Certified Islamic Professional Accountant (CIPA)

Certified Islamic Professional Accountant (CIPA) The Benchmark in Islamic Accountancy Certification. 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.

AAOIFI at a glance
Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), established in 1991 and based in the Kingdom of Bahrain, is the leading international not-for-profit organization primarily responsible for development and issuance of standards for the global Islamic finance industry. It has 114 standards and technical pronouncement in issue in the areas of Shari’ah, accounting, auditing, governance and ethics. It is supported by a number of institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, Shariah advisory and legal firms, from over 35 countries. Its standards are currently followed by a large number of leading Islamic financial institutions across the world and have introduced a progressive degree of harmonization of international Islamic finance practices.
• Founding year- 1991
• Participating Member Countries- 45+
• Member Institute- 140+
• Standards Issued- 110+
• Areas of Standards Development- 5
• Professional Standards Issued Qualifications- 3

আরও দেখুন:
◾ ইসলামিক ব্যাংকিং ও ফাইন্যান্স ফেলোশিপ CIPA প্রোগ্রামে ভর্তি

CIPA at a glance
CIPA is a professional specialized certification in Islamic accountancy offered by AAOIFI. It is designed to equip candidates with the requisite technical understanding and professional skills on accountancy and related fields (such as audit, risk management, governance, law, and tax) for international Islamic banks and financial institutions. The certification places greater emphasis on practical knowledge and real-world applications (and exercises) to deliver an enhanced and optimized learning experience.
• CIPA Certification Launched- 2006
• AAOIFI Fellows- 1700+
• CIPA Revamped & Relaunched- 2017
• Modules, Study Texts & Exams- 4
• CIPA Exam Centers in 45 countries- 55+
• Year Expected Completion Time- 1

What is CIPA?
“CIPA” stands for Certified Islamic Professional Accountant and it is one of the two flagship qualifications which is offered by the AAOIFI. It was launched in 2006 and relaunched in 2017 after a three-year-long overhauling process. CIPA is the only internationally recognized qualification in accounting for Islamic financial institutions, catering to all banking, investments, and Takaful segments.

The CIPA program is intended towards development of, and enhancing of, industry’s human resource capabilities by developing experts for Islamic finance accounting and financial reporting, audits, and Shari’ah audits.

Objectives of CIPA
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 is CIPA for?
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.

Reasons to Get the CIPA Qualification
After successfully passing all CIPA module exams and fulfilling practical experience requirement (PER), you will become a CIPA Fellow. You stand to gain the following benefits by joining the 1000+ strong group of CIPA Fellows worldwide. Three Reasons for Getting the CIPA Qualification:
1. Prestige of using the letters “CIPA” after your name’;
2. Getting officially recognized by AAOIFI and the Islamic finance Industry – AAOIFI is a global standard-setting organization for the Islamic finance industry and supported by around 200 institutions, including 20+ central banks, from over 45+ countries; and
3. Finding more career opportunities for both personal and professional growth – There is a huge and ever-growing demand for experts of AAOIFI Shari’ah, accounting, auditing, governance, and ethics standards. CIPA Fellows are recognized for their knowledge and expertise and are always preferred over non-CIPA candidates.

Why to become a CIPA Fellow?
There are 2 key reasons for becoming a CIPA Fellow:
Enhanced knowledge on Islamic Banking and Finance, and career development.

» CIPA offers Powerful Learning Content:
• Based on AAOIFI standards which is a product of cumulative knowledge and experience of a team of 100+ Shari’ah Scholars, Professionals, Consultants, and Academicians, representing 20+ countries over a period of 25+ years.
• Provides valuable experience in the field of accountancy through the ‘Practical Experience Requirement’ (PER).
• Encourages multi-disciplinary learning by including, in addition to Accounting, the Shari’ah, Audit, Law, Taxation, Risks, Capital Adequacy, and Governance topics.

» CIPA offers strong prospects for professional success & growth:
• Highly specialized Islamic accountancy certification as demanded by the employers in the global industry covering ~75 countries.
• Backed by AAOIFI—the leading international standard-setting body for the Islamic finance industry.
• Globally recognized by Regulators, Islamic Financial Institutions, Professional Accounting Bodies, and training centers.

Registration
Eligibility Criteria : Anyone can register. However, CIPA Fellowship will be awarded to only those who have, at minimum, an undergraduate degree or a professional qualification.

CIPA Registration Fee includes the following components:
Registration fee, 4 study texts, shipment and postal expenses, 4 mock exams, 4 exam sittings (one per module), PER fee, and CIPA Certificate fee.

Certification (Fellowship) Requirements

What is the Eligibility?
» Minimum eligibility requirement:
• Undergraduate or postgraduate in discipline of accounting, 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 a new.

Eligibility Criteria for Exemptions
Exemption from Exams:
• 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.

Exemption from Practical Experience Requirement (PER)
» 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.

Curriculum
CIPA is comprised of 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)

What is the course structure?
CIPA program consist of the following 4 Modules:

Financial Accounting and Reporting (FAR)
• 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

Audit, Assurance, and Ethics (AAE)
• 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 and Regulatory Environment (BRE)
• 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 Standards & Shari’ah Governance (SS & SG)
• 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

Examination
• Total NO of Exams- 4
• Passing Percentage- 70% for each Module
• Exam Composition- MSQs covering theorical and scenario-based questions
• Max. NO of Exam Attempts- There is no limitation on the number of exam attempts
• Type of Exam- Online
• Exam Duration for- FAR = 3 hours, AAE= 1.5 hours, BRE= 1.5 hours, SS & SG= 2 hours
• Total Exam Questions- FAR~100, AAE~65, BRE~65, SS & SG~85

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 here

What are the Exam Location?
For updated information kindly visit here

CIPA Fellows from CSBIB
List of distinguished AAOIFI ‘Certified Islamic Professional Accountant’ (CIPA) Fellows of Bangladesh. CSBIB want to honor and promote AAOIFI CIPA Fellows of CSBIB by publishing the name and profile on their official website.

CIPA fellowship through CSBIB
List of AAOIFI CIPA Fellows completed the fellowship program through CSBIB:

Feel free to contact for any information:
Mr Zubair Bin Zulfikar
(Course Coordinator) at 01952-813212 or Email zubair.cb@csbib.org
Address: CSB Training Institute, Oriental Trade Center
(Level – 8 & 9), 69/1, Purana Paltan Line, VIP Road, Kakrail, Dhaka-1000, Bangladesh.
Phone: 48322652-54
Cell: 01753-562607
Email: info@csbib.org
Website: www.csbib.org