Our professionals have an in-depth knowledge of Islamic finance, providing practical, value-added assistance to KPMG’s clients across a range of specialist areas and issues.
KPMG firms have a working relationship with various Islamic Sharia scholars throughout the world. Demonstrating compliance with Sharia can be difficult, as the various Sharia committees have different governance models by which they set and test their compliance.
Our knowledge and experience in Sharia law is derived mainly from the Accounting and Auditing Organisation of Islamic Financial Institutions, opinions issued by various Islamic scholars and statements issued by the Malaysian Islamic Financial Services Board.
KPMG in South Africa is an integral part of KPMG’s Global Islamic Finance Services team and our firms’ clients include major local and international banks, major insurance companies and private equity firms.
We also work together with National Treasury to address the regulatory shortcomings (and the income tax implications) applicable to Islamic banking.
Our service offering includes:
- Audit of Sharia compliance in local and international banks, asset management and insurance companies
- Conducting feasibility studies into establishing a fully fledged Islamic bank compared to an Islamic window offering
- Software evaluation for Islamic finance product development
- Sharia compliance in the design, structuring and review of Islamic contracts
- Developing investment proposals
- Central bank regulatory assistance
- Structuring of private equity deals
- Islamic product development
- International tax assignments covering exchange control and transfer pricing issues
- Liquidation services
- External and internal audit services regulatory compliance
- Sharia compliance in local and international banks and insurance companies
- Review of Sukuk structures for investment banking purposes
- IT systems advisory.