Certified Islamic Professional Accountant (CIPA)

In order to become a CIPA fellow, the CIPA candidate must successfully fulfill the following two requirements:

  1. Pass all the four CIPA modules exams; and
  2. Complete the Practical Experience Requirement (PER)


The CIPA Curriculum

Financial accounting and reporting (FAR)

Audit, assurance, and ethics (AAE)

Business and regulatory environement (BRE)

Shari’ah standards and Shari’ah governance


Course information

Following are the details about and examination schedule for both CIPA English and CIPA Arabic programs for the year 2022:


Total no. of module exams 4
Passing percentage Between 60% and 70% for each module, decided differently for each examination window
Exam composition Multiple choice questions (MCQs) only
Exam mode Computer-based examination (CBE). All exams will take place at an AAOIFI approved exam centre
Exam duration FAR AAE BRE SS&SG
3 hours 1.5 hours 1.5 hours 2 hours
No. of exam questions ~100 ~65 ~65 ~85

Examination schedule:

Module Window 1 Window 2
FAR 20 June 05 Dec
AAE 21 June 06 Dec
BRE 21 June 06 Dec
SSSG 22 June 07 Dec

Click Here for more info

CIPA program fee is: USD 2,200 payable in lumpsum or in 2 installments. The fee includes the registration fee, 4 study texts, 4 mock exams (one per module), 4 exam sittings (one per module), PER fee, and CIPA certificate fee (including its postal expenses).

Additional fees include:

Exam re-sit fee USD 200
Exam re-check fee USD 100
Annual fellowship fee USD 100 (a 30% discount is applied if candidate is both CIPA and CSAA fellow at the same time)
Replacement of CIPA certificate USD 100 + postal expenses

Discounts include:

Criteria for discount Description Discount
Opting for soft copy of study text 15%
Developing market discount Based on GDP per capita Medium (if GDP > 50% of world average of USD 11,000) 15%
Low (if GDP < or = 50% of world average) 30%
Based on Islamic finance market share (MS) of the total banking assets of the country Medium (if MS > or = 5% but < 10%) 7.5%
Low (if MS < 5%) 15%

In case both GDP and MS discounts are applicable, only the GDP discount will be applied

Click here to check the classification of country according to GDP per capita and market share criteria

How to apply the discount policy:

To find out the final fee payable after applying the discount policy, undertake the following steps:

  1. deduct from standard fee the soft copy (PDF) discount if you do not want the CIPA study texts in hard copy; and
  2. find out the classification of your country as per GDP per capita and Islamic finance market share criteria, and apply the discounts accordingly on the total program fees. In case, both GDP and MS discounts apply, then the higher of the two discounts (which will always be GDP discount) will be used.

Click Here for more info

What is PER? Internship program for a duration of 1 year at a pre-approved IFI under an external supervisor
Objective of PER To develop the candidate’s real-world understanding of and implementation skills in accounting, auditing, governance, as well as, Shari’ah standards of AAOIFI, at IFIs
Eligibility Criteria All registered CIPA candidates may start their PER after program registration, but preferably after passing the FAR module
Exemptions Exemptions are available for modules other than FAR module
Deliverable(s) Candidates are required to submit monthly reports of their PER related work to AAOIFI, and then a final report at the end of the year
Passing criteria Earn a ‘pass’ grade on your final report
Alternative to PER Offered only on case-to-case basis where exceptional circumstances exist. As an alternative to PER, candidates will be allowed to submit 2 research papers on Islamic finance accountancy of up to or between 500 – 7000 words on pre-approved topics.


How PER will Work?

1. Identify an IFI & a supervisor

  • Share the contact details of the IFI and the supervisor with AAOIFI.
  • AAOIFI will approve the same in writing

2. Develop a 1-year “job description” w/ support from supervisor

  • List down the tasks you will be performing during the period
  • Assign expected % of time to be spent performing each task
  • The supervisor must sign-off the job description

3. Submit monthly reports to AAOIFI

  • Update AAOIFI about the ongoing PER work and progress against the job description
  • Assign actual % time spent on each task
  • The supervisor must sign-off each monthly report with his/her comments, if any

4. Submit final report to AAOIFI

  • The final report shall be compilation of monthly reports including responses to any feedback from AAOIFI + description of the learning acquired during the PER + a write-up on any gaps identified in the theory vs. practices / requirements of AAOIFI standards vs. its actual implementation
  • The supervisor must sign-off the final report with a comprehensive comment on the candidate’s PER performance, especially highlighting the progress made during the period

5. Result announcement

  • AAOIFI may seek an interview with the candidate and/or the supervisor before grading the final report
  • A ‘pass’ grade is required to successfully fulfill the PER for AAOIFI fellowship

Click Here for more info

Registration to the CIPA program is open to all. However, CIPA fellowship will be awarded to only those who have, at minimum, an undergraduate degree / professional qualification.

Please download and complete the application.

Click Here for more info


APPLICATION DEADLINE

EXAM DEADLINE
JUNE 2022 EXAM 19 MAY 2022
DECEMBER 2022 EXAM 03 Nov 2022

NOTE

Registration dates, as well as examination dates, are subject to change due to unforeseen circumstance or event with prior notice.


Related Programmes

Certified Shari’ah Advisor and Auditor (CSAA)

Certified Shari’ah Advisor and Auditor (CSAA)

Financial Accounting Standards (FAS)

Financial Accounting Standards (FAS)