KPMG gets on the lucrative Islamic finance bandwagon
It will also meet the increasingly sophisticated and global needs of clients in the industry.
The team is made up of senior Islamic finance practitioners from KPMG's global network of experts and is headed by Qatar-based KPMG partner Omar Mahmood.
It is overseen by UK-based KPMG director of financial services Samer Hijazi.
The other members are Muhammad Tariq representing KPMG in the UAE and Oman, Mahesh Balasubramanian in Bahrain, Kashif Jahangiri in Saudi Arabia and Kuwait, Ahmad Abdul Wahab in Malaysia and Ahmed Jaffer rin South Africa.
"Islamic finance is a big growth area in the Middle East as it is growing 50 per cent faster than the overall banking sector," Mr Balasubramanian said.
"It therefore has rich potential for businesses in the future and KPMG has considerable local and global expertise in this sector.
"Our new team will draw upon KPMG's key insights and expertise in Islamic finance to give our clients access to an outstanding depth and breadth of knowledge in the audit, tax and advisory areas - wherever in the world they need it," he added.
KPMG said its new team will be able to provide clients with world-class advice on some of the main issues facing banks in this industry.
This includes effectively capturing customer needs, the rapid development of products and providing a standard format for them, engaging the Sharia board early on for approval and ensuring that management information systems are compatible with Islamic products.
The team will help support KPMG's local client service teams in the development of new products and services for clients operating in the Islamic finance industry.