MUSCAT — KPMG, a leading international firm offering audit, tax, and advisory services recently organised a training at Crowne Plaza Hotel, Muscat on Islamic finance products and their accounting treatment under IFRS.
This training was organised by KPMG for its clients and members of professional staff. The objective of the training was to educate participants about the characteristics of various Sharia compliant financial products and how to deal with their accounting issues under IFRS and under standards issued by association of auditing and accounting standards of Islamic financial institutions.
As part of the introduction Khalid Ansari, partner, KPMG Oman mentioned that the training is part of KPMG’s endeavour to equip its professional staff and clients with the best of professional knowledge so that they are prepared in advance to deal with the developments that are taking place in the field of Islamic Finance.
The training was conducted by Mohammed Tariq, partner responsible for Islamic finance in the Lower Gulf practice of KPMG and he was supported by a Senior Manager, Samiuddin Siddiqui of Islamic Finance unit based at the KPMG unit in UAE.
The full day training course included topics on ‘introduction to Islamic banking and business model’, ‘challenges faced by the Islamic banking’, nature and salient features of Sharia compliant products like ‘Murabaha’, ‘Modaraba,’ ‘Musharika’, ‘Wakala’, ‘Tawarruq’ and ‘Sukuk’. There was a separate session dedicated to Sharia compliant insurance product ‘Takaful’.
Shakaib Mahmood, Director responsible for Islamic finance at KPMG, Oman stated that as the regulatory authorities are now getting closer to issuance of regulations and framework for the Islamic financial industry, the clients and professionals need to make advance preparations to be fully ready to deal with Islamic finance products in Oman.
Overall, I think the training was well received by the clients and staff of KPMG, said Shakaib Mahmood, and I look forward to an increasing number of participation from our clients in our forthcoming Islamic finance seminars and training sessions.
After the formal presentation there were plenty of opportunities for questions and answers. A number of participants shared their own experiences and perspectives.
KPMG is a global network of professional firms providing audit, tax and advisory services. We operate in 146 countries and have 138,000 people working in member firms around the world.
In the Lower Gulf, comprising Oman and UAE, KPMG employs more than 700 professionals and operates from five offices in Muscat, Dubai, Abu Dhabi, Sharjah and Jebel Ali.