During the last two decades, the Islamic finance industry has grown tremendously, not only in countries with majority Muslim populations in the East, but also in well-established secular financial centers in the West.
This has highlighted the commercial wisdom of Islamic Finance principles as well as the ethical standards it espouses. Along with growth, the Islamic Financial institutions have experienced a fair share of challenges as well.
In particular, risks relating to governance, compliance, transparency,
liquidity and exposure to limited asset classes have been long-debated by industry experts. KPMG in Saudi Arabia has been playing an active role in the development of the Islamic Finance industry. Regulators, Islamic Finance institutions, academia and other stake holders have benefitted from deep insights provided by our team of professionals.
The range of services provided so far by our team includes:
- Shari’a compliance reviews.
- Accounting and structuring advice on new products and services.
- Assistance in conversion of conventional operations to Shari’a compliant operations.
- Assistance in setting up Islamic Financial institutions.
- Training on Islamic Finance principles and methodologies.
- Assistance to regulators in creating an enabling framework for Islamic finance, including the removal of disparities between Islamic and conventional finance from a tax perspective.
Our services cover Islamic Banks, Islamic Insurance/Takaful companies, Islamic Funds and corporates with Shari’a compliant operations.