CIMA-AAFI seminar on ‘Tax and Accounting Aspects of Islamic Finance Transactions’ on 26 Feb.

The Chartered Institute of Management Accountants, Sri Lanka in collaboration with The Association of Alternate Financial Institutions (AAFI) will be conducting a seminar on ‘Tax and Accounting Aspects of Islamic Finance Transactions’ on 26 February (Tuesday) at the Ramada Hotel, Colombo.  

AAFI President Ravi Abeysuriya

CIMA Sri Lanka Country Head Zahara Ansary

KPMG Sri Lanka Partner – Accounting Advisory Shameel Nayeem

KPMG Sri Lanka Principal – Tax and Regulatory Suresh Perera

Suresh Perera, FCMA CGMA Principal – Tax and Regulatory, KPMG Sri Lanka will expound on the tax implications of the Islamic finance products while Shameel Nayeem, Partner – Accounting Advisory, KPMG Sri Lanka will elucidate the accounting treatment.  

The overhaul of the Income Tax Law of Sri Lanka as well as introduction of new financial reporting standards have drastically changed the implications of Islamic finance products. This interactive workshop will aim to enlighten and educate the participants on the complexities arising in the accounting and taxation of Islamic finance products as a result of statutory and regulatory changes.  

The AAFI was formed in 2015 and consists of voluntary members comprising a majority of the financial institutions in Sri Lanka. Ravi Abeysuriya, FCMA CGMA, the President of AAFI, said that he was delighted to join hands with CIMA in order to disseminate knowledge on the Islamic finance instruments since there were implications stemming from the recent changes in accounting and tax law. Abeysuriya is a Director of Seylan Bank PLC, HNB Assurance PLC, Bio Foods Ltd. and Candor Group of Companies. 

Zahara Ansary, ACMA CGMA, Country Head of CIMA Sri Lanka, stated that partnering with AAFI was of mutual benefit as there were many CIMA students and members working in the given industry and disseminating the latest developments on the statutory and regulatory changes to them was important. This was just the first such event with more to follow, she added. 

CIMA is a global accounting body and is currently the world’s leading and largest professional body of management accountants, its members and students operate in 184 countries, working at the heart of business. CIMA members and students work in industry, commerce, the public sector and not-for-profit organisations. 

CIMA works closely with employers and sponsors leading-edge research, constantly updating its qualification, professional experience requirements and continuing professional development to ensure it remains the employers’ choice when recruiting financially-trained business leaders. CIMA recognises that Islamic finance is becoming more prominent throughout the financial institutions of the world and it is growing from a niche industry to a mainstream part of finance. Now a dynamic area of the international financial services sector and with a rising demand for a more ethical approach to finance, Islamic finance is set to continue increasing in importance over the next decade.

For more information or to register for the seminar please call Tel: 011 2503880 Ext 260 or email [email protected].