CIPA exam preparation

The Certified Islamic Professional Accountant (CIPA) is AAOIFI's professional fellowship for accountants and auditors working in Islamic finance. It has covered financial accounting and reporting under the AAOIFI standards, audit, assurance and ethics, the business and regulatory environment of Islamic financial institutions, and the Shari'ah standards and Shari'ah governance an accountant must apply. AAOIFI has restructured the fellowship so that some of these areas are now examined through separate certificates, such as CPFAS and CPSS, alongside a practical experience requirement.

This program is built on its own dedicated course, CIPA exam preparation: study modules, organised in ten modules: the business and regulatory environment of Islamic financial institutions; prudential regulation, capital adequacy, liquidity and risk management; the financial reporting framework and presentation for Islamic financial institutions; financial reporting for financing contracts; financial reporting for investments, investment accounts, sukuk and zakah; audit and assurance in Islamic financial institutions; professional ethics for Islamic accountants and auditors; shari'ah standards every Islamic accountant must apply; shari'ah governance, compliance and internal Shari'ah audit; integrated cases: from Shari'ah structure to financial statements and audit. Each module has exam-focused notes, worked scenarios analysed step by step, slides and a scenario quiz.

To test your readiness, the program adds three mock exams of 40 questions each, with 60 minutes per exam, and a final mock of 100 questions in 150 minutes, drawn from a larger bank. Every exam on this program follows the same demanding pattern: 70% scenario questions, each a realistic case that asks for the ruling or treatment and the reason for it; 20% knowledge checks on precise rules, conditions and distinctions; and 10% rapid true/false or permissible/impermissible judgements. These are among the most demanding questions on ifSPACE.

This program is independent preparation material written by ifSPACE. ifSPACE is not AAOIFI and is not an AAOIFI-authorised training provider, and the program is not affiliated with, endorsed by or approved by AAOIFI. Completing it does not confer any AAOIFI qualification. All questions are written by ifSPACE; they are not official AAOIFI exam questions and do not reproduce them. AAOIFI may change a qualification's structure, modules and exam format, so check AAOIFI's current requirements before you register. Candidates register for and sit the CIPA exam directly with AAOIFI.