Recently over 40 participants representing existing and potential Islamic financial services providers gathered together to participate in a common industry forum organized by KPMG Ford, Rhodes, Thornton & Co.
The initiative was aimed at the formation of industry focus groups to collectively address various issues faced by the Islamic financial services industry in Sri Lanka. Reyaz Mihular – Partner / Head of Advisory of the firm moderated the forum, according to a KPMG statement.
Suresh Perera – KPMG Director of Tax, told the group that the issues faced by Islamic financial services are not unique to Sri Lanka. The development of Islamic financial hubs in UK, Singapore, Malaysia, etc has been facilitated due to the fiscal legislative changes introduced in these countries.
Representatives from existing and potential players in this industry in Sri Lanka formed themselves into three Focus Groups - Tax & legal, Accounting and Products. Each focus group will attempt to identify the challenges in the respective area together with mechanisms to overcome these obstacles which hamper the progress of the industry, the statement said. |
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