WAKE UP SOUTH AFRICANS, WAKE UP: South African Institute of Chartrered Accountants (SAICA)website: Mohammed Dukandar CA (SA) Group Executive : Telkom Audit Services. SAICA hosted a round-table discussion in November, in association with Ernst & Young. The focus was largely to keep its members abreast of market developments regarding ISLAMIC FINANCE, it impact on the economy and the profession. These discussions were focused on the structuring of the Sukuk (currency, amount, time period, etc), the tax implications of issuing a Sukuk as well as the alignment of revenue and tax laws with the SHARIAH LAW. Dukander emphasizes that developments that were announced at the 19th World Islamic Banking Conference which took place in Bahrain in December of 2012 could potentially lead other African countries spurring on to be amongst the first to issue a Sukuk. Dukander cautions that South Africa must monitor this space closely should it still want to feature as the Islamic financial hub of Africa. Globally, he says the developments are around “connecting the world of Islamic Finance: global strategies for global markets and towards a new sustainable growth trajectory for Sukuk”. Editors Notes
Posted on: Wed, 13 Aug 2014 22:09:42 +0000