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CERTIFIED ISLAMIC
PROFESSIONAL ACCOUNTANT
(CIPA) PROGRAM
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• Develop a solid foundation in the principles and practices of Islamic Finance;

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1 Accounting concepts, framework, & general 7
presentation
2 Islamic Financing contracts 46
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)5$0(:25. *(1(5$/ i)Introduction
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iii) Salam
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i) Introduction v) Accounting treatment of Salam
ii) The evolution and role of Islamic finance vi) Parallel Salam
iii) Importance of financial reporting framework vii) Presentation and disclosure requirements for
iv) Accounting bodies around the world Salam
v) Obligations of the management to the viii) Some practical aspects relating to Salam
stakeholders of IFIs
vi) Common ground between accounting bodies &,VWLVQD·D
i) Accounting treatment by IFI as seller
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ii) Financial statements iv) Presentation and disclosure requirements for
iii) Preparation of financial statements Istisna’a
iv) Disclosure of accounting policies in the financial v) Some practical aspects relating to Istisna’a
statements vi) Key differences with IFRS
v) Detailed disclosures in a complete set of
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vi) Other disclosures in the financial statements i) Introduction
ii) Ijarah
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iv) Flow of Ijarah transaction
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i) Introduction vi) Accounting treatment for Ijarah Muntahia
ii) Types of Murabaha Bittamleek in the financial statements of IFI as
iii) Measurement principles lessor
iv) Recognition of profits vii) Accounting treatment for Ijarah Muntahia
v) Presentation and disclosure requirements Bittamleek in the financial statements of IFI as
vi) Other practical aspects lessee
vii) Commodity Murabaha (Tawarruq) viii) Sale and lease back transactions
viii) Comparisons with relevant International ix) Presentation and disclosure requirements
Financial Reporting Standard (IFRS) x) Other practical aspects
xi) Key difference with IFRS
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i) Introduction i) Introduction
ii) Musharaka financing ii) Investment funds
iii) Mudaraba financing iii) Key elements of financial statement of
iv) Difference between Mudaraba and Musharaka investment funds
v) Sale and leaseback transactions iv) Disclosure requirements
vi) Key differences with IFRS v) Other practical aspects
vi) Comparison with IFRS

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i) Introduction i) Introduction
ii) Investment in real estate ii) Introduction to Takaful
iii) Recognition and measurement – purchased / iii) Key features of Islamic insurance and
constructed property differences with conventional insurance
iv) Recognition and measurement – property under iv) Operating models for Islamic insurance
construction company
v) Transfer of assets v) Financial statements of Islamic insurance
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vii) Disclosure requirements vi) Contributions in Islamic insurance companies
viii) Key differences with IFRS
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i) Introduction
ii) Associates and subsidiaries
iii) Investment in subsidiaries – consolidation
process
iv) Investment in associates
v) Presentation and disclosure requirements
vi) Key differences with IFRS
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i) Introduction
ii) Investments in securities
iii) Classification
iv) Initial recognition and subsequent measurement
v) Presentation and disclosure requirements
vi) Key differences with IFRS
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i) Introduction
ii) Investment accounts
iii) Equity of unrestricted investment account
holder
iv) Equity of restricted investment account holder
v) Reserves
vi) Other practical aspects
vii) Inclusions in FAS 27 when compared to FAS 5
and 6
viii) Disclosure on transfer of assets
ix) Key differences with IFRS
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viii) Technical provisions
ix) Reserves
x) Window operation of Islamic insurance by
conventional insurer
xi) Presentation and disclosure
xii) Key differences with IFRS
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i) Introduction
ii) Accounting treatment of Zakah
iii) Determination of Zakah base
iv)Illustration explaining calculation of Zakah
v) General ruling of Zakah
vi) Presentation and disclosure requirements
vii) Other practical aspects
viii) Conditions for liability to pay Zakah
ix) Illustration explaining calculation of Zakah
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i) Introduction
ii) Foreign currency transactions and foreign
operations
iii) Disclosure on transfer of assets
iv) Segment reporting
v) Islamic financial services offered by conventional
financial institutions
vi) Key differences with IFRS
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the principles of accountancy as well as with the International Standards on Auditing

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• Apply the fundamental principles of accounting and auditing;
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1 Code of Ethics for professional 15
accountants and auditors
2 Audit Objectives and Principles 11
3 Audit procedures and processess 66
4 Audit conclusion and reporting 8
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L What is an internal audit LIntroduction
LL Need for an internal audit function LL Analytical procedures and test of details
LLL Functions of an internal audit department LLL Sufficient and appropriate evidence
LY Difference between external and internal audit LY Audit sampling
Y Code of ethics for internal auditors Y Audits conducted using information technology
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YLL Internal audit report organizations
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• Explain the nature of Introduction of business and its environment;

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weighted assets.

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1 Introduction to Business 20
2 Business Entities 20
3 Key concepts of common law 5
4 Taxation 5
5 Risks 30
6 Capital Adequacy 20
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L Introduction
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LLL Demand
LLOrganization in its environment
LLLMacro environment LY Supply
LY Micro environment Y Competition dynamics
YIndustry and sector
YL Porter’s five forces
YLLGovernment and business relations
YLLL Relationships with stakeholders
L[Shifts in economic balance of power
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LY Value creation LL Law
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YL Diversification LY Islamic law of contract
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LY Share and loan capital LL Credit risk
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LL Organizational structure
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LYGearing (Leverage) L Introduction
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YLEquity investment risk LY Components and calculation of regulatory capital
YLLRate of return risk and displaced commercial risk Y Components and calculation of risk weighted assets
YL Profit sharing investment accounts (PSIA)
YLL Basel III

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i) Introduction i) Introduction
ii) Islamic financial system – setting the context ii) Murabaha to the purchase orderer
iii) Key characteristics of Islamic finance iii) Key characteristics of Islamic finance
iv) Riba iv) Salam and Parallel Salam
v) Gharar v) Istisna’a
vi) Other prohibitions vi) Monetization (Tawarruq)
vii) Islamic law of contracts vii) Possession
viii) Procrastinating debtor
ix) Agency
x) Trading in currencies
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i) Introduction mitigation tools
ii) Musharaka v) Sharia views on Conventional Insurance
iii) Diminishing Musharaka vi) Introduction to Takaful as alternate to
iv) Mudaraba conventional insurance
vii) Difference between Takaful and conventional
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i) Introduction viii) Difference between Takaful and mutual
ii) Ijarah insurance
iii) Sale of leased asset, termination of Ijarah ix) Retakaful or Islamic Reinsurance
contract and transfer of ownership x) Takaful Products
iv) Prohibitions and common mistakes in Ijarah xi) Practice and legal framework in different
v) Sale and leaseback markets
xii) Management and Operational Guidelines
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ii) Investment Sukuk i) Introduction
iii) Types of Sukuk ii) Corporate banking
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v) How it is different from conventional bonds
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i) Introduction
ii) Discussion on Financial Risk and its mitigation
tools
iii) Shariah Perspective on Risk mitigation
iii) Retail banking
iv) Conversion of a conventional bank to an Islamic
bank
v) Commodities in organized markets
vi) Stipulations of transaction profit calculations

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i) Introduction
ii) Introduction to corporate governance
iii) Components of corporate governance
iv) Governance principles and mechanisms
v) Shari’ah governance framework
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i) Introduction
ii) Shari’ah Supervisory Board
iii) Stipulations and ethics of Fatwa in the
institutional framework
iv) Shari’ah review
v) National / central Shari’ah supervisory board
vi) Difference between Shari’ah review and internal
Shari’ah audit / review
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i) Introduction
ii) Internal Shari’ah audit / review
iii) Internal Shari’ah audit / review process
iv) Execution of internal Shari’ah audit / review
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i) Introduction
ii) Requirements of ISAE
iii) Parties to an independent external Shari’ah
audit
iv) Objectives and preliminary engagement
activities of an external Shari’ah audit
v) Execution of external Shari’ah audit procedures
vi) External Shari’ah audit report
vii) Testing for Compliance with Shari’ah Rules and
Principles by an External Auditor
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The Accounting and Auditing Organization for Islamic
Financial Institutions (AAOIFI)

The Accounting and Auditing Organization for Islamic Financial

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profit corporate body that develops accounting, auditing, governance,
ethics and Shari’ah standards for Islamic financial institutions and the
industry.

Professional qualification programs (notably the Certified Islamic

Professional Accountant (CIPA) and the Certified Shari’ah Adviser and
Auditor (CSAA), and the corporate compliance programs) are also offered
by AAOIFI in its efforts to enhance the industry’s human resource bases
and governance structures.

As an independent international organization, AAOIFI is supported by

a large base of institutional members from around 45 countries, so far,
including the Islamic Development Bank (IDB), central banks, Islamic
financial institutions, and other participants from the international Islamic
banking and finance industry, worldwide.

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Shari’ah, (b) 26 on accounting, (c) 5 on auditing, (d) 7 on governance,
and (e) 2 on codes of ethics, in addition to constant review and update of
existing ones.

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