on the award.
“This award demonstrates our continued commitment to the Islamic finance industry, particularly during the recent challenging global market conditions. We are very proud of our achievements in this space and will continue to work closely with our clients to help the industry step up to the next level with regard to governance, asset management and product offering,” he said.