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Introduction to CIPA
What is CIPA?
“CIPA” stands for Certified Islamic Professional Accountant and it is one of the two flagship qualifications which is offered by the AAOIFI. It was launced 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\