Certified Islamic Professional Accountant (CIPA)
What is CIPA?
“CIPA” stands for Certified Islamic Professional Accountant and it is one of the two flagship qualifications which are offered by the AAOIFI. It was launched in 2006 and relaunched in 2017 after a three-year long overhauling process.
CIPA is the only internationally recognized qualification in accounting for Islamic financial institutions, catering to all banking, investments, and Takaful segments. The CIPA program is intended towards development of, and enhancing of, industry’s human resource capabilities by developing experts for Islamic finance accounting and financial reporting, audits, and Shari’ah audits.
Objectives of CIPA
The CIPA qualification aims at achieving the following objectives:
To develop 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);
To ensure 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 on Auditing;
To equip 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;
To provide 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
To equip candidates with comprehensive understanding of the requirements of Governance in an organization from 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, such as:
Accountants and Auditors
Shari’ah Auditors
Islamic finance practitioners, bankers, and professionals
Undergraduate or graduate students aspiring for an accounting career in Islamic banks
Three Reasons for Getting the CIPA Qualification:
After successfully passing all CIPA module exams and fulfilling practical experience requirement (PER), you will become a CIPA Fellow. You stand to gain the following benefits by joining the 1000+ strong group of CIPA Fellows worldwide:
Prestige of using the letters “CIPA” after your name’
Getting officially recognized by AAOIFI and the Islamic finance Industry – AAOIFI is a global standard-setting organization for the Islamic finance industry and supported by around 200 institutions, including 20+ central banks, from over 45+ countries; and
Finding more career opportunities for both personal and professional growth – There is a huge and ever-growing demand for experts of AAOIFI Shari’ah, accounting, auditing, governance, and ethics standards. CIPA Fellows are recognized for their knowledge and expertise and are always preferred over non-CIPA candidates
Items | Old CIPA | New CIPA |
Gap Analysis & Benchmarking | No | Yes |
Structure | Single course | Four modules |
Language | English and Arabic | English and Arabic |
Average Study Duration | 4 months | 1+ years |
Study Textbooks | AAOIFI Standards | (1) FAR = Financial Accounting & Reporting
(2) AAE = Auditing, Assurance, & Ethics (3) BRE = Business & Regulatory Environment (4) SS&SG = Shari’ah Standards & Shari’ah Governance |
Certification | Examination | Examination + Practical Experience Requirement (PER) Report |
Examination | 1 Exam | 4 Exams |
Practical Experience | No | Yes (1 year unless exempted) |
Minimum eligibility requirement:
- Undergraduate or postgraduate in discipline of accounting, economics, business, or commerce with 55% marks; or relevant professional qualification (exemptions available for academically strong Candidates having A levels / High School qualifications); or
- a member of accounting professional bodies which are IFAC members or any other accounting and finance related professional membership / affiliation recognized by AAOIFI from time to time
- Must fulfil eligibility criteria within 3 years of CIPA Program Registration in order to earn the CIPA certification, otherwise Candidate shall stand disqualified and will have to re-register for the CIPA program anew.
(1) Full payment
(2) By instalment
Payment comprised of-
(1) Program registration fee
(2) 4 study texts
(3) Shipment costs
(4) 4 mock exams
(5) 4 exam sittings
(6) PER fee
(7) CIPA certificate fee
Basic CIPA fee USD 2,200
Additional and separate fees include:
Exemption processing fee/module USD100
PER exemption processing fee USD100
Exam Resit fee USD100
Late registration fee USD100
Exam re-checking fee USD50
Annual fellowship fee USD200
Register with ISRA now!
10% Discount
Applicable to AAOIFI Institutional Members: CIPA Candidates employed at AAOIFI members or partners’ institutions.
Full payment |
4x instalments |
2x instalments |
||||
USD1980 | USD540 | USD648 | USD648 | USD648 | USD1080 | USD1080 |
USD2,520 |
USD2,160 |
|||||
20% Discount
Applicable to developing markets or non AAOIFI Institutional Members
Full payment |
4x instalments |
2x instalments |
||||
USD1760 | USD480 | USD576 | USD576 | USD608 | USD 960 | USD 960 |
USD2,240 |
USD1,920 |
Eligibility Criteria for Exemptions
Exemption from Exams |
Exemption from Practical Experience Requirement (PER) |
|
Partial Exemption (6 months)
Full Exemption (12 months)
|
Exemptions may be provided to those not meeting the criteria on case to case basis determined by AAOIFI.
Exemption from Exams/PER
FAR = Financial Accounting & Reporting | Exemptions are generally not offered |
Exceptions can be made for candidates having a relevant base qualification, 5+ years in practice, research, and/or training, including publications | |
AAE = Auditing, Assurance, & Ethics | Full exemption for holders of professional qualifications in which they passed Advanced Auditing course |
Full exemption for those have 3+ years of experience in Auditing in recognized institution(s) | |
BRE = Business & Regulatory Environment | Full exemption for University students under Collaborative Agreement Program |
Full exemption for those specializing in Risk Management for IFIs w/ 2+ years’ experience | |
Partial exemption to holders of other professional qualifications (Candidate required to write a 5000+ words research paper, within 1 year of exemption offer, on topic of Risk Management) | |
SS&SG = Shari’ah Standards & Shari’ah Governance | Full exemption for all existing & future CSAA Fellows |
Full Exemption for university students or religious centres under Collaboration Agreement Program | |
PER = Practical Experience Requirement | PER is an Internship Program for 1 year at an approved organization under a Supervisor. Alternative to PER is thesis submission on pre-approved topic. Submit a Final Report with a ‘Pass Grade. |
If Exemption is offered, the Fee shall be reimbursed through reduction in total payable CIPA program fees
Total No. of Exams 4
Passing Percentage 70% for each Module
Exam Composition MCQs covering theoretical and scenario-based questions
Exam Duration 2 hours / Module
Max. No. of Attempts There is no limitation on the number of attempts; Exam Resit Fee $100
Type of Exam Physical
Module | Weightage | Total Marks | Total Exam questions | Passing Marks |
FAR | 33% | 132 | 100 | 92 |
AAE | 17% | 68 | 50 | 47 |
BRE | 17% | 68 | 50 | 47 |
SS&SG | ||||
-SS | 20% | 80 | 60 | 56 |
-SG | 13% | 52 | 40 | 36 |
400 | 300 | 278 |
Exams
Exam | 1st session | 2nd session |
FAR | 28 June 2021 | 6 December 2021 |
AAE and BRE | 29 June 2021 | 7 December 2021 |
SS&SG | 30 June 2021 | 8 December 2021 |
Step 1 | Step 2 | Step 3 | Step 4 |
(1) Submit 3 forms & required documents
(2) Payment slip for processing fee of USD 100/- per Module & for PER = 4 modules & PER (USD500) |
Verification on status of exemption | Made full payment/ instalment | Sit for exam |
Forms