Deloitte appoints Global Islamic Finance Industry Group Leader

"The Islamic Finance industry is rapidly expanding, which presents opportunities for companies in various businesses around the world. Deloitte member firms have formidable experience and delivery capabilities in all service lines around Islamic Finance,"

says Vicary Abdullah.

In addition to assurance, enterprise risk services (ERS), tax and consulting services for Islamic Institutions, Deloitte member firms advise clients on strategy, M&A transactions (including the provision of Sharia'a due diligence) and assist in corporate finance services for Sharia'a compliant structures.

Deloitte member firm clients may also seek the advice of the Sharia'a scholars who work with member firm professionals across all service lines to address specific client needs and promote the efficient delivery of value-added solutions within a Sharia'a compliant framework.

Deloitte in the Middle East is delivering Islamic Finance services by means of the expertise of its specialized professionals across all service lines and who are located throughout the region, in coordination with and under the leadership of its Islamic Finance Knowledge Center (IFKC) based in Bahrain.

The IFKC capitalizes on the Firm's expertise in this field and growing opportunities in the Islamic finance market. Currently around 60% of the global Islamic Finance assets (estimated by the IMF at $260bn in total) are shared by Middle Eastern countries, while 80% of the top 50 Islamic banks worldwide are located in the Middle East region.

Joe el Fadl, partner in charge for the financial services industry (FSI) at Deloitte in the Middle East commented, "The experience of Islamic institutions has proven so far to be positive, successful and rewarding. Islamic banks experienced over the past 5 years a double digit annual growth of 15 to 20%. Islamic banks demonstrated resilience and ability to manage and overcome the adverse consequences of the global financial crisis."

Vicary Abdullah has more than 35 years experience within the finance and consulting industry, working in Asia, Europe, Latin America and the Middle East. Since 2002, he has focused exclusively on Islamic Finance, and had executive roles at major Islamic and Asian banks.