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BERKELEY SCHOOL OF BUSINESS, ARTS & SCIENCES

CIPA - Certified Islamic Professional Accountant

Certified Islamic Professional Accountant (CIPA) is a professional program certified by AAOIFI designed to equip candidates with the requisite technical understanding and professional skills on accountancy for international Islamic banks and financial institutions.
 

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Overview

The Certified Islamic Professional Accountant (CIPA) designation, established by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), is a globally recognized certification tailored for professionals in Islamic finance. Formed to meet the growing demand for skilled accountants who adhere to Islamic financial principles, CIPA provides a comprehensive framework for accounting, auditing, and governance in the Islamic finance industry. With a growing network of professionals worldwide, CIPA has become a benchmark of excellence, reflecting a commitment to the highest standards of ethical and professional conduct in Islamic finance.

Offered by

The Certified Islamic Professional Accountant (CIPA) program, offered by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)

Head office

Headquartered in Manama, Bahrain

Members

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is supported by a number of institutional members, including central banks, regulatory authorities, financial institutions, accounting and auditing firms, and legal firms, from over 45 countries.

Vision & Mission

The vision of AAOIFI for the CIPA program is to establish global excellence in financial accounting and reporting within Islamic financial institutions, ensuring adherence to Shari’ah principles. Its mission is to equip professionals with in-depth knowledge of AAOIFI standards, enhance their competency through rigorous training and examinations, and promote transparency, consistency, and professionalism in Islamic finance, contributing to the industry's growth and credibility.

What is the eligibility?

Educational Qualification:

  • A bachelor’s degree or equivalent in accounting, finance, or a related field.
  • Candidates with degrees in other disciplines may qualify if they meet additional criteria or have relevant work experience.

Work Experience:

  • Relevant experience in accounting, auditing, or Islamic finance is typically preferred, although not mandatory for enrollment.

Language Proficiency:

  • Proficiency in English or Arabic, as the program and exams are conducted in these languages.

Professional Interest:

  • Candidates should have an interest in developing expertise in Islamic finance accounting and auditing, particularly in compliance with Shari’ah standards.
Who can do?
anyone who is interested to learn about following concepts can pursue CIPA - Certified Islamic Professional Accountant:
Financial Accounting Framework, Murabaha, Salam and Istisna, Ijara and Ijara Muntahia Bittamlik, Musharaka and Mudaraba, Investment in Real Estate, Investment in Associate and Subsidiary, Investment in Sequrities, Investment in Accounts, Investment Funds Accounting, Islamic Insurance, Zakah, Foreign Currency, Segment Reporting, IFS oered by conventional FI, Code of Ethics, Intro and Objectives of Audit, Internal Audit, Types of Assurance, Client Acceptance and Continuance, Audit Strategy and Planning, Risk Assessment, Audit Evidance, Using the work of Expert, Other Audit Service, Audit Conclusion and Reporting, Business Environment, Market Forces, Business Strategies, Marketing, Communication within an Organization, Forms and Types of Companies, Management and Administration of a Company, Sources of Funding and Management, Key Concepts of Law, Introduction to Tax, Introduction to Risks within Financial Institutions, Cradit Risk, Liquidity Risk, Market Risk, Operational and other Risk, Capital Adequacy, Shari’ah Fundamentals, Trade based Contracts, Equity based Contract, Ijara and Ijara Muntahia Bittamlik, Investment Sukuk, Islamic Equity Market, Takaful, Common Banking Service and Other Solutions, Corporate and Shari’ah Covernmace, Shari’ah Supervisory Board, Internal Shari’ah Audit/Review, Independent External Shari’ah Audit, CSR.
individuals with the following designations:
Islamic Finance Accountant, Shari'ah Auditor, Islamic Financial Consultant, Compliance Officer, Islamic finance professionals, Accountants, Shari'ah compliance officers, Financial managers, Bankers, Financial Analyst, Internal Auditors, Academics and Researchers, Regulators and Supervisors, Students and Fresh Graduates.

Course structure

CIPA candidates are required to study for and pass the following four subjects:

FAR: Financial Accounting and Reporting

Focuses on the core principles of Islamic financial accounting, emphasizing AAOIFI standards. It covers the distinction between conventional and Islamic financial accounting, the application of AAOIFI's financial accounting standards (FAS), and the accounting treatments for Islamic financial products like Murabaha, Mudarabah, Musharakah, Ijarah, and Istisna. The course also includes financial statement preparation and presentation, consolidation and group accounting, and ethical considerations in financial reporting. Candidates are expected to align their studies with AAOIFI standards, ensuring transparency and integrity in financial statements, with supplemental study texts allowed for further understanding.

AAE: Audit, Assurance, and Ethics

Focuses on the ethical standards and auditing principles in Islamic finance. Key study areas include the Code of Ethics for Professional Accountants, emphasizing ethical conduct in financial reporting; the objectives of auditing, specifically within Islamic financial institutions; the role of internal auditors and effective auditing methodologies; various types of assurance services, including reasonable and limited assurance engagements; and client acceptance and continuance procedures, ensuring the integrity of client relationships. The module highlights the importance of ethical principles in maintaining transparency and financial integrity in Islamic finance.

BRE: Business and Regulatory Environment

Covers the key aspects of Islamic financial institutions and their regulatory frameworks. It includes an introduction to Islamic financial institutions, their roles, and functions, as well as the legal and regulatory structures governing them. The syllabus explores corporate governance principles specific to Islamic finance, focusing on the roles of directors and Shari'ah supervisory boards. It also covers risk management frameworks, Islamic financial markets and instruments, and the application of AAOIFI accounting and auditing standards. The module emphasizes ethical considerations and social responsibility in Islamic finance, highlighting the importance of sustainability and ethical practices within the industry.

SSSG: Shari’ah Standards and Shari’ah Governance

Covers key areas of Islamic finance related to Shari’ah compliance and governance. It begins with an introduction to AAOIFI's Shari'ah standards, focusing on their structure and importance. The syllabus explores the Shari'ah governance framework, detailing the role of the Shari'ah Supervisory Board (SSB) and its responsibilities. It also covers processes for ensuring Shari'ah compliance, conducting audits, and managing risks related to non-compliance. Additionally, the module addresses the ethical considerations in Shari'ah governance, emphasizing transparency and handling conflicts of interest to maintain integrity in Islamic financial institutions.

Lecture plan

FAR: Financial Accounting and Reporting

AAE: Audit, Assurance, and Ethics

BRE: Business and Regulatory Environment

SSSG: Shari’ah Standards and Shari’ah Governance

How we teach?

Auditing | Objective and Principles of Auditing
Accounting | Murabaha & Murabaha to the Purchase Orderer

Learning Methodology

Berkeley offers expertly developed learning materials tailored to meet participants' needs, ensuring comprehensive coverage of the syllabus and optimal exam preparation.

‣ Tailored Material: Guides are designed to cover the entire syllabus, offering full preparation and deep understanding.

‣ In-Depth Content: Unlike superficial outlines, our materials provide fully developed theories and concepts, equipping participants with complete knowledge.

‣ Strategic Study: We help participants prioritize study time by indicating the weight of each topic, allowing efficient focus on crucial areas.

‣ Difficulty Levels: Topics are labeled as "Awareness" or "Proficiency," guiding participants to allocate time based on the required depth of knowledge.

‣ Comprehensive Coverage: Our materials include detailed theory and a glossary of technical terms to clarify complex concepts.

‣ Effective Learning Techniques: Visual aids and memorization techniques ensure long-lasting retention, helping candidates succeed.

Berkeley’s methodologies equip participants with the essential knowledge and tools for both exams and future success.

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Lectures

Our lecture plan integrates structured learning with interactive teaching methods, promoting engagement and collaboration. This approach ensures a comprehensive understanding of concepts, fostering critical thinking and practical application in real-world scenarios

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Practice Session

Practice sessions offer hands-on experience through guided exercises, enhancing skills and reinforcing knowledge. This practical approach ensures mastery of concepts, promoting confidence and competence in real-world applications

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Mock Examination

Mock examinations simulate real test conditions, providing valuable practice and assessment. This helps identify strengths and weaknesses, ensuring thorough preparation and boosting confidence for actual exams

Berkeley's performance standards

Evaluates and ensure the quality of the training program and all its deliverables.  This is measured through the following indicators:
‣ Instructors' experience and style in presenting and explaining topics.
‣ Variety and balance of teaching methods (such as discussions, case studies, mock exams and videos) used in the course to ensure retention and to match the learning objectives.
‣ Level of interactivity.
‣ Feedback from program participants
‣ Full compliance with Institute standards and guidelines for preparation and study requirements and methodology.
‣ Progress reports from the training program provider.

what are the exam information?

Exam Format
  • MCQs covering theoretical and scenario-based questions
Part/Module Exam format Exam duration
FAR: Financial Accounting and Reporting

Max. marks 100

3 hours
AAE: Audit, Assurance, and Ethics

Max. marks 50

1.5 hours
BRE: Business and Regulatory Environment

Max. marks. 50

1.5 hours
SSSG: Shari’ah Standards and Shari’ah Governance

Max. marks 100

3 hours
Exam Dates

Examinations are scheduled twice a year in June and December.

Passing Criteria

Between 60% and 70% for each module
Exam Locations

All exams will take place at an AAOIFI approved exam centres.

Fee Structure

Self Study Package

AED 11000.00

The Most Economical Way to

  • E-Book
  • Recorded Lecture Videos
  • Berkeley Flashcards
  • Exam-Quality Practice Questions
  • 18 Months of Access

Premium Live Online (Enhanced Support)

AED 16500.00

A Great Value of Money

  • E-Book
  • Live Interactive Online Classes
  • Berkeley Flashcards
  • Lecture Sessions
  • Practice Sessions
  • Mock Examination
  • Live Teaching Support

One-to-One Coaching (Personalized)

AED 36700.00

Learn at your own convenience

  • E-Book
  • Live Interactive Online/ Face to Face
  • Berkeley Flashcards
  • Lecture Sessions
  • Practice Sessions
  • Mock Examination
  • Teaching Support
Success Stories

“As a strong advocate for education and human development, I commend Berkeley for its exceptional commitment to empowering future leaders. The institution stands as a symbol of excellence, innovation, and opportunity. Students who walk its halls are nurtured with knowledge, values, and vision—qualities that contribute to building a stronger and more prosperous future for our nation.”- H.H. Shaikh Khalifa Al Hamid

Visit our Alumni

Alumni Benefits

‣ Exclusive Networking Events: Access invitations to industry-leading events and thought-leadership gatherings featuring renowned speakers.


‣ Monthly Updates: Stay informed with a newsletter highlighting the latest research, events, and activities from the school.


‣ LinkedIn Community Access: Join the Executive Education LinkedIn group for networking and professional development opportunities.


‣ Educational Discounts: Enjoy a 20% discount on open-enrollment programs and access to workshops focused on emerging trends.


‣ Global Alumni Network: Connect with a diverse alumni community through the Berkeley School’s online network and engage in country and interest groups.

CIPA Salary: Is It Worth the Investment?

Regional Variations:

Middle East and North Africa (MENA): In countries like the United Arab Emirates, Saudi Arabia, and Qatar, professionals with specialized qualifications like CIPA may command higher salaries due to the demand for expertise in Islamic finance.

Southeast Asia: In nations such as Malaysia and Indonesia, the salary range for CIPA-qualified professionals may be more moderate, reflecting the local economic conditions and industry standards.

Career Level Variations:

Entry-Level Positions: Individuals at the beginning of their careers may earn salaries on the lower end of the scale, with compensation increasing as they gain experience and take on more responsibilities.

Mid-Level Professionals: With several years of experience, professionals can expect higher salaries, especially if they assume roles such as financial analysts or auditors in Islamic financial institutions.

Senior-Level Executives: Experienced professionals in leadership positions, such as finance managers or directors, typically receive the highest salaries, reflecting their expertise and the strategic importance of their roles.

what you earn

You will get a certificate of completion, which is highly reputed and accepted by employers.

Specialized Knowledge

Gain expertise in Islamic accounting principles and financial practices that comply with Shari'ah law.

Industry Recognition

Obtain a certification recognized globally within the Islamic finance industry.

Career Advancement

Improve career prospects and opportunities in Islamic financial institutions and related fields.

Regulatory Compliance

Learn to ensure compliance with Islamic financial regulations and standards.

Professional Credibility

Enhance your professional credibility and standing within the Islamic finance community.

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FAQ: CIPA - Certified Islamic Professional Accountant

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