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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