CIPA introduction
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What is CIPA?
“CIPA” stands for Certified Islamic Professional Accountant and it is one of the two fellowship programs offered by the AAOIFI. The program was launched in 2006 and relaunched in 2017 after a three-year-long overhauling process.
CIPA is the only internationally recognized qualification in accountancy for Islamic financial institutions, catering to all banking, investment, and Takaful sectors.
The program is intended to equip candidates with the requisite technical understanding and professional skills in accountancy and related fields (such as audit, risk management, governance, law, and tax) for international Islamic banks and financial institutions. The program places emphasis on practical knowledge and real-world applications (and exercises) to deliver an enhanced and optimized learning experience.
Objectives of CIPA
The CIPA qualification aims at achieving the following objectives:
- development of in-depth understanding and application abilities of the requirements of the AAOFI Financial Accounting Standards (FAS) in respect of presentation of financial statements and financial reporting of Islamic Financial Institutions (IFIs) and Islamic finance transactions;
- ensuring 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 of auditing;
- equipping candidates with the 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;
- providing 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’ah standards; and
- equipping candidates with comprehensive understanding of the requirements of governance in an organization from the 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. These include:
- accountants and auditors;
- Shari’ah auditors;
- Islamic finance practitioners, bankers, and professionals; and
- undergraduate or graduate students aspiring for a rewarding career in Islamic finance accountancy.
Reasons for the CIPA fellowship
CIPA not only offers powerful learning content but also offers strong career prospects.
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| Powerful learning content | Strong career prospects |
- The program is based on AAOIFI standards which is a product of cumulative knowledge, experience, and insights of a team of leading minds, representing the global Islamic finance industry
- The program encourages multi-disciplinary learning by covering, in addition to accounting, the Shari’ah, audit, law, taxation, risks, capital adequacy, and governance topics
- CIPA candidate stands to gain invaluable experience in the field of accountancy by undergoing the practical experience requirement (PER)
| - There is a huge demand from regulatory and supervisory authorities and the Islamic financial institutions for human resource which can correctly interpret and implement the AAOIFI standards
CIPA is backed by AAOIFI – which is one of the leading international standard-setting body for the Islamic finance industry having footprint in not less than 43 different regulatory and supervisory jurisdictions- CIPA is recognized by regulators, Islamic financial institutions, professional accounting bodies, and training centers globally
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After successfully passing all CIPA module exams and fulfilling the practical experience requirement (PER), the candidate will become a CIPA fellow.
CIPA fellows stand to gain the following benefits but not limited to:
- being part of a strong group of AAOIFI fellows in not less than 50 countries;
- prestige by using the title ‘CIPA’ after one’s name;
- publication of one’s name on AAOIFI website;
- recognition from IFIs and regulators;
- career boost;
- free and / or preferential rates for AAOIFI workshop, publications, and events; and
free online access to AAOIFI standards.