KPMG named Best Islamic Advisory Provider

Date: 07-02-2008
Source: Middle East News

KPMG was named 'Best Islamic Assurance and Advisory Services Provider' last night at the 2008 Euromoney Islamic Finance Awards ceremony in London, UK.

Now in its 6th year, Euromoney's Islamic Finance Awards are regarded as the benchmark awards for the global Islamic finance industry.

In selecting KPMG, the magazine said: 'KPMG's breadth of assignments and the diverse geographic spread of their business was very impressive and was a key factor in selecting the company for the award. KPMG's assignments span Europe, the Middle East, Asia and Africa and it is well positioned to work with its clients as Islamic finance expands globally.'

Over the last year, KPMG member firms have provided assurance and advisory services to over 50 Islamic financial institutions in the UK and Western Europe, the GCC, the Far East, North America and Africa. This work includes services undertaken on behalf of ventures looking to bring Islamic finance into new markets, national financial regulators exploring Islamic finance for the first time, and the conversion of a bank to a stand-alone Islamic bank. In addition, KPMG is a member of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB).

Brendan Nelson, Global Chairman, Financial Services, KPMG LLP, said: '2008 promises to be an exciting year for Islamic finance as the industry becomes more competitive and continues to look for new growth opportunities globally. With appropriate support, we believe this industry will continue to thrive. KPMG has a long track record of working in the global Islamic Finance sector and we are delighted to receive this award as we believe it serves to further highlight our commitment to this space. We intend to build on our achievements of 2007 into 2008 and beyond as we recognise the growing importance of the Islamic finance market and seek to effectively help our clients in this sector.'

Jamal Fakhro, Managing Partner Bahrain & Qatar, said: 'This fascinating market has expanded and matured both locally and regionally. Our team of Islamic Finance professionals is in a strong position in terms of our share in regulatory, tax and audit work for Islamic banks, and had the privilege to work alongside the region's most prominent clients. This award is a testimony to the good work of KPMG's Islamic Finance group, which will continue into the future.'