../Morning Post
Posted March 15 , 2010
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Finance

KPMG named Euromoney’s ‘Best Islamic Assurance and Advisory Services Provider’ for the third year in a row

London - KPMG has been named ‘Best Islamic Assurance and Advisory Services Provider’ at the 2010 Euromoney Islamic Finance Awards ceremony in London, UK. Now in its eighth year, Euromoney’s Islamic Finance Awards are regarded as the benchmark awards for the global Islamic finance industry.

 In selecting KPMG, Euromoney magazine said: “What made KPMG stand out in 2009 was the work it did to help the promotion of Islamic finance globally. In Ireland, for example the firm has assisted the authorities in drafting changes to the tax framework to accommodate Islamic finance. The Canadian practice has also supported development of the industry by assisting in the establishment of an Islamic bank there, whilst colleagues in the Malaysia and Nigeria practices have also been advising the Central Bank of Nigeria on the establishment of an Islamic finance industry.”

Over the last year, KPMG member firms have provided assurance and advisory services to over 60 Islamic financial institutions in the UK and Western Europe, the GCC, the Far East, North America and Africa. All services have been tailored to the Islamic finance industry and have included activities in audit, risk management, restructuring, corporate finance, feasibility studies, tax and regulation, due diligence and market research through a dedicated Islamic Finance specialists group.

KPMG has also been active in promoting Islamic finance in new markets such as France, Germany, Ireland, North America, Africa, Sri Lanka and the Far East and has participated in national and international initiatives to deepen the Islamic finance industry in markets such as the UK, Malaysia, Bahrain, Indonesia, and South Africa. In addition, KPMG executives currently serve on the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), the Islamic Financial Services Board (IFSB), the International Centre for Education in Islamic Finance and HM Treasury’s Islamic Finance Technical Working Group.

Jeremy Anderson, EMEA Head of Financial Services at KPMG, said:  “On behalf of all KPMG member firms actively engaged in the global Islamic finance sector, the UK firm is proud to accept this award for the third year in a row. It is a testament to our commitment to the growth and development of this sector and I am proud of our achievements. We will not rest on our laurels however, and are determined to build on our success of 2009 into 2010 and beyond as we recognise the growing importance of the Islamic finance market and seek to effectively help our firms’ clients in this sector.”

Abdullah Hamad Al Fozan, KPMG Al Fozan & Al Sadhan’s Chairman and Senior Partner commented by saying: “Islamic Finance is regarded as a burgeoning sector and at KPMG we consider it a particularly vibrant and exciting area in which to be engaged in. It is truly an honor to be recognized in such a manner and winning this prestigious award for the third time running will serve to inspire us to do even better in this arena.”

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