AAOIFI Grandfathering Scheme


AAOIFI Grandfathering Scheme

AAOIFI shall recognize outstanding achievement and contribution towards the advancement of the profession of accountancy in general and Islamic accountancy in particular as a basis for awarding “direct” CIPA fellowships with or without a gateway examination or thesis. Such a policy is commonly referred to as the ‘Grandfathering Scheme’ which shall be available for a limited period, the details of which are hereunder:

Two options are available.

  1. Direct CIPA Fellowship without Gateway Examination / Thesis
  2. CIPA Fellowship through a Gateway Examination / Thesis

The Grandfathering Scheme form can be download by CLICKING HERE

Eligibility Criteria for Direct CIPA Fellowship without a Gateway Examination or Thesis

Applicant must:

  1. Be an undergraduate or postgraduate from a university recognized by a competent authority of higher education in the applicant’s respective country, or abroad, in discipline of accounting, finance, economics, business, or commerce, with minimum 70% marks; or be a member of accounting professional bodies which are IFAC members; or have any other accounting and finance related professional membership/affiliation recognized by AAOIFI;
  2. have at least 10 years of professional experience in the field of accountancy with minimum 5 years of specialization in Islamic accountancy for Islamic Financial Institutions (IFIs) fully completed prior to the application;
  3. possess key technical competences in accounting for IFIs demonstrated through relevant professional designation, past high-profile assignments or projects, and industry standing;
  4. have demonstrable original and pioneering professional or academic work in the development and/or promotion of the field of Islamic accountancy; and
  5. have impeccable industry reputation as an ethically driven professional who has shown consistently good conduct throughout the years of service

Additional criteria which may be considered as value additions:

  • Board memberships in reputed IFIs
  • Awards conferred upon by reputed entities due to accountancy-related achievements
  • Being regularly involved in teaching and/or training and capacity building initiatives in Islamic accountancy
  • Testimonials from highly respected and reputed Islamic finance professionals and/or Islamic financial or non-financial institutions

If you believe that you qualify for “Direct” CIPA Fellowship without a Gateway Examination, kindly submit the ‘Grandfathering Form’. Attach therewith the following documents:

  • Passport-size photo
  • Certified & Attested Academic Degrees and Professional License(s)
  • Certified & Attested Work Experience Certificate(s)
  • Copy of National Identity Card
  • Copy of Passport
  • Copy of latest Resume / CV
Grandfathering Registration & Assessment Fee USD 500
CIPA Exemption Fee USD 1,700

 

 

 

 

Eligibility Criteria for the CIPA Fellowship through a Gateway Examination or Thesis

Applicant must:

  1. Be an undergraduate or postgraduate from a university recognized by a competent authority of higher education in the applicant’s respective country, or abroad, in discipline of accounting, finance, economics, business, or commerce, with minimum 70% marks; or be a member of accounting professional bodies which are IFAC members; or have any other accounting and finance related professional membership / affiliation recognized by AAOIFI;
  2. have at least 8 years of professional experience in the field of accountancy with minimum 3 years of specialization in Islamic accountancy for Islamic Financial Institutions (IFIs) fully completed prior to the application;
  3. possess key technical competences in accounting for IFIs proven through relevant professional designation, past high-profile assignments or projects, and industry standing;
  4. have contributed original and pioneering professional or academic work in the development and/or promotion of the field of Islamic accountancy; and
  5. have impeccable industry reputation as an ethically driven professional who has shown consistently good conduct throughout the years of service

If you believe that you qualify for “Direct” CIPA Fellowship through the Gateway Exam, kindly submit the ‘Grandfathering Scheme Form’. Attach therewith the following documents:

  • Passport-size photo
  • Certified & Attested Academic Degrees and Professional License(s)
  • Certified & Attested Work Experience Certificate(s)
  • Copy of National Identity Card
  • Copy of Passport
  • Copy of latest Resume / CV
Grandfathering Registration & Assessment Fee USD 500
Gateway Exam Fee or Thesis Assessment USD 500
CIPA Fellowship Fee USD 1,200

About the Gateway Exam:

  • The Gateway Exam shall predominantly be based on the following two modules of the CIPA program: i) Financial Accounting and Reporting (FAR); and ii) Shari’ah Standards & Shari’ah Governance (SS&SG), with references to Audit, Assurance, and Ethics (AAE) and Business and Regulatory Environment (BRE) models
  • Duration of the Gateway Exam shall be 1 hour only
  • Both theoretical as well as scenario-based questions shall feature the Gateway Exam

Limitations:

  • Authority to confer CIPA Fellowship on any professional through the Grandfathering Scheme (in particular) is with the AAOIFI Education Board (AEB) which will decide the applications for the same strictly on case-to-case basis
  • The validity and continuity of the CIPA Fellowship, whether conferred through Grandfathering Scheme or earned by fulfilling the Fellowship pre-requisites, is subject to the timely and full payment of the annual Fellowship Fee

NOTE: Definition of Islamic Accountancy: Islamic accounting and related areas including auditing, Sharia auditing, governance, tax, corporate laws etc.