The Chartered Institute of Management Accountants, Sri Lanka in collaboration with The Association of Alternate Financial Institutions (AAFI) will be conducting a seminar on the Tax and Accounting Aspects of Islamic Finance transactions on February 26, at the Ramada Hotel, Colombo.
Suresh Perera, FCMA CGMA Principal - Tax & 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 17 voluntary members comprising of a majority of the Financial institutions in Sri Lanka including Bank of Ceylon, LOLC, HNB, NDB Bank, MCB, People’s Leasing, Commercial Leasing, Amana Bank, Amana Takaful, Seylan Bank and KPMG among others.
Ravi Abeysuriya, FCMA CGMA the President of AAFI, said that he is delighted to join hands with CIMA in order to disseminate knowledge on the Islamic Finance Instruments since there are implications stemming from the recent changes in accounting and tax law.
Abeysuriya is a Director of Seylan Bank PLC, HNB Assurance PLC, Bio Foods (Pvt) 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 are 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.
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 organizations.
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