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Certificate of Proficiency in Financial Accounting Standards (CPFAS)

CPFAS at a glance

2022 CPFAS launched 28 Total FASs covered 250 hours of self-study required, at minimum 1 Module examination 65+ Registration and examination centres

CPFAS is an advanced-level certificate program designed for Islamic finance accountancy professionals who wish to develop correct understanding, interpretation, and implementation skills in the requirements of the AAOIFI financial accounting standards. The certificate places greater emphasis on the development of technical / practical knowledge and skills in the application of FASs at Islamic financial institutions (IFIs) and for Islamic finance transactions.


Why obtain the CPFAS certificate?
CPFAS provides not only powerful learning content but also excellent career opportunities.
Powerful learning content

• The program is based on AAOIFI standards which are the result of the industry’s founders’ and practitioners’ knowledge, experience, and wisdom.
• The certificate focuses on developing the candidate's understanding, interpretation, and implementation skills regarding FASs requirements.
• Candidates will develop expertise in implementing FASs at Islamic financial institutions (IFIs) and for Islamic finance transactions.

Excellent career opportunities

• Regulatory and supervisory authorities are increasingly adopting AAOIFI standards, creating a demand for personnel who can correctly interpret and implement the standards.
• CPFAS is backed by AAOIFI – an institution which is widely regarded as one of the most influential standard-setting institutions in the global Islamic finance industry.
• Globally, regulators, Islamic financial institutions, professional accounting organisations, and training centers recognize CPFAS

Language: Currently, the program is offered in English.
Registration deadlines for 2024 examinations: For June examination  2 May 2024 and  For December examination 2 Nov 2024


Curriculum: The curriculum of the CPFAS program includes the conceptual framework and all the financial accounting standards (FASs) issued by AAOIFI that are currently effective or will be effective within eight months of the given exam window.

As of 2022, the examinable content of the certificate will include the conceptual framework, 20 FASs that are considered to be core standards, and 8 FASs that are considered to be supplementary standards, with different weights assigned to each standards based on market importance, relevance, and practicality.

The candidates’ conceptual and practical understanding of the rationale, requirements, and basis of conclusion of the framework as well as those FASs designated as core standards. As for those FASs designated as supplementary standards, candidates will be tested on their basic understanding (excluding basis of conclusion) of them.

Part A: Conceptual framework  Remarks Weightage (2023) Weightage (2024)
1- "AAOIFI Conceptual Framework for Financial Reporting (Revised 2020)”

No change 10% No change
Part B: Core standards  Remarks Weightage (2023) Weightage (2024)
1- FAS 01 "General Presentation and Disclosure in the Financial Statements of Islamic Banks and Financial Institutions" (Revised 2021) Weightage changed 7% 6%
2- FAS 03 "Mudaraba Financing"  No change 3% 3%
3- FAS 04 "Musharaka Financing" No change 3% 3%
4- FAS 07 "Salam and Parallel Salam" Weightage changed 4% 3%
5- FAS 10 "Istisna’a and Parallel Istisna’a" Weightage changed 5% 4%
6- FAS 12 "General Presentation and Disclosure in the Financial Statements of Islamic Insurance Companies" FAS removed 5% 0%
7- FAS 21 "Disclosure on Transfer of Assets" No change 2.5% 2.5%
8- FAS 26 "Investment in Real Estate" No change 2.5% 2.5%
9- FAS 27 "Investment Accounts"  No change 5% 5%
10- FAS 28 "Murabaha and other deferred payment sales"  No change 7% 7%
11- FAS 30 "Impairment, Credit Losses and Onerous Commitments"  Weightage changed 5% 4%
12- FAS 31 "Investment Agency (Al-Wakala Bi Al-Istithmar)" Weightage changed 5% 4%
13- FAS 32 "Ijarah" Weightage changed 6% 5%
14- FAS 33 "Investments in Sukuk, Shares and Similar Instruments"  Weightage changed 6% 5%
15- FAS 34 "Financial Reporting for Sukuk-holders"  No change 2.5% 2.5%
16- FAS 35 "Risk Reserves"  No change 2.5% 2.5%
17- FAS 38 “Wa’ad, Khiyar and Tahawwut”  Weightage changed 3% 2.5%
18- FAS 39 “Financial Reporting for Zakah”  No change 2.5% 2.5%
19- FAS 40 “Financial Reporting for Islamic Financial Services Offered by Conventional
Financial Institutions”
No change 2.5% 2.5%
20 - FAS 42 "Presentation and Disclosures in the Financial Statements of Takaful Institutions" New FAS added N/A 4%
21 - FAS 43 "Accounting for Takaful - Recognition and Measurement" New FAS added N/A 3%
22 - FAS 44 "Determining Control of Assets and Business" New FAS added N/A 3%
Part C: Supplementary standards Remarks Weightage (2023) 
Weightage (2024) 
1- FAS 13 "Disclosure of Bases for Determining and llocating Surplus or Deficit in Islamic Insurance Companies" FAS removed 1% 0%
2- FAS 14 "Investment Funds"  Weightage changed 2% 1.5%
3- FAS 15 "Provisions and Reserves in Islamic Insurance Companies"  FAS removed 1% 0%
4- FAS 19: "Contributions in Islamic Insurance Companies"  FAS removed 1% 0% 
5- FAS 23 "Consolidation"  No change 2% 2%
6- FAS 24 "Investments in Associates" No change 1% 1%
7- FAS 36 “First Time Adoption of AAOIFI Financial Accounting Standards”  No change 1% 1%
8- FAS 37 "Financial Reporting by Waqf Institutions" No change 2% 2%
9 - FAS 41 "Interim Financial Reporting" New FAS added N/A 2%
Fees and discounts: 
The CPFAS program fees is USD 750. The fee is inclusive of the registration fee, a study text, a mock exam, an examination sitting, andthe CPFAS certificate fee (including the postal expenses). You can register with us to avail the TAIF Group discount, fill out the forms at  or write to us at


Examinations: The 2024 examination schedule is as follows

Window 1  Window 2  Duration (hrs) Formate
3 June 2024 2 Dec 2024 3  Questions (MCQs) and scenario vignettes


CPFAS certificate: 

To obtain the CPFAS certificate, the candidate must take and pass one examination.
The CPFAS certificate provides the following benefits:
• publication of the candidate’s name on the AAOIFI website;
• recognition by IFIs and regulators;
• career advancement;
• complimentary seats and discounted rates for AAOIFI online workshops; and
• free online access to AAOIFI standards.

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