The Association of World Islamic Bankers Association (WIBA) announced today a new partnership with the Association of Certified Anti-Money Laundering Specialists (ACAMS) to offer training and consultancy services in anti-money laundering and anti-terrorism for organizations looking to participate in the growing Islamic finance sector.
In recent years, Islamic finance has received unprecedented attention as the global recession has revealed the flaws of conventional finance, and the public has shown a deep interest in corporate social responsibility. Islamic -- also known as Shari’a-compliant -- banking and finance is based on ethical, sustainable principles and practices to provide a serious alternative in the finance and banking industry.The fast growth of the Islamic world, as well as the need for effective capital flow models following the Arab Spring, has focused even more attention on Islamic finance.As demand grows for Islamic finance products and services, demand is also growing within the industry for education and proven best anti-money laundering and anti-terrorism practices that are firmly rooted in the principles of Shari’a.
“As the global leader in anti-money laundering and counter-terrorism financing certification, education and training, we’re certain we’ll be able to sufficiently support WIBA in their mission and are proud to have been chosen as a partner,” said John Byrne, Esq., CAMS, executive vice president of ACAMS. “Furthermore, we recognize how critical quality training is for this region, and providing a service like this to these countries has been a growing focus of ACAMS.”
The partnership will offer training and individualized consultancy in all aspects of anti-money laundering and anti-terrorism, ranging from basic awareness building and introductory education models to individualized, specific planning on the details of operational processes.
Consultancy services are designed for organizations building Islamic finance operations from the ground up as well as established providers looking to maximize their operations with the most up-to-date anti-money laundering and anti-terrorism knowledge.
Mohamed Elbanna, CEO of WIBA, said. “Islamic banks consider money laundering and terrorist financing not only illegal, but unethical and prohibited by Islamic law. However, Islamic banks are not immune to money laundering or terrorist financing. The right knowledge is key. This partnership will enable Islamic banks have access to the most trusted and updated information for AML and anti-terrorist financing,”
ACAMS is the largest international membership organization dedicated to enhancing the knowledge and expertise of AML/CTF and financial crime detection and prevention professionals, from a wide range of Industries, in both the public and private sectors.
The CAMS certification is the most widely recognized AML certification among compliance professionals worldwide. Candidates who pass the rigorous CAMS examination distinguish themselves as experts fully qualified for the demanding anti-money laundering duties in business and government.ACAMS serves more than 13,500 members in 160 countries, with extensive resources designed to develop and sharpen the skills required for superior job performance and career advancement, including certification, moneylaundering.com (the industry’s leading online news and information resource), ACAMS Today (the premier AML magazine), international conferences, full day seminars, web seminars, customized training and peer networking opportunities.
About World Islamic Bankers Association (WIBA)
The U.S.-based World Islamic Bankers Association (WIBA) offers consulting and training for banks and other organizations that offer Shari’a-compliant products, services and solutions. WIBA’s services range from introductory education and awareness building on the basics of Islamic banking to individualized business plan creation and detailed planning of operational processes. Areas of expertise include strategy tailoring, Shari’a supervision and coordination, organizational structures, staffing and skills building, change management and technology.The economic downturn and public interest in corporate social responsibility has put Shari’a-compliant finance in the spotlight. WIBA can help organizations interested in entering this arena or strengthening existing operations with expertise grounded in the core values of Shari’a.