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Wednesday, 17 October 2012

Islamic finance to be demand-driven: KPMG

MUSCAT — KPMG, a leading International firm providing Audit, Tax and Advisory services yesterday organised at the Grand Hyatt, a seminar on Islamic Finance-Lessons Learnt from abroad & Challenges faced in Oman.

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 a comparative analysis of Islamic Finance models adopted by various countries around the world, their experiences and the pros and cons of their approaches.

Khalid highlighted the aspects of lessons learnt from other countries and how a methodical approach for the development of Islamic Finance industry infrastructure could be taken for best results in Oman. The challenges and issues relating to Islamic Finance in Oman will require government and regulatory authorities’ attention and support for the industry to achieve a successful launch and rapid growth. 

He emphasised that since the introduction of Islamic Finance in Oman is demand-driven from markets and customers, its future is secure. The growth after a steady start is likely to overtake the conventional banking assets by 2020.

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 / 17 Oct 2012)

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