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Certified Islamic Professional Accountant

CIPA at a glance

2006 CIPA launched was revamped and relaunched in 2017 4 Modules 1 year practical experience requirement (PER) 325 hours of self-study required, at minimum 65+ Registration and examination centres

CIPA is a fellowship program in Islamic finance accountancy offered by AAOIFI. The program is designed to equip candidates with the technical knowledge and professional skills in accountancy and related fields (including audit, risk management, governance, law, and tax) required by international Islamic banks and financial institutions. The program emphasizes practical knowledge and real-world applications to enhance and optimize the learning experience.

 

Why become a CIPA Fellow?
CIPA is a fellowship program in Islamic finance accountancy offered by AAOIFI. The program is designed to equip candidates with the technical knowledge and professional skills in accountancy and related fields (including audit, risk management, governance, law, and tax) required by international Islamic banks and financial institutions. The program emphasizes practical knowledge and real-world applications to enhance and optimize the learning experience.
Powerful learning content
  1. The program is based on AAOIFI standards which are the result of the industry’s founders’ and practitioners’ knowledge, experience, and wisdom.
  2. In addition to accounting, the program covers Shari’ah, audit, law, taxation, risks, capital adequacy, and governance to promote multidisciplinary learning.
  3. By fulfilling the practical experience requirement (PER), CIPA candidates will gain invaluable experience in the field of accountancy.
Excellent career opportunities
  1. Regulatory and supervisory authorities are increasingly adopting AAOIFI standards, creating a demand for personnel who can correctly interpret and implement the standards.
  2. CIPA is backed by AAOIFI – an institution widely regarded as one of the most influential standard-setting institutions in the global Islamic finance industry.
  3. Globally, regulators, Islamic financial institutions, professional accounting organizations, and training centers recognize CIPA.
Language: Currently, the program is offered in Arabic, English and Russian.
Eligibility criteria: To be eligible for CIPA fellowship, candidates must hold a bachelor’s degree or a professional qualification in the field of accountancy
Registration deadlines for 2024 examinations: For June examination 2 May 2024 | For December examination 2 Nov 2024
Curriculum: CIPA consists of four modules and a one-year practical experience requirement (PER).
 
Module 1: Financial Accounting and Reporting (FAR)
Module 2: Audit, Assurance and Ethics (AAE)
Module 3: Business and Regulatory Environment (BRE)
Module 4: Shari’ah Standards and Shari’ah Governance (SSSG)i
 
practical experience requirement (PER)
Duration: 1 year
Place of PER: Any pre-approved institution
Supervisor: Any pre-approved Islamic finance professional
Deliverable: Submission of periodic and final reports to AAOIFI
Requirement: Fulfilment of accountancy-related work performed for IFIs
Exemption: Provided on a case-by-case basis. Alternative to PER: candidates will be required to submit two 5,000-7,000 word research papers on a pre-approved topic in Islamic finance accountancy.
 

 

Exemption: Module exemption(s): Exemption(s) are generally offered as tabularised hereunder:

Module name Exemption criteria
FAR  CPFAS certificate
AAE  ACCA members who have passed P7 exam or CA or any other related professional qualification
BRE  Any professional qualification of a body recognised by IFAC
SSSG  CSAA or CSE or CSA fellowships qualification by a body recognised by IFAC

 

PER exemption: Criteria for partial and full exemption from PER is as follows:

Partial (6-months exemption) Full exemption
• 3 years of experience in accountancy in an Islamic financial institution (IFI);
• 5 years of experience in accountancy in a financial institution (FI); or
• membership in a professional body that is an IFAC member with at least 1 year of experience in accountancy in a FI.		 • more than 3 years of experience in accountancy in an IFI;
• more than 5 years of experience in accountancy in a FI including 3 months of experience in accountancy in an IFI; or
• membership in a professional body that is an IFAC member with at least 6 months of experience in accountancy in an IFI.
 
Fees and discounts: 
The CIPA program fee is USD 2,200. The fee comprises the registration fee, four study texts, four mock examinations (one per module), four examination sittings (one per module), the PER fee, and the CIPA certificate fee (including its postal expenses).

You can register with us to avail of the TAIF Group discount, fill out the forms at https://taiflearning.com/aaoifi, or write to us at contact@taiflearning.com

TAIF Discount for Non-GCC (USD770)

TAIF Discount for GCC (USD1430)

 

Examinations: The 2024 examination schedule is as follows

Module Window 1  Window 2 Duration (hrs) Formate
FAR 3 June 2024 2 Dec 2024 3 Multiple Choice | Questions (MCQs)| and scenario vignettes
AAE 4 June 2024 3 Dec 2024 1.5 Multiple Choice | Questions (MCQs)| and scenario vignettes
BRE 4 June 2024 3 Dec 2024 1.5 Multiple Choice | Questions (MCQs)| and scenario vignettes
SSSG 5 June 2024 4 Dec 2024 2 Multiple Choice | Questions (MCQs)| and scenario vignettes

 

CIPA fellowship: To become a fellow of the CIPA, the candidate must:

1. pass all four modules (or qualify for module exemption(s)); 2. earn a passing grade in PER; 3. meet the eligibility criteria; and 4. pay any applicable dues.

* for latest information, visit www.aaoifi.com