Deloitte, the business advisory firm has appointed Mufti Hassan Kaleem as Sharia'a scholar to their Islamic Finance practice. Deloitte is the first big four firm to appoint a Sharia’a scholar, whom is required to ensure that products and transactions are fully Sharia’a-compliant.

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

There is a great shortage of qualified experienced Sharia’a scholars but enormous demand. 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 from Islamic bank and insurance companies, to advisory committees for the State Bank and the Securities and Exchange Commission.

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,” added 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,” said Mr Kaleem.

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About Deloitte
In this press release references to Deloitte are references to Deloitte & Touche LLP which is among the country’s leading professional services firms, providing audit, tax, consulting and corporate finance services. Deloitte & Touche LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu (‘DTT’), a Swiss Verein whose member firms are separate and independent legal entities.  Neither DTT nor any of its member firms has any liability for each other’s omissions.  Services are provided by member firms or their subsidiaries and not by DTT.  Deloitte & Touche LLP is authorised and regulated by the Financial Services Authority.  The information contained in this press release is correct at the time of going to press.