Deloitte Appoints Shariah Scholar

by Robert Lee, Tax-News.com, London

07 December 2007

Deloitte, the business advisory firm, has appointed Mufti Hassan Kaleem as Shariah scholar in its Islamic Finance practice, it announced recently.

The appointment makes Deloitte the first Big Four firm to appoint a Shariah scholar, who will ensure that products and transactions are fully compliant with the principles of Islamic finance.

Islamic Finance currently accounts for around 1-2% of the global financial services industry, yet with Muslims representing approximately 20% of the world’s population and growing, the market is likely to see continuing double digit growth, according to Deloitte.

There is a great shortage of qualified experienced Sharia’a scholars, but enormous demand.

Deloitte revealed that Mr Kaleem possesses significant knowledge and experience, gained through a combined 16 years of education and practical experience. He holds a variety of consultancy posts in Pakistan with organisations ranging from Islamic bank and insurance companies to advisory committees for the State Bank and the Securities and Exchange Commission.

Deloitte believes that London is well positioned as a gateway for Islamic Finance, especially if the current Treasury consultation on the UK Sovereign Sukuk (Islamic bond) leads to an actual issuance.

“London represents a key location for Islamic Finance, as the principal based governance and regulation is more adaptable to accommodate innovation such as Sharia’a compliant products,” commented Maghsoud Einollahi, global head of Islamic Finance at Deloitte.

“I was drawn to working with Deloitte as I will be working on an array of different financial products from tax, to maybe government and institutional issues,” concluded Mr Kaleem.

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