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Bahrain - Islamic Finance services key priority in the Middle East market

Global Arab Network - - Mohammed Almasri

Monday, 19 April 2010 12:31

In a move to address the region’s growing need for Islamic Finance services, Deloitte announced its Middle East Islamic Finance initiative at an industry event on April 18, in Manama, Bahrain.
This new initiative represents a significant investment by Deloitte, with the appointment of dedicated Islamic Finance senior practitioners whose focus will be Islamic Finance within the Deloitte disciplines of Consulting and Financial Advisory services complementing the existing team in Assurance, Tax and Risk services. The team has the added dimension of the newly formed Islamic Finance Knowledge Centre based in Bahrain, designed to provide thought leadership and research.

“The growth and inherent potential of the Islamic Finance market means that clients are increasingly looking to tap the opportunities offered by Sharia’a compliant products and services,” said Omar Fahoum, chairman and chief executive of Deloitte in the Middle East, who was one of the speakers at the launch event. “In creating the Middle East Islamic Finance Group we are leveraging Deloitte’s expertise in the Islamic finance field to ensure clients have access to exceptional depth and breadth of knowledge and industry insights.”

Other speakers at the event included Khalid Al Hamad, Executive Director, Banking Supervision, Central Bank of Bahrain, and Deloitte global and regional Islamic Finance leaders. The program included an exclusive on-line Deloitte interview with Sheikh Muhammad Taqi Usmani, Chairman of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Sharia’a Board.

Deloitte also announced during the event the launch of the new Deloitte Islamic Finance portal. The web portal is a resource for all participants in the Islamic Finance industry that includes insights from prominent Islamic Finance industry figures and Deloitte thought leadership publications. It will also enable interaction by users to share their views on some of the most pressing issues and challenges facing the Islamic Finance industry.

“We continuously strive to keep our clients up to speed and updated regularly on market challenges and industry issues, and to share insight that will give them the edge in their businesses,” said Joe El Fadl, partner in charge for the Financial Services Industry (FSI) at Deloitte in the Middle East “The Islamic Finance portal will showcase the research carried out by our Middle East Islamic Finance Knowledge Center, thus serving as a convenient reference point for practitioners who seek to acquire knowledge and competency in different areas of technical expertise and Islamic Finance governance.”

The Middle East Islamic Finance Group and the new portal form an integral part of Deloitte’s wider Global Islamic Finance initiative and further demonstrates the firm’s strong commitment to serving the Islamic Finance Industry and market participants in the region.

“As with all Deloitte services, regional professionals from the Middle East Islamic Finance Group enjoy the backing of a global network of industry specialists,” said David Vicary, Deloitte’s Global Islamic Finance Leader. “For our clients this translates as international capabilities combined with local delivery, giving them services tailored to their exact needs.”

In February this year, Deloitte announced the launch of its new Islamic Finance Knowledge Center (IFKC) based in Bahrain.

Global Arab Network

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