Certificate of Proficiency in Shari'ah Standards (CPSS)
CPSS at a glance
| 2023 CPSS launched | 59 No. of Shari’ah standards covered | 250 hours of self-study required, at minimum | 1 Module examination | 65+ Registration and examination centres |
CPSS is an advanced-level certificate program designed for Islamic finance professionals who wish to develop correct understanding, interpretation, and implementation skills in the requirements of the AAOIFI Shari’ah standards. The certificate places greater emphasis on the development of technical / practical knowledge and skills in the application of the standards at Islamic financial institutions (IFIs) and for Islamic finance transactions.
| Why obtain the CPSS certificate? |
| CPSS provides not only powerful learning content but also excellent career opportunities. |
| Powerful learning content |
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• The program is based on AAOIFI standards which are the result of the industry’s founders’ and practitioners’ knowledge, experience, and wisdom. |
| Excellent career opportunities |
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• Regulatory and supervisory authorities are increasingly adopting AAOIFI standards, creating a demand for personnel who can correctly interpret and implement the standards. |
| Language: Currently, the program is offered in Arabic, English, Russian, French and Turkish languages. |
| Registration deadlines for 2024 examinations: For March examination 04 February 2024 and For September examination22 August 2024 |
Curriculum: The curriculum of the CPSS program includes all Shari’ah standards.
| Part A: Shari’ah fundamentals of Islamic finance | Weightage |
| 01 - SS 25 "Combination of Contracts" 02 - SS 29 "Stipulations and Ethics of Fatwa in the Institutional Framework" 03 - SS 31 "Controls on Gharar in Financial Transactions" 04 - SS 42 "Financial Rights and How They Are Exercised and Transferred" 05 - SS 47 "Rules for Calculating Profit in Financial Transactions" 06 - SS 49 "Unilateral and Bilateral Promise" |
10% |
| Part B: Sale-based contracts | Weightage |
| 07 - SS 3 "Procrastinating Debtor" 08 - SS 8 "Murabaha" 09 - SS 10 "Salam and Parallel Salam" 10 - SS 11 "Istisna’a and Parallel Istisna’a" 11 - SS 18 "Possession (Qabd)" 12 - SS 30 "Monetization (Tawarruq)" 13 - SS 53 "Arboun (Earnest Money)" 14 - SS 1 Trading in currencies |
17% |
| Part C: Lease- and equity-based contracts | Weightage |
| 15 - SS 9: Ijarah and Ijarah Muntahia Bittamleek" 16 - SS 12 "Sharika (Musharaka) and Modern Corporations" 17 - SS 13 "Mudarabah" 18 - SS 39 "Mortgage and its Contemporary Applications" 19 - SS 40 "Distribution of Profit in Mudarabah-based Investments Accounts" |
17% |
| Part D: Trade finance and agency-based contracts | Weightage |
| 20 - SS 5 "Guarantees" 21 - SS 14 "Documentary Credit" 22 - SS 23 "Agency" 23 - SS 46 "Al-Wakala Bi Al-Istithmar (Investment Agency) |
7% |
| Part E: Investment-based contracts and capital / liquidity management of an IFI | Weightage |
| 24 - SS 1 "Trading in Currencies" 25 - SS 17 "Investment Sukuk" 26 - SS 21 "Financial Papers (Shares and Bonds)" 27 - SS 27 "Indices" 28 - SS 44 "Obtaining and Deploying Liquidity" 29 - SS 45 "Protection of Capital and Investments" |
10% |
| Part F: Islamic insurance / Takaful | Weightage |
| 30 - SS 26 "Islamic Insurance" 31 - SS 41 "Islamic Reinsurance" |
7% |
| Part G: Other Shari’ah-compliant contracts / services | Weightage |
| 32 - SS 7 "Hawalah" 33 - SS 15 "Jua’lah" 34 - SS 16 "Commercial Papers" 35 - SS 19 "Loan (Qard)" 36 - SS 20 "Commodities in Organised Markets" 37 - SS 22 "Concession Contracts" 38 - SS 24 "Syndicated Financing" 39 - SS 28 "Banking Services" 40 - SS 34 "Hiring of Persons" 41 - SS 50 "Irrigation Partnership (Musaqat)" 42 - SS 57 "Gold and its Trading Parameters in Shari’ah" 43 - SS 58 "Repurchase Agreement" 44 - SS 61 "Payment Cards" |
15% |
| Part H: Termination / revocation of contracts | Weightage |
| 45 - SS 4 "Settlement of Debt by Set-Off" 46 - SS 43 "Insolvency" 47 - SS 48 "Options to Terminate Due to Breach of Trust (Trust-Based Options)" 48 - SS 51 "Options to Revoke Contracts Due to Incomplete Performance" 49 - SS 52 "Options to Reconsider (Cooling-Off Options, Either-Or Options, and Options to Revoke Due to Non-Payment)" 50 - SS 54 "Revocation of Contracts by Exercise of a Cooling-Off Option” |
5% |
| Part I: Miscellaneous | Weightage |
| 51 - SS 6 "Conversion of a Conventional Bank to an Islamic Bank" 52 - SS 32 "Arbitration" 53 - SS 35 "Zakah" 54 - SS 36 "Impact of Contingent Incidents on Commitments" 55 - SS 37 "Credit Agreement" 56 - SS 38 "Online Financial Dealings" 57 - SS 55 "Competitions and Prizes" 58 - SS 59 "Sale of Debt" 59 - SS 60 "Waqf" |
12% |
Fees and discounts:
| The CPSS program fees is USD 750. The fee is inclusive of the registration fee, a study text, a mock exam, an examination sitting, andthe CPSS certificate fee (including the postal expenses). | You can register with us to avail the TAIF Group discount, fill out the forms at https://taiflearning.com/aaoifi or write to us at contact@taiflearning.com |
Examinations: The 2024 examination schedule is as follows
| Window 1 | Window 2 | Duration (hrs) | Formate |
| 06 March 2024 | 25 September 2024 | 3 | Questions (MCQs) and scenario vignettes |
CPSS certificate:
To obtain the CPSS certificate, the candidate must take and pass one examination.
The CPSS 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.
* for latest information, visit www.aaoifi.com