Winner: KPMG
In 2008, KPMG pushed the boundaries of Islamic finance as it took the practice into new countries. In the past year the accountancy firm provided assurance and advisory to more than 60 Islamic financial institutions from the UK, Spain and the Netherlands, through to Bahrain, Malaysia and Sri Lanka. Following the successful launch of the first Islamic bank in the UK, the Islamic Bank of Britain, KPMG continues to offer audit and advisory services to the bank; it is now also involved in setting up the first Islamic banks in France, Nigeria, Canada and the Maldives.
KPMG also continues to offer innovative solutions in established Islamic countries. During 2008, the group developed tailored solutions using IFSB standard compliance and improving tools. KPMG advised the Islamic Chamber of Commerce and Industry and helped with the creation of an investment company to act as an incubator for SME start-ups in target GCC countries.
In 2008, Al Hilal Bank of the UAE asked KPMG to carry out initial feasibility studies. In addition, the Islamic Corporation for the Development of the Private Sector commissioned it to undertake an in-depth study of the potential of the Islamic mortgage market in Saudi Arabia.
