Islamic finance awards 2008: Best assurance and advisory firm
In the past 12 months, KPMG has provided more than 50 Islamic financial institutions with assurance and advisory services. It is the geographical spread of this business that gives KPMG this award.
In western Europe, clients such as the European Finance House, the Bank of London and the Middle East, and the Islamic Bank of Britain have all employed KPMG’s services as they develop and release Islamic products for the first time in the UK and western European markets.
In Malaysia, KPMG was engaged by Unicorn Investment Bank to establish an Islamic banking subsidiary in Kuala Lumpur. The bank has now reached operational readiness and will be the first licensee under the new Islamic bank category of financial institutions in Malaysia. In addition to its GCC presence, KPMG has been appointed by Bank Albaraka in South Africa and is working in Nigeria to establish the country’s first stand-alone Islamic bank.
Another close contender for this award, which deserves a mention for its extensive audit list of seven of the top 10 Islamic investment banks, is Ernst & Young.