CIPA introduction

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 revamping process.

CIPA is the only internationally recognised 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 optimised learning experience.

 Objectives of CIPA

The CIPA qualification aims at achieving the following objectives:

  1. 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;
  2. 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;
  3. 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 organisation;
  4. 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
  5. equipping candidates with comprehensive understanding of the requirements of governance in an organisation 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, 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 pursuing the CIPA fellowship

CIPA not only offers powerful learning content but also offers strong career prospects.

After successfully passing all CIPA module exams and fulfilling the practical experience requirement (PER), the candidate will become a CIPA fellow.

The CIPA fellowship provides the following benefits:

  • prestige by appending the letters “CIPA” to one’s name;
  • publication of the fellow’s name on the AAOIFI website;
  • recognition by IFIs and regulators;
  • career advancement;
  • complimentary seats and highly discounted rates for AAOIFI online workshops;
  • free online access to AAOIFI standards.
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