South Africa

Details

  • Service: Audit
  • Industry: Financial Services
  • Type: Business and industry issue
  • Date: 2011/02/25

Islamic Finance

KPMG SA is 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.

KPMG named best Islamic finance advisor - again 

KPMG has been named 'Best Islamic Assurance and Advisory Services Provider' in the 2011 Euromoney Islamic Finance Awards. It’s the fourth time in a row KPMG has taken the top prize which is a record in the advisory category.

Now in their ninth year, these awards are the benchmark awards for the global Islamic finance industry. Euromoney highlighted KPMG’s active role in promoting and aiding the development of the Islamic finance industry around the world.

 

KPMG member firms are active in several countries. In France, KPMG continues to advise on the establishment of what are expected to be France’s first standalone Islamic retail and commercial banks. In Canada, KPMG is advising a firm that hopes to be that country’s first Islamic bank and KPMG in South Africa was part of the national treasury task team for recommending enabling legislation for Islamic finance by way of a new insertion in the Income Tax Act. KPMG in Qatar was commissioned to assess the feasibility of setting up a takaful company and KPMG in India produced a paper examining Islamic financial products and their likely tax treatment. In the UK, KPMG is working on three Shariah-compliant real estate funds. One has launched and is buying its first property while the other two are in the early stages of fund launch.

 

KPMG also continues to act as auditor to the first standalone takaful company in Western Europe. In Ireland, KPMG advised on the Irish tax implications of a proposed transaction involving a commodity murabaha structure with a non-Irish borrower.