The global professional bodies, with a combined total of 756,000 members and students, have agreed to work together specifically on the promotion and co-branding of the CISI Islamic Finance Qualification (IFQ).
The CISI, which represents those working in the wealth management, Financial Planning and capital markets professions, launched the IFQ in 2007.
Since then almost 3,950 exams have been sat globally.
According to CityUK statistics, the UK is the top western centre for Islamic Finance and the global market for Islamic financial services increased by 12% in 2014 to $2trn.
The market is expected to top $3trn this year.
The IFQ, a Level 3 Certificate, is available worldwide and both the exam and workbook are produced in English, Arabic and French.
It is suitable for existing and new employees and those seeking a career in Islamic Finance.
The qualification was initiated by the Banque du Liban (Bank of Lebanon) and was jointly created by l’Ecole Supérieure des Affaires (ESA) and the CISI.
These bodies convened the Advisory Council for Islamic Finance (ACIF), a group of experts, to develop and oversee the qualification.
Simon Culhane, Chartered FCSI and CISI CEO, said: “We are delighted to be working with ACCA on further developing the promotion of the IFQ, which covers finance from both a technical and Shariah perspective.
“Since its launch the IFQ has been taken in over 50 countries and we are looking forward to collaborating with ACCA to increase the market for this industry leading qualification which prepares candidates to hold key positions in the Islamic finance and takaful (Islamic insurance) professions.”
Helen Brand OBE, ACCA chief executive, said: “We’re very pleased to be continuing our work with CISI on this Islamic Finance Qualification, adding value for our members and students choosing to work in what is an important developing area.
“Islamic finance is recognised as a vital and thriving market which will continue to grow on the global stage.
“This qualification has immense relevance, offers technical and also Shariah law perspectives, and importantly it has been developed by experts.”