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BERKELEY SCHOOL OF BUSINESS, ARTS & SCIENCES

CIPA - Certified Islamic Professional Accountant

Certified Islamic Professional Accountant (CIPA) is a professional certification program developed by AAOIFI. It provides candidates with essential technical knowledge and practical accounting skills. Additionally, the program prepares professionals to meet the needs of Islamic banks and financial institutions worldwide.

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CIPA - Certified Islamic Professional Accountant
Overview

CIPA - Certified Islamic Professional Accountant

The Certified Islamic Professional Accountant (CIPA) designation was established by AAOIFI. It is a globally recognized certification for Islamic finance professionals. The program addresses the growing demand for skilled accountants who follow Islamic financial principles. Furthermore, CIPA provides a framework for accounting, auditing, and governance in Islamic finance. Additionally, its global professional network strengthens its position as a benchmark of excellence. As a result, CIPA promotes ethical practices and high professional standards within the Islamic finance industry.

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) has support from institutional members worldwide. These members include central banks, regulatory authorities, financial institutions, accounting firms, auditing firms, and legal firms. Additionally, AAOIFI’s network spans over 45 countries and strengthens its global presence in Islamic finance.

Vision & Mission

The vision of AAOIFI’s CIPA program is to achieve excellence in financial accounting and reporting. It focuses on Islamic financial institutions and Shari’ah-compliant practices. Furthermore, the program aims to maintain high professional standards across the industry. The mission of CIPA is to provide professionals with comprehensive knowledge of AAOIFI standards. Additionally, it improves their skills through structured training and examinations. As a result, CIPA promotes transparency, consistency, and professionalism in Islamic finance.

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?
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

This course focuses on the core principles of Islamic financial accounting and emphasizes AAOIFI standards. It explains the differences between conventional and Islamic financial accounting practices. Furthermore, it covers the application of AAOIFI Financial Accounting Standards (FAS) and the accounting treatment of Islamic financial products, including Murabaha, Mudarabah, Musharakah, Ijarah, and Istisna. Additionally, the course covers financial statement preparation, presentation, consolidation, and group accounting. It also highlights ethical considerations in financial reporting. Therefore, candidates are encouraged to align their studies with AAOIFI standards to ensure transparency and integrity in financial statements. Supplemental study materials may also be used for deeper understanding.

AAE: Audit, Assurance, and Ethics

This module focuses on ethical standards and auditing principles in Islamic finance. It covers key areas such as the Code of Ethics for Professional Accountants and emphasizes ethical conduct in financial reporting. Furthermore, the module explains auditing objectives within Islamic financial institutions. It also explores the role of internal auditors, effective auditing methodologies, and different assurance services, including reasonable and limited assurance engagements. Additionally, it covers client acceptance and continuance procedures to maintain the integrity of professional relationships. Overall, the module highlights the importance of ethical principles in ensuring transparency and financial integrity in Islamic finance.

BRE: Business and Regulatory Environment

This module covers the key aspects of Islamic financial institutions and their regulatory frameworks. It introduces their roles, functions, and the legal structures that govern them. Furthermore, the syllabus explores corporate governance principles specific to Islamic finance. It focuses on the responsibilities of directors and Shari’ah supervisory boards. Additionally, the module covers risk management frameworks, Islamic financial markets, and financial instruments. It also explains the application of AAOIFI accounting and auditing standards. Moreover, the module emphasizes ethical considerations and social responsibility, highlighting the importance of sustainability and responsible practices in the Islamic finance industry.

SSSG: Shari’ah Standards and Shari’ah Governance

This module covers key areas of Islamic finance related to Shari’ah compliance and governance. It begins with an introduction to AAOIFI’s Shari’ah standards, highlighting their structure and importance. Furthermore, the syllabus explains the Shari’ah governance framework and the role of the Shari’ah Supervisory Board (SSB). It also details the responsibilities of the SSB in maintaining effective governance. Additionally, the module covers Shari’ah compliance processes, audits, and risk management practices for non-compliance issues. Moreover, it addresses ethical considerations in Shari’ah governance, emphasizing transparency and conflict-of-interest management. These practices help maintain integrity within 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.

Lectures
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

Practice Session
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

Mock Examination
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?

CIPA - Certified Islamic Professional Accountant 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 11,000.00

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 16,500.00

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 36,700.00

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
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.

Career path

what you earn

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

Certificate

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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