An I n t r od u c t i o n t o t h e

AAO I F I C I P A
F e l l ow s hi p P r o g r a m
Why study for AAOIFI Fellowships?
3
AAOIFI’s Professional Qualifications Provides Expertise in
AAOIFI Standards & Related Fields

CIPA
(Islamic Accountancy)

Professional Fellowship
Programs
CSAD
(Shari’ah Advisory)

CSAA
CSAU
(Shari’ah Auditing)
4
AAOIFI’s Professional Qualifications / Fellowships : CIPA & CSAA

Certified Islamic Professional Accountant (CIPA) Certified Shari’ah Advisor and Auditor
(CSAA)
Launched in 2006 Launched in 2006

Revamped and relaunched in 2017 980+ CSAA Fellows all over the world

670+ CIPA fellows all over the world Currently being Revamped

4 Modules, Study Texts, and Exams CSAA will be split into two separate fellowships:
• Certified Shariah Advisor (CSAD)
1 year Practical Experience Requirement (PER) • Certified Shari’ah Auditor (CSAU)

30+ Education Partners

Both fellows will be offered in Arabic language
30+ Exam Centres

Presently offered only in English Language but be

available in Arabic by mid 2020, Insha Allah
5
Why Become an AAOIFI Fellow?

For Powerful Learning Experience For Professional & Personal growth

• Based on AAOIFI standards—developed by a team of 30+ • AAOIFI Fellowships are backed by AAOIFI—the leading international
Shari’ah Scholars, 60+ Professionals as members of AAOIFI standards-setting organization for the global Islamic finance industry
Technical Boards, and 100+ Working Groups Experts, having 150+ members (of which 14% are regulators) representing
45+ countries and jurisdictions and whose standards are adopted or
representing 20+ countries, over a period of 27+ years.
adapted in 25+ countries
• Teaches that knowledge which is approved by majority of
• Knowledge and mastery of AAOIFI standards enables the AAOIFI
Shari’ah Scholars, regulators, and practitioners from not less
Fellows to create and choose their own path of work, whether to work
than 25+ countries and jurisdictions where AAOIFI standards
as an employee, or as a consultant, or even as an entrepreneur, and
are either adopted or adapted, as the case may be in any part of the world. That is because the knowledge gained and
• Multi-Disciplinary Multi-Perspective Approach – each fellowship skilled developed while studying for AAOIFI fellowship programs are
not unique or specific to any single country
program focuses on core subject but then enrichen it by
covering relevant perspectives to deliver a profound and • AAOIFI fellows become experts of their respective fields and enjoy
powerful learning experience to candidates their work more and are highly motivated because the highly
specialized knowledge that they have gained enables them to be
• Candidates are made to apply knowledge through the Practical
more effective and efficient and importantly, more profitable for their
Experience Requirement (PER) so that they learn hands-on in respective organizations.
practical, real-world environment
 6
33 Exam Centers in 26 Countries Around the World
Bahrain Malaysia

UAE South Africa

KSA Mauritania

Qatar Sudan

Kuwait Egypt

Lebanon Libya

Jordan Tunisia

Syria Morocco

Turkey Algeria

Pakistan UK

Indonesia Sri Lanka

Nigeria Iraq

Kazakhstan Kyrgyzstan
Introduction to the CIPA
Fellowship Program
8
CIPA Facts at a Glance

CIPA first launched in : 2006

CIPA Revamp Period : 2015 - 17

CIPA is a professional
CIPA Fellows : 1000+ Islamic Accountancy
certification program
CIPA Exam Centers : 30

CIPA Countries Covered : 22

9
Comparison with Old CIPA
OLD CIPA NEW CIPA
1. Gap Analysis and No Yes
Benchmarking (Benchmarked against 5
international qualifications)
2. Structure Single course Four modules

3. Language English and Arabic English (Arabic to be

launched)
4. Average Study Duration 4 months 1.5 years
5. Study Textbooks AAOIFI Standards FAR, AAE, BRE, SS&SG*
6. Fellowship Requirement Examination Examination + PER** Report

7. Practical Experience No Yes (1 year unless exempted)

* **
FAR = Financial Accounting & Reporting PER = Practical Experience Requirement
AAE = Auditing, Assurance, & Ethics
BRE = Business & Regulatory Environment
SS&SG = Shari’ah Standards & Shari’ah Governance
10
The Numbers Behind the Effort
No. of
Work Hours Team Size

~ 29,000 47

No. of Days No. of

Meetings
1200 200+

No. of Pages Question Bank

Edited from 3,000  1,600 2,000+ questions
11
The Face of the Revamped CIPA

Financial Business &

Accounting and Regulatory
Reporting (FAR) Environment (BRE)

Audit, Assurance, Shari’ah Standards

and Ethics (AAE) & Shari'ah
Governance
(SS&SSG)
Details about the revamped
CIPA certification
13
The CIPA Syllabus – FAR Module

AAOIFI Financial Ijara and Ijara

Salam and Musharaka and
Accounting Murabaha Muntahia
Istisna Mudaraba
Framework Bittamleek

Investments in Investment
Investment in Investments in Investment
Associate and Funds
Real Estate Securities Accounts
Subsidiary Accounting

Islamic Foreign Segment IFS offered by

Zakah
Insurance Currency reporting conventional FI
14
The CIPA Syllabus – AAE Module

Intro and Objectives

Code of Ethics Internal Audit Types of Assurance
of Audit

Client Acceptance Audit Strategy and

Risk Assessment Audit Evidence
and Continuance Planning

Using the work of an Audit Conclusion

Other Audit services
Expert and Reporting
15
The CIPA Syllabus – BRE Module

Communication Forms and

Business Business
Market Forces Marketing within an Types of
Environment Strategies
Organization Companies

Management Introduction to
Sources of
and Key Concepts Introduction to Risks within
Funding and Credit Risk
Administration of Law Tax Financial
Management
of a Company Institutions

Operational Capital
Liquidity Risk Market Risk
and other Risks Adequacy
16
The CIPA Syllabus – SS&SG Module

Ijara and Ijarah

Shari’ah Trade based Equity based Investment
Muntahia
Fundamentals Contracts Contracts Sukuk
Bittamleek

Common
Corporate and Shari’ah
Islamic Equity Banking
Takaful Shari’ah Supervisory
Market Services and
Governance Board
other Solutions

Internal Independent
Shari’ah External CSR
Audit/Review shari’ah Audit
17
Registration & Exam Schedule – June - July 2020
June - July Registration & Enrollment (R&E) Exam**
2020
Deadline 1 June 2020 FAR 29 June 2020
Registrations possible after deadline
but with late fee* AAE
• On Full Upfront Payment Option = 30 June 2020
USD 150 as late fees
BRE
• On Easy Payment Option = USD 50
per installment as late fees

SS&SG 1 July 2020

* See together with CIPA Program Fees slide

* * Please check with AAOIFI before registration for availability of Exam Centre in your respective city of residence
18
Registration & Exam Schedule – December 2020
Dec 2020 Registration & Enrollment (R&E) Exam**

Deadline 07 November 2020 FAR 7 December 2020

AAE
8 December 2020
BRE

SS&SG 9 December 2020

* See together with CIPA Program Fees slide

* * Please check with AAOIFI before registration for availability of Exam Centre in your respective city of residence
19
Eligibility Criteria for CIPA Program Registration
1. Minimum eligibility requirement:
• Undergraduate or postgraduate in
discipline of accounting, economics,
business, or commerce with 55% marks;
or
• relevant professional qualification.

NOTE: Exemptions available for academically strong

Candidates having A levels / High School
qualifications on case-to-case basis as well

2. Candidates must fulfill the eligibility criteria

at the time of applying for Fellowship (i.e.
after passing all 4 modules and completing 1
year PER).
 20
Eligibility Criteria for Exemptions from Module Exams
BRE Full Exemption
Notice
Candidates may be
FAR Exemptions are generally not offered
required to sign a ‘Study
Exemption from Module Exams

Confirmation’ certificate
AAE
Full exemption for holders of relevant professional qualifications in which they for BRE Study Text from
passed Advanced Auditing course (e.g. CPA, CA, ACCA (p7 paper passed) Chapter E-01 (page 278)
to Chapter F-01 (page
Full or Partial exemption for holders of relevant professional qualifications (e.g. 427)
CPA, CA, ACCA, BIBF-ADIF) Additionally, see dark and light green box.
BRE
Full exemption offered to university students / graduates under Collaboration BRE Partial Exemption
Agreement Program Notice
Candidates may be
Full exemption offered to all existing & future AAOIFI CSAA Fellows required to write a 5000
SS&SG words research paper on
Full Exemption offered to university students / graduates or religious centers under topic of Risk
Collaboration Agreement Program (e.g. BIBF-ADIF) Management for Islamic
financial Institutions
21
Eligibility Criteria for Exemptions from PER

Exemption from Practical Experience Requirement (PER)

• Partial Exemption (6 months)

• At least 3 years of accountancy experience in an IFI; or
• At least 5 years of accountancy experience in a financial institution(s) (FI); or
• Membership of professional bodies which are IFAC members and at least 1 year of accountancy
experience in a financial institution(s)

• Full Exemption (12 months)

• More than 3 years of accountancy experience in an IFI; or
• More than 5 years of accountancy experience in a FI including at least 3 months of accountancy
experience in an IFI; or
• Membership of Professional bodies which are IFAC members with at least 6 months of accountancy
experience in an IFI.
22
Key Benefits of Exemptions

You do not have to study for and pass the respective Module(s) Exam(s)

You do not have to worry about paying additional Exam Resit Fee(s) in case you do
not pass the Module(s) Exam(s) at first attempt

You fast-track your studies by the length of duration you would had spent on
studying and sitting for the respective Module(s) Exam(s)
23 CIPA Program Fees w/ Flexible Payment Options
(without discounts)
Pay in Full* Pay in 4 Installments* Pay in 2 Installments*
$ 2,200 $550 per installment $1100 per installment
Components Included in the Fees:

a) Program Registration Fee, b) 4 Study Texts, c) Shipment Costs, d) 4 Mock Exams, e) 4 Exam
Sittings (one sitting per module), f) PER Fee, g) CIPA Certificate Fee

All fees are non-refundable.

* Please see in connection with Discount slide AAOIFI reserves the right to revise the fee structure at any
time.
24 CIPA Program Fees w/ Flexible Payment Options
(with 10% and 20% discounts)
With 10% discount Pay in Full Pay in 4 Installments Pay in 2 Installments
for AAOIFI
Institutional $ 1,980 $ 495 per installment $ 990 per installment
Members
Components Included in the Fees:

a) Program Registration Fee, b) 4 Study Texts, c) Shipment Costs, d) 4 Mock Exams, e) 4

Exam Sittings (one sitting per module), f) PER Fee, g) CIPA Certificate Fee

With 20% discount Pay in Full Pay in 4 Installments Pay in 2 Installments

for Developing
Islamic Finance $ 1,760 $ 440 per installment $ 880 per installment
Markets
Components Included in the Fees:

a) Program Registration Fee, b) 4 Study Texts, c) Shipment Costs, d) 4 Mock Exams, e) 4

Exam Sittings (one sitting per module), f) PER Fee, g) CIPA Certificate Fee
25
CIPA Program Fees (Other Fees)
USD 100
Late Registration Fee
per exam

USD 200
Exam Resit Fees
per module

PER Re-verification and Re-

USD 200
assessment fees

USD 100
Exam Re-check Fee
per module

Annual Fellowship Fee USD 100

Certificate Re-issuance Fee USD 100

NOTE: other Fees may also apply

26
Study Options for CIPA Candidates

Study Options

Training Providers
Self-Study [AAOIFI will make E-Learning
[AAOIFI will provide 4 available list of training
[In progress]
Study-Texts] providers for CIPA on its
website]
27
CIPA Examinations

Total No. of Exams 4

Passing Percentage 70% for each Module
Exam Composition MCQs covering theoretical and scenario-based questions
Max. No. of Exam Attempts There is no limitation on the number of exam attempts
Type of Exam Physical (Online Exams will be launched shortly)
Exam Duration for FAR AAE BRE SS&SG
3 hours 1.5 hours 1.5 hours 2 hours
Total Exam Questions ~100 ~65 ~65 ~85
28
Practical Experience Requirement (PER)

What is PER? Internship Program for 1 year at a pre-approved Islamic Financial

Institutions (IFI) under an External Supervisor
Objective of PER To give candidate a hands-on real-world understanding of and to enhance
their skillset in accounting for IFIs
Eligibility Criteria All registered CIPA Candidates may start their PER after registration but
preferably after passing the FAR module
Exemptions Available; criteria defined earlier
Deliverable Periodic and Final Report
Passing Criteria Pass or Fail
Alternative to PER To be decided on case-to-case basis; As an alternative, CIPA Candidate
may be required to submit 2 research papers on Islamic Accountancy of up
to or between 5,000 – 7000 words.
29
How PER will work ?

Identify a local Develop a 1 Submit

Submit Final
Islamic Bank & year “Job Periodic Result
Report
Supervisor Description” Reports
Update AAOIFI about
Final Report shall
your ongoing work & AAOIFI may seek an
attempt to compare &
List down your progress established interview with the
Share the contact contrast practices with
experience outcomes against experience Candidate and/or the
details of the Bank and other banks +
in terms of knowledge outcomes Supervisor before
Supervisor with AAOIFI identifying gap
and skills grading the Final
between theory and
Report
practice
Assign % time allocated
to each task

Candidate will have to

50% of your time supplement their A ‘Pass’ Grade is
AAOIFI would approve
should be spent on learning with research required to fulfill the
your Bank & External The Supervisor will
accountancy related to make a case of their PER for AAOIFI
Supervisor in writing have to sign-off each
tasks conclusions and Fellowship
periodic report with
recommendations
his/her comments
 30
Fellowship Requirement

Fulfill Eligibility Pass all 4 Complete Practical

Criteria for CIPA Pass allCIPA
4 CIPA Exams
Module Experience
Program Exams Requirement

NOTE: An annual CIPA Fellowship Fee is payable in order to

retain the Fellowship status
31
FAQ
Q. Is CIPA for me?
A. Yes—why not, especially if you belong to the Islamic banking & finance industry and are / or aspiring to specialize in
accounting for Islamic Financial Institutions (IFIs). CIPA is designed to equip candidates like yourself with the requisite
technical understanding and professional skills on accountancy and related fields.

Q. Am I eligible for CIPA?

A. Eligibility criteria for CIPA program registration is flexible. If you have a relevant undergraduate / graduate degree or
have a relevant professional qualification (such as CPA, ACCA, CA, etc.), then you are eligible to register for CIPA
program. In case you do not meet either of the criteria, we are still flexible enough to accommodate requests for
registration on case-to-case basis.

Q. Can I register for CIPA while still studying for my undergraduate degree?
A. Yes, you may register for CIPA program despite not fulfilling the eligibility criteria. That is because the eligibility criteria
does not apply at the start of the program (i.e. at time of registration) but rather at the time of applying for CIPA
Fellowship (which happens after passing all 4 modules of the CIPA program and completing the Practical Experience
Requirement). In short, whereas you can register for CIPA at any time, you would need to fulfill the eligibility criteria in
order to earn the CIPA fellowship.
32
FAQ – contd.
Q. Can I sit for all 4 exams in one-go?
A. Yes, you may.

Q. How can I complete the PER if there are no Islamic banks in my country (or the Islamic Bank is not entertaining
my request for PER with them?)
A. The idea of PER is to give you a hands-on, real-world experience of accountancy in an Islamic Bank. In case there are
no Islamic Banks in your city / country, we would encourage you to identify and connect with one outside of your
country through the internet. If that is even not possible, then you would be required to submit 2 research papers of up
to or between 5,000 and 7,000 words on a pre-approved ‘Islamic Accountancy’ topic as an alternative to PER. Decision
regarding PER will be made on case-to-case basis.
Q. Does the ‘External Supervisor’ need to be an employee of a Bank where I am completing my PER?
A. Not really. The Supervisor can be anybody approved by AAOIFI and who has shown strong commitment to mentoring
you over the full course of one year.

Q. I am employed and cannot complete PER. What should I do?

A. PER need not be a full-time job, though highly recommended by AAOIFI. PER can also be completed through periodic
physical or online meetings at the approved institution and with External Supervisor.
33
FAQ – contd.
Q. How can I register myself for the CIPA certification and become a CIPA Candidate?
A. Until the online registration portal is made available, applicants are requested to fill out the following forms and submit
to AAOIFI at ([email protected]): i) Registration Form (so that we may have your bio, academic, and professional
documents); ii) Exemptions Form (so that we may know whether you are seeking exemptions and in what courses /
PER); iii) Payment Option Form (so that we may know whether you want to pay lump sum or in 2 or 4 installments);
and iv) Exam Form (so that we know when you want to sit for the CIPA exam(s)). All forms are available at AAOIFI
website (www.aaoifi.com)

Upon receipt of the above four forms, we will issue: i) Exemption Offer Letter (mentioned whether you qualify for
exemptions and in which courses/PER); ii) Invoice (for the payment of CIPA program fees as per selected payment
option); and iii) Exam Confirmation (confirming you as an Exam Candidate for the respective selected Exam Window).

Upon receipt of CIPA program fees, we will issue a ‘Candidate Registration Number’ (CRN)—thus officially recognizing
you as a CIPA Candidate
Q. How much time will it take me to acquire the CIPA Fellowship?
A. Under normal circumstances (when you do not acquire any exemptions and sit for two exams per Exam Window), you
will complete CIPA in 1.5 years: during the first exam window you will pass all four modules and in the second year you
will complete the PER. Obviously, if you acquire exemptions, you fast-track your journey to acquiring CIPA fellowship.
Introduction to the CSAD
Fellowship Program
35
Modules for the CSAD Program

Islamic
Financial Shari’ah
Structuring & Standards
Development (SS)
(IFSD)

AAOIFI Business &

Technical Regulatory
Standards Environment
(ATS) (BRE)
Introduction to the CSAU
Fellowship Program
37
Modules for the CSAU Program

Shari’ah Audit
& Governance
Shari’ah
and
Standards (SS)
Professional
Ethics (AGE)

Introduction
Business &
to AAOIFI
Regulatory
Accounting &
Environment
Auditing
(BRE)
(AAA)
 THANK YOU FOR YOUR PATIENCE
Looking forward to you candidacy in an AAOIFI Fellowship program soon!