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KPMG global Islamic finance group lead, head of KPMG financial risk management for the Asia Pacific

KPMG
Malaysia

44

Malaysian

Could you provide a brief journey of how you arrived where you are today?
My keen interest in Islamic finance started with my involvement with the Islamic Financial Services Board (IFSB) some five years ago. I was a member of its risk management working group, which designed one of the very first IFSB standards issued.

Being involved in the working group opened my mind to Islamic finance being very different to conventional finance, whereas my initial thoughts were that they are the same. Hence, I realized that we need to apply different solutions to solving Islamic finance issues and not just apply conventional solutions.

What does your role involve?
Under the auspices of KPMG’s global Islamic finance group, I have the responsibility to lead the coordination of our firm’s key Islamic finance specialists in various offices around the world to assist our Islamic finance clients. Together, our objective is to support the global Islamic finance industry’s aspirations.

This involves monitoring and identifying the evolving issues/needs of Islamic finance practitioners in different geographies, leading research development initiatives to analyze emerging trends, and working together as a cohesive network to address issues faced by our clients.

What is your greatest achievement to date?
From the industry perspective, the greatest achievement to date is supporting the growth of the Islamic finance industry around the world through our clients. From KPMG’s perspective, the greatest achievement is expanding the Islamic finance specialists network, and from a personal perspective, the intellectual growth from the continuing learning about the industry.

Which of your products/services deliver the best results?
Our audit, advisory and tax services are equally strong in terms of value added for our clients. Our in-depth understanding of Islamic finance specificities and extensive track record with the industry’s leading players gives our firm an edge in providing audit and tax services for our clients.

In terms of advisory, we are pleased that our advisory support has led to the establishment of new Islamic financial institutions in countries like Malaysia, the UK, Indonesia and other regions, taking into account challenging regulatory regimes and licensing requirements.

What are the strengths of your business?
Our firm’s global network and long-term involvement with the growth of the industry since its emergence are key assets that we leverage on to continue to support the development of the Islamic finance industry.

We have been involved with a number of clients from their licensing right up to operationalization, and we are happy to say that we continue to work with some of them.

What are the factors contributing to the success of your company?
Many factors have helped us get to where we are today, such as the experience and hard work of our people, but being able to earn the trust of our clients as well as our understanding of the regulatory requirements has probably been one of the more crucial factors, which enable us to continue to participate in the industry’s development.

What are the obstacles faced in running your business today?
We are fortunate that the global financial crisis has not affected Islamic finance institutions as badly as their conventional counterparts.

Even so, the industry has been more cautious, but thankfully we continue to win new engagements amidst this period of stricter cost controls when we are able to justify our value-add to our clients.

Where do you see the Islamic finance industry in, say, the next five years or so?
We would like to see the Islamic finance industry well on its way to carving a clearer shape for itself as a separate and distinct component of the global financial infrastructure, complementing the conventional component as a means to meet the needs of those seeking newer, more ethical, greater risk sharing and equitable routes of financing.

Name one thing you would like to see change in the world of Islamic finance.
The industry would have an even higher potential to shine and grow very much faster if greater awareness is built around the world of its principles and objectives.