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Certified Islamic Professional Accountant (CIPA)

Certified Islamic Professional Accountant (CIPA) is a professional program certified by AAOIFI designed to equip candidates with the requisite technical understanding and professional skills on accountancy for international Islamic banks and financial institutions.
AAOIFI is a global standard-setting organization for the Islamic finance industry and supported by institutions from over 45 countries.

 

REASONS TO GET THE CIPA QUALIFICATION:

1. Get recognized by AAOIFI and Industry
2. There is a huge and ever-growing demand for experts of AAOIFI Shari’ah, accounting, auditing, governance, and ethics standards
3. For personal and professional growth reasons: invest in yourself to constantly improve your knowledge, skillset, and career opportunities

 

WHAT ARE THE COURSE OBJECTIVES?

CIPA program consists of Education Scheme and Practical Experience Scheme prepared to achieve these objectives:
1. To develop in-depth understanding and application abilities of the requirements of the AAOFI Financial Accounting Standards in respect of presentation of financial statements and financial reporting of Islamic Financial Institutions (IFIs).
2. To ensure that candidates understand the process and techniques of carrying out the audit in accordance with the principles of accountancy as well as with the International Standards on Auditing
3. To equip candidates with an understanding of the fundamentals of business and business management and the role of an accountant in relation to governance, tax, compliance, and risk management in an organization.
4. To provide the understanding of the basic foundations for Shari’ah compliance underpinning in Islamic banking and finance, and to develop strong application abilities of the requirements of the AAOFI Shari’a standards
5. To equip candidates with a comprehensive understanding of the requirements of Governance in an organization from a Shari’ah perspective

 

WHO CAN DO?

CIPA is for professionals, executives, as well as for students who are currently involved, are studying for, or have interest, in accounting, auditing, and finance, especially for the Islamic banking and finance industry, such as:
• Accountants and Auditors
• Shari’ah Auditors
• Islamic finance practitioners, bankers, and professionals
• Undergraduate or graduate students aspiring for an accounting career in Islamic banks

 

CERTIFICATION REQUIREMENTS:

Fulfill Eligibility CriteriaPass All 4 Modules ExamsComplete Practical Experience RequirementCIPA

 

WHAT IS THE ELIGIBILITY?

» Minimum eligibility requirement:
• Undergraduate or postgraduate in discipline ofaccounting, economics, business, or commerce with 55% marks; or
• relevant professional qualification (exemptions available for academically strong Candidates having A levels / High School qualifications)
» Must fulfill eligibility criteria within 3 years of CIPA Program Registration in order to earn the CIPA certification, otherwise Candidate shall stand disqualified and will have to re-register for the CIPA program anew.

Eligibility Criteria for Exemptions:

Exemption from Exams Exemption from Practical Experience Requirement (PER)
• Through undergraduate / graduate degree; or
• Through other professional qualification; or
• Through CSAA Fellowship; or
• Where AAOIFI has a collaboration with a University; and• Candidate has secured 60% marks AND
• 70% syllabus of Candidate’s qualification
match with that of CIPA module from which exemption is sought.
» Partial Exemption (6 months)
• 3 years Islamic industry experience; OR
• 5 years banking & finance industry experience; OR
• Member of professional bodies which are IFAC members or as approved by AAOIFI
» Full Exemption (12 months)
• Fulfill Eligibility Criteria for CIPA Program Registration; AND
• Fulfill Partial Exemption Criteria; AND
• 6 months of experience in approved organization; OR
• 1 year banking & finance industry experience

 

WHAT IS THE COURSE STRUCTURE?

CIPA program consist of the following 4 Modules:

Financial Accounting and Reporting (FAR)
Audit, Assurance, and Ethics (AAE)
Business and Regulatory Environment (BRE)
Shari’ah Standards & Shari’ah Governance (SS & SG)
• AAOIFI Financial Accounting Framework
• Murabaha
• Salam and Istisna
• Ijara and Ijara Muntahia Bittamleek
• Musharaka and Mudaraba
• Investment in Real Estate
• Investments in Associate and Subsidiary
• Investments in Securities
• Investment Accounts
• Investment Funds Accounting
• Islamic Insurance
• Zakah
• Foreign Currency
• Segment reporting
• IFS offered by conventional FI
• Code of Ethics
• Intro and Objectives of Audit
• Internal Audit
• Types of Assurance
• Client Acceptance and Continuance
• Audit Strategy and Planning
• Risk Assessment
• Audit Evidence
• Using the work of an Expert
• Other Audit services
• Audit Conclusion and Reporting
• Business Environment
• Market Forces
• Business Strategies
• Marketing
• Communication within an Organization
• Forms and Types of Companies
• Management and Administration of a Company
• Sources of Funding and Management
• Key Concepts of Law
• Introduction to Tax
• Introduction to Risks within Financial Institutions
• Credit Risk
• Liquidity Risk
• Market Risk
• Operational and other Risks
• Capital Adequacy
• Shari’ah Fundamentals
• Trade based Contracts
• Equity based Contracts
• Ijara and Ijarah Muntahia Bittamleek
• Investment Sukuk
• Islamic Equity Market
• Takaful
• Common Banking Services and other Solutions
• Corporate and Shari’ah Governance
• Shari’ah Supervisory Board
• Internal Shari’ah Audit/Review
• Independent External shari’ah Audit
• CSR

VIDEO GALLERY

Overview

Auditing | The Auditor’s Report

Auditing | Terms of Audit Engagement

Ethics | Code of Ethics for the Employees

Ethics | Code of Ethics for Accountants and Auditors

Governance | Shari’a Supervisory Board

Governance | Shari’a Review

Governance | Internal Shari’a Review

Accounting | Conceptual Framework for Reporting

Accounting | Murabaha & Murabaha to the Purchase Orderer

Shari’a Standards | Ijarah & Ijarah Muntahia Bittamleek

Accounting | Musharaka Financing

Shari’a Standards | Investment Sukuk

Shari’a Standards | Mudaraba

Shari’a Standards | Sharika (Musharaka)

Shari’a Standards | Salam and Parallel Salam

Shari’a Standards | Istisna’a and Parallel Istisna’a

Shari’a Standards | Murabaha to the Purchase Orderer

Shari’a Standards | Guarantees

WHAT IS THE EXAM FORMAT?

• MCQs covering theoretical and scenario-based questions – 70% for each Module
• Physical – Online Exams will be launched shortly
• Exam Duration: 2 hours / Module

Module Weightage Total Marks Total Exam Questions Passing Marks
FAR 33% 132 100 92
AAE 17% 68 50 47
BRE 17% 68 50 47
SS&SG SS 20% 80 60 56
SG 13% 52 40 36
400 300 278

 

Practical Experience Requirement (PER):

Internship Program for 1 year at an approved organization under a Supervisor:
Objective of PER: To meet a list of “Performance Objectives”
Eligibility Criteria: All registered CIPA Candidates
Exemptions: Available; criteria defined earlier
Deliverable: Final Report
Passing Criteria: Earn a ‘Pass’ on your Final Report
Alternative to PER: To be decided on case-to-case basis; Thesis submission on a pre-approved topic

 

WHAT ARE THE EXAM DATES?

You can book online and sit your exams whenever it suits you; in February / May / October. For updated information kindly visit http://aaoifi.com

 

WHAT IS THE EXAM LOCATION?

For updated information kindly visit http://aaoifi.com

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