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
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