In line with the norms of transparency, fairness, and best practices, the Accounting and Auditing Organization for Islamic financial Institutions (AAOIFI) have announced today (4 January, 2017) the Request for Proposal (“RFP”), both technical and financial, for the translation of curriculum / study material of its revamped fellowship program, the Certified Islamic Professional Accountant (CIPA) from English to Arabic language, according to the terms and conditions set out in detail in the request for proposal (RFP) posted on AAOIFI’s website. The deadlines for submission of RFPs is Monday 23 January 2016. Assessment of submitted RFPs will be based on a set of clear-cut, technical criteria, and the best bidder will be selected to take up the project and a contract will be signed to initiate it.

Dr. Hamed Merah, Secretary General of AAOIFI said “the revamped version of CIPA fellowship is expected to be a wide stride with respect to development of human resources, and as an internationally recognized certificate, will hopefully better address the expectations and aspirations of the Islamic finance industry. It has taken us, in partnership with an international consultancy and with the support and sponsorship of the Waqf Fund and under guidance of the Central Bank of Bahrain, two-long years to completely redesign and revamp the curriculum, including a survey and comparative study with other internationally recognized programs in the same area, both regionally and globally, and identification of target audience and expected outcomes, all in order to provide candidates with necessary professional skills a more powerful, highly engaging, superior, enhanced learning experience. The curriculum, spread over 1600 pages, is benchmarked against several other international qualifications and takes into utmost consideration the changing environment of global financial markets and industry trends.”

In order to make the qualification accessible to widest audience in multiple languages, it was first introduced in English, and now it will be translated into the Arabic language. Translation into other languages is currently under consideration, through a number of regulatory and supervisory authorities and other partners in specific countries. Meanwhile, AAOIFI is keen to ensure an extensive due process of translation, incorporating various levels of review, editorial intervention, and quality assurance.”

The RFP invites all corporate entities as well as groups of professionals to submit their bids as per the terms and conditions set out in the RFP document, which is downloadable from HERE . Proposals must be submitted via email (nominations@aaoifi.com) by 23 January 2017 (submission deadline).