6.6%

inflation forecast for 2022 and 5.3% for 2023

5367.849bn€

net assets under management in Luxembourg funds in May 2022

20.1%

increase in interest margin of credit institutions in the first quarter of 2022 compared to the same period in 2021

+ 3.4%

domestic employment over a year

All the news that’s fit to browse - September 2022

Muhammad Hossen (Mazars Luxembourg): Difference through people and mindset

With shifting priorities and an ever-changing lifestyle, Muhammad Hossen, the Managing Partner of Mazars in Luxembourg, looks at the today’s major world issues.

Can you present your company in a few words?

Mazars is an international, integrated, and independent organization that has her specialty in audit, accountancy, advisory, and tax services. The company has been present in Luxembourg for more than 20 years. We are well known for our industry expertise and the quality of our services. Our strength relies on our proactiveness, management implication, competitive fee structure, a large panel of services, and group integration. Also, we create value and deliver trust to our clients by combining global thinking with our technical expertise. We assist companies from all sectors in achieving their growth and success. While fulfilling all the needs of our clients, we offer a complete and custom-made range of services to support them in their development. Our utmost priority is to deliver high-quality service while following a well-tailored approach to ensure our clients achieve their business goals. We provide knowledge and solutions through what makes us different: Our team.

 

“A different player in auditing, accounting, tax and corporate services in Luxembourg.”

 

What are the new risks and opportunities you identify?

Over the past few years, the profession has experienced several upheavals. The environment in which we operate is becoming more complex every day, with new regulations emerging one after another. This complex environment requires you to surround yourself with the right profiles, and to do this you first have to attract them, and then keep them! Having adequate resources, both qualitatively and quantitatively, is undoubtedly the most critical challenge facing the profession today, hence talent attraction and retention are at the core of our growth strategy.

In terms of opportunities for our business, I believe ESG will be a significant vector of growth in the coming years, notably with the implementation of the Corporate Sustainability Reporting Directive. The current discussions about the new reform of the audit profession and the pressure for joint audits might be another opportunity for us as challengers with the largest expertise in joint audits.

 

What are your next priorities for Mazars?

Since I took over as managing partner of Mazars in Luxembourg in 2013, our Luxembourg practice grew significantly in all areas. From 70 staff members and 4 partners in 2013, we now count 300 staff members and 17 partners. In perfect alignment with the strategy deployed within the Group, we do not consider growth as an objective in itself, more importantly, we do not envisage growth at any price. For us, growth must respect the rules of corporate sustainability that we implement with our clients. This growth must preserve, at the very least, the quality of life of our staff, even that it improves it, and that it conserves the resources of our planet which are not inexhaustible so that we do not borrow from the future of next generations.