Muscat: Oman possess great potential for Islamic Finance and leading firms and institutes realize the fact and organize events and seminars to highlight the potential and problems being faced by the Islamic finance in the country. KPMG has also organized a seminar on Islamic finance in the Omani capital, Muscat, last week.
KPMG, a leading International firm providing Audit, Tax and Advisory services, last week organized 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 organizations.
Partner in Charge of Advisory Services of KPMG in Oman, Khalid Ansari, said that the seminar has received an enthusiastic response, with representatives attending from a wide variety of Islamic Finance industry groups and regulatory organizations. 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 can be taken for best results in Oman. The challenges and issues related 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 emphasized 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 can be addressed in future seminars.