KPMG has been named ‘Best Islamic Assurance and Advisory Services Provider’ in the 2011 Euromoney Islamic Finance Awards. It’s the fourth time in a row the organization has taken the top prize which is a record in the advisory category.
Now in their ninth year, the awards are regarded as the benchmark awards for the global Islamic finance industry. Euromoney highlighted KPMG’s active role in promoting and aiding the development of the Islamic finance industry around the world and said:
“KPMG stands out for the way it is helping to grow Islamic finance globally. From training a leading UK bank in the processes, risks and controls involved in Islamic banking to helping India and Sri Lanka examine the potential of an Islamic finance industry, KPMG stands above its rivals to win the best advisory firm award.
KPMG Bahrain Audit and Advisory Partner, Jalil AlAali, said he is delighted to see KPMG receive this award for a record-breaking fourth year in a row.
“This award is testimony to 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 intend to work even more closely with our clients to help the industry step up to the next level,” said AlAali.
“I believe it evidences our breadth of capabilities around the challenges currently facing the Islamic finance industry but also the fact that we have been there for our clients across the world when they have needed us. We believe in the potential of the Islamic finance industry and business model and KPMG firms will be investing further in our people to bring even more value to the industry.”
“In Bahrain we see numerous opportunities in the Islamic banking sector and we will continue to ensure that we have the right people on the ground to deliver,” said Mr AlAali.
KPMG member firms are active in several countries: KPMG in Qatar was commissioned to assess the feasibility of setting up a takaful company; in France KPMG continues to advise on the establishment of what are expected to be France’s first standalone Islamic retail and commercial banks; in Canada KPMG is advising a firm that hopes to be that country’s first Islamic bank; the KPMG South African practice was 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 India produced a paper examining Islamic financial products and their likely tax treatment.
In the UK, KPMG is working on three Shariah-compliant real estate funds. One has launched and is buying its first property while the other two are in the early stages of fund launch. KPMG also continues to act as auditor to the first standalone takaful company in Western Europe. In Ireland KPMG advised on the Irish tax implications of a proposed transaction involving a commodity murabaha structure with a non-Irish borrower.