MUSCAT -- KPMG, a leading International firm providing Audit, Tax and Advisory services, organised at the Intercontinental Hotel a seminar on Islamic Finance -Accounting for Islamic Finance. This was the latest in a series of Breakfast Seminars that KPMG held earlier and is planning to hold over the coming months. This Seminar brought together people involved with Islamic Finance industry, the regulators and the support organisations.
Khalid Ansari, Partner in Charge of Advisory Services of KPMG in Oman, highlighted that the seminar had received an enthusiastic response, with representatives attending from a wide variety of Islamic Finance industry groups and regulatory organisations. The seminar was delivered by Khalid Yousaf, Director Islamic Finance Advisory Services of KPMG in Oman.
The seminar provided the perspective to Accounting challenges faced by Islamic Finance. Islamic Banks and Takaful companies complying with AAOIFI requirements have to balance the act of reporting and financial disclosure to their regulators, tax authorities, rating & credit agencies and international counterpart organisations. It was recognised that convergence of AAOIFI standards with IFRS is the way forward. KPMG and ACCA joined forces to address the Islamic Finance nuances and issues involved but more work needs to be done towards their resolution.
The audience actively participated in the discussions with questions, practical problems and suggestions throughout the presentation which made the seminar highly interactive and interesting. Khalid Ansari mentioned that KPMG is running similar Breakfast Seminars in the coming months covering topical issues in Islamic Finance. He also invited the participants to suggest topics which could be addressed in future seminars.
© Oman Daily Observer 2013
