The ICMA, in collaboration with INCEIF, the Global University of Islamic Finance (Malaysia) has designed the Certified Islamic Public Accountant (CIPA) professional designation.

The CIPA program is an intensive 4-module program to help senior managers, managers and accountants to create value for their respective organization, based on the principles of Islamic accounting and finance.

 

Program Objectives

To demonstrate the role of Islamic accounting and finance in decision making.

  • To apply Islamic accounting and finance principles in corporate reporting.
  • To plan a company’s operating, financing and investing needs based on available instruments and financial markets offerings in Islamic finance.
  • To construct a portfolio of Islamic wealth management, corporate zakat, waqf and tax
  • To enhance corporate performance beyond profitability.

Entry Requirements:

The CIPA program is  designed  for  Senior Managers, Business Executives, Accountants and those who have an Accounting and/or Finance background or an ICMA approved professional accounting  qualification.

Assessment

The Certified Islamic Public Accountant (CIPA) Qualification will be awarded upon completion of:

  • Attendance in all 4 Modules
  • Participation in Case Study Discussion and Analysis in all 4 Modules of the CIPA syllabus
  • Successful completion of a project paper on an Islamic finance application.

 Length:                  3,000 words, excluding bibliography, notes and attachments.

Assessment:         A pass mark of 50% or above is required to satisfy the educational requirements for CIPA certification.

Due Date:              Maximum Three Months from date of completion of program attended

 

Course Modules

Module 1:  Islamic Accounting

Topic 1: Islamic Accounting: An Introduction

  • Controversies of Key Accounting Principles
  • Accounting Conceptual Framework
  • Financial Reporting Regimes

 Topic 2: Islamic Accounting: Applications

  • Sales-Based Contracts
  • Equity-Based Contracts
  • Rental Based Contracts

 Topic 3: Islamic Accounting: Special Topics

  • Sukuk
  • Financial Instruments
  • Presentation of Financial Statements

Module 2: Shariah Governance and Assurance Services

Topic 4: Shariah Governance

  • Corporate Governance
  • Shariah Governance Framework
  • Shariah Supervisory Board

Topic 5: Assurance Services

  • Shariah Non-Compliance Risk (SNCR)
  • Mitigation of SNCR
  • Shariah Review

Topic 6: Assurance Services

  • Shariah Audit Planning
  • Shariah Audit Field Work
  • Shariah Audit Reporting

Module 3:  Islamic Finance

Topic 7: Islamic Capital Markets: Fundamentals of  ICM

 Islamic Banking:

  • Global developments in Islamic banking with a review on regional/country-specific approaches
  • Islamic banking product trends and evolution of structures
  • Challenges in Islamic banking & prominent risks

Topic 8: Islamic Capital Markets:

  • Understanding the key categories of ICM instruments
  • Global developments in ICM and regional/country-specific approaches
  • Sukuk development and evolution
  • Shariah screening and the equity market

Topic 9: Risk Management and Takaful

  • The premise of Takaful
  • Takaful modelling and global approaches
  • Takaful risk and management

Module 4:  Corporate Financial Strategy for Islamic Financial Leaders

Topic 10: Corporate Financial Strategy for Islamic Financial Leaders

  • Strategy and corporate life cycle
  • The meaning of value in Islam
  • The importance of accounting and finance in Islam
  • Shareholders’ value, profitability, maximization of wealth and social reporting

Topic 11: Shariah Financial Planning

  • Wealth Management
  • Corporate Investment

Topic 12: Corporate Tax & Accounting for Corporate Zakat and Waqaf

  • Taxation in Islam
  • Zakat and Tax Planning
  • Business application
  • How to compute business zakat?
  • Accounting treatment & Practical Reporting Issues
  • Shareholders’ Value Creation