KPMG gets on the lucrative Islamic finance bandwagon

KPMG has created a new global Islamic finance leadership team to support the continued growth and development of the practice. It will also meet the increasingly sophisticated and global needs of clients in the industry.

KPMG gets on the lucrative Islamic finance bandwagon

KPMG gets on the lucrative Islamic finance bandwagon

The team is made up of senior Islamic finance practitioners from KPMG’s global network of experts and is headed by Qatar-based KPMG partner Omar Mahmood.

It is overseen by UK-based KPMG director of financial services Samer Hijazi.

The other members are Muhammad Tariq representing KPMG in the UAE and Oman, Mahesh Balasubramanian in Bahrain, Kashif Jahangiri in Saudi Arabia and Kuwait, Ahmad Abdul Wahab in Malaysia and Ahmed Jaffer rin South Africa.

“Islamic finance is a big growth area in the Middle East as it is growing 50 per cent faster than the overall banking sector,” Mr Balasubramanian said.

“It therefore has rich potential for businesses in the future and KPMG has considerable local and global expertise in this sector.

“Our new team will draw upon KPMG’s key insights and expertise in Islamic finance to give our clients access to an outstanding depth and breadth of knowledge in the audit, tax and advisory areas – wherever in the world they need it,” he added.

KPMG said its new team will be able to provide clients with world-class advice on some of the main issues facing banks in this industry.

This includes effectively capturing customer needs, the rapid development of products and providing a standard format for them, engaging the Sharia board early on for approval and ensuring that management information systems are compatible with Islamic products.

The team will help support KPMG’s local client service teams in the development of new products and services for clients operating in the Islamic finance industry.

http://www.albawaba.com/business/global-islamic-finance-531882

KPMG announces Global Islamic Finance Leadership Team

KPMG has appointed a Global Islamic Finance Leadership Team (GIFLT) to support the growth and development of KPMG’s Global Islamic Finance practice; the team comprises of senior Islamic finance practitioners from across KPMG’s global network of member firms, and is led by Samer Hijazi of KPMG in the UK.

KPMG announces Global Islamic Finance Leadership Team

KPMG announces Global Islamic Finance Leadership Team

Muhammad Tariq is the Head of Audit for the UAE practice will lead this initiative in the UAE.

KPMG’s announcement comes at a great time especially in the UAE as His Highness Shaikh Mohammed bin Rashid Al Maktoum, recently launched the strategic plan to position Dubai as the capital of the Islamic economy. His Highness expressed his strong commitment to the success of the Islamic economy sector and about placing Dubai on the international economic map as the global destination of choice that provides Islamic products, finance and services as well as raising the standards for the management and quality of this sector to new levels.

Speaking about the GIFLT Muhammad Tariq said “We already have an award winning Islamic finance offering, with teams providing an array of services to clients around the world. The GIFLT will help drive KPMG firms’ market activity and is intended to aid closer coordination of client service teams in the development of new products and services to meet the increasingly sophisticated and global needs of clients in the Islamic Finance industry”.

The team comprises of representative from UK, UAE, Bahrain, Qatar, Kuwait, Saudi Arabia, Malaysia and South Africa.

“Islamic finance and its principles of fair dealing are becoming more and more globalised. This leadership team will leverage our member firms’ insights and expertise in Islamic finance to give our clients access to an outstanding depth and breadth of knowledge wherever in the world they need it” said Jeremy Anderson, KPMG’s Global Chairman of Financial Services.”

http://www.cpifinancial.net/news/post/23811/kpmg-announces-global-islamic-finance-leadership-team

KPMG, CIMA fly the flag for Islamic finance

KPMG AND CIMA have drawn attention to the burgeoning field of Islamic finance of late, as the firm has appointed a new global head and the institute today launched a new qualification.

The primary difference between Islamic finance and its western counterpart is that, under Shariah law, earning interest is illegal. To get around this, complex structures are put in place that allow lenders to profit from their capital; this can be problematic in western markets, though, because products are often penalised by tax regimes.

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CIMA’s advanced diploma was launched today at the IFN 2011 Europe Forum, which welcomed 750 participants over the two-day event. Organisers heralded it as the largest annual Islamic finance event in Europe and CIMA has pitched its new qualification as a “truly global product” to meet a gap in the industry.

The institute said that more than 50,000 professionals will have to enter the market within the next seven years if growing demand is to be met, claiming the qualification is “tailored to the evolving needs of the market as it moves from niche to financial mainstay”.

Following the launch of its certificate in Islamic finance four years ago, CIMA has re-graded the qualification to a diploma, on which leadership and development specialist John Willsdon said: “Our qualification offers international recognition by the industry as an alternative to the regional qualifications available in isolated geographies. We see the Islamic finance market as particularly important, with its current global value estimated at more than $1.1tn (£6.8bn), and our aim is to provide appropriately trained human capital to sustain the industry’s continued growth.”

KPMG’s appointment of a new global head of Islamic finance indicates that the firm is also eyeing the expanding market.

Neil D Miller was formerly head of Islamic finance at law practice Norton Rose, having spent five years in Bahrain. He said: “To prosper and grow, the Islamic financial industry needs to be served by firms that can deliver well-researched and designed tools that are Shariah-compliant and commercially viable; [it must] also comprehensively consider taxation, audit and accounting perspectives.”

Clare Hartnell, Grant Thornton’s global head of property and construction, recently told Accountancy Age that it is “incredibly important to understand the system”, but admitted the firm receives a limited amount of Islamic finance-related business.

This could be set to change as the CIMA qualification, coupled with KPMG’s new recruit, could mark a step change in the practice of Islamic finance for UK firms.

© Incisive Media Investments Limited 2011, Published by Incisive Financial Publishing Limited, Haymarket House, 28-29 Haymarket, London SW1Y 4RX, are companies registered in England and Wales with company registration numbers 04252091 & 04252093

http://www.accountancyage.com/aa/news/2086528/kpmg-cima-fly-flag-islamic-finance