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.
- 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.
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.
The Certified Islamic Public Accountant (CIPA) Qualification will be awarded upon completion of:
- Full four days attendance
- 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
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
- 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
- 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