KPMG named 'Best Islamic Assurance and Advisory Services Provider' for second year in a row

Now in its seventh year, the Awards are regarded by many in the sector as the benchmark awards for the global Islamic finance industry.

In selecting KPMG, the magazine said:

"In 2008, KPMG pushed the boundaries of Islamic finance as it took the practice into new countries. In the past year the accountancy and professional services organization provided assurance and advisory services 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 and Western Europe, the Islamic Bank of Britain, KPMG member firms are now also involved in setting up the first Islamic banks in new markets as diverse as France, Nigeria, Canada and the Maldives.

KPMG firms also continue to offer progressive strategies in established Islamic countries. This has included professional financial services tailored to the Islamic finance industry including audit, risk management, restructuring, forensics, feasibility studies, tax and regulation, due diligence and market research.

Brendan Nelson, Global Chairman, Financial Services practice, KPMG in the UK, said, "I believe what clearly differentiates KPMG member firms this year is not the volume of our clients or engagements but rather the efforts we have made to take Islamic finance to new levels. Undoubtedly 2009 will be a difficult year for the financial services industry but, with appropriate support, we believe the Islamic finance industry can continue to develop and expand. We are delighted to receive this award as we believe it serves to further highlight our commitment in this space. We intend to build on our achievements of the past three years and beyond and seek to effectively help our firms' clients in this sector in these demanding market conditions."

Phil Knowles, Head of Financial Services in the UAE, said, "Through intense focus on our firms' clients' business objectives, and the challenges posed by current market turmoil, we have been privileged to work alongside our clients as this fascinating market continues to develop. We continue to be in a strong position in the Middle East in terms of our advisory and audit work for Islamic financial institutions. We are pleased to accept this award as a testimony of our firms' good work, which we will continue into the future."