Islamic Finance

Islamic finance is one of financial services’ fastest developing sectors, growing at 10-12% annually in many Muslim countries. Islamic finance seeks to distinguish itself from conventional, interest-based finance by promoting ethical and socially-responsible investments and raising, using and lending capital in accordance with Shari’a, or Islamic law.

Islamic commercial jurisprudence prohibits:

• Interest on loans or securities
• Speculation
• Uncertainty in certain contractual terms
• Anti-social business activities

KPMG provides the following services in this area:

• External and internal audit services in accordance with IFRS and AAOFI standards
• Accounting conversions 
• Shari’a compliance tests 
• Training 
• Accounting advisory on shari’a products 
• Corporate finance and transaction advisory 
• Fraud control and contract review services 
• Implementation of IFSB guidelines