Introduction to AAOIFI and Certified Islamic Professional Accountants.

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Presentation transcript:

Introduction to AAOIFI and Certified Islamic Professional Accountants

Important Notes AAOIFI’s Islamic accounting standards are meant to fill gaps in the International Accounting Standards (IAS). AAOFI Islamic accounting standards are not meant to compete with International Accounting Standards or replace them.

Development Approach to arrive at Islamic Accounting (AAOIFI) (Hameed, 2009) Approaches to arrive at Islamic Accounting Reject concepts that are Contrary to Sharia Develop new concepts that are unique to Islamic way of business transactions Accept conventional Accounting concepts That are consistent with sharia

Accounting and Auditing Organizations of Islamic Financial Institutions (AAOIFI, 2010) Primary Purpose To enhance the confidence of users of the financial statements of the IFIs and ultimately to promote IFIs Objectives Develop accounting and auditing thoughts relevant to IFIs Spread accounting and auditing thoughts relevant to IFIs Prepare, promulgate and interpret accounting and auditing standards for IFIs Review and amend accounting and auditing standards for IFIs

(AAOIFI) History: established in 1991 – agreement of association by IFIs worldwide supported by IDB Head office is in Bahrain Organizational Structure – Supervisory Committee; Financial Accounting Standard Board; Executive Committee; Shari’ah Committee Funded by founding members of IFIs, establishment of waqf etc.

AAOIFI: Accounting, Auditing and Governance Standards Statements of Financial Accounting (SFA ) Objectives Concepts Financial Accounting Standards (FSA) Presentation and Disclosure of Financial Statements of Islamic Banks Murabaha Financing Mudaraba Financing Financial Accounting Standards (FSA) Musharaka Financing Profit Allocation Basis Investment Account Holders Salam Financing Ijarah Financing Zakah Istisna’ Financing Provisions and Reserves Presentation and Disclosure of Financial Statements of Islamic Insurance Companies

AAOIFI: Accounting, Auditing and Governance Standards Investment Fund Disclosure Bases for Determining and Allocating Insurance Surplus (and deficit) Auditing Standards Objectives and Principles of Auditing The Auditor’s Report Terms of Audit Engagement Audit Tests for Syariah Compliance Governance Standards Syariah Supervisory Board Syariah Review Internal Syariah Review Code of Ethics Code of Ethics for Accountants and Auditors of IFI

Certified Islamic Professional Accountant (CIPA) CIPA program is designed to equip candidates with the requisite technical understanding and professional skills on accountancy for international Islamic banks and financial institutions. Through the CIPA program, candidates will gain advanced knowledge on: Objectives and concepts of financial accounting for international Islamic banks and financial institutions. Accounting rules and treatments for international Islamic banking and finance transactions. General presentation and disclosure for financial statements of international Islamic banks and financial institutions. Application of Shari’ah for international Islamic banking and finance products and services. Effective governance and Shari’ah compliance structures in international Islamic banks and financial institutions.

Program Content CIPA program covers technical subjects that are essential to accountancy for international Islamic banks and financial institutions, including: AAOIFI’s Shari’ah standards on Islamic finance products and practices, and Shari’ah basis for those standards. Accounting concepts and principles for international Islamic finance. Qualitative characteristics of accounting information for international Islamic finance. AAOIFI’s Accounting standards on financial reporting for the international Islamic finance industry. AAOIFI’s Shari’ah standards on Islamic finance products and practices, and Shari’ah basis for those standards. AAOIFI’s Governance standards on Shari’ah compliance and review processes.

Fees Structure Since AAOIFI is a not-for-profit organization, the fee structure is designed to accommodate and allow participation from a broader base of industry practitioners. CIPA RegistrationFees Certificate Registration + Study Material800 USD CIPA Exam Fee400 USD Exam Re-take200 USD

Outcomes Through the CIPA program, candidates will gain advanced knowledge on: Objectives and concepts of financial accounting for international Islamic banks and financial institutions. Accounting rules and treatments for international Islamic banking and finance transactions. General presentation and disclosure for financial statements of international Islamic banks and financial institutions. Application of Shari’ah for international Islamic banking and finance products and services. Effective governance and Shari’ah compliance structures in international Islamic banks and financial institutions.

Training and Exam Centers Accounting & Auditing Organization for Islamic Financial Institutions (AAOIFI) announces that registration and testing for Certified Islamic Professional Accountant (CIPA) and Certified Sharia Advisor and Auditor (CSAA) can be done through the below centers. Kingdom of Bahrain Bahrain Institute of Banking and Finance (BIBF) KSA (Jeddah) Managerial & Financial Training Center – MFTC KSA (Riyadh) Egyptian Commercial Society UAE (Dubai) Minhaj Advisory Tunisia Imtithal for Islamic Finance Jordan Jordan Association for Islamic Finance

Training and Exam Centers Jordan Institute of Banking Studies South Africa Center for Islamic Economics and Finance (CIEFSA) UK (London) Institute of Islamic Banking and Insurance Libya Libyan Association for Islamic Finance Egypt The Egyptian Banking Institute Egypt Egyptian Islamic Finance Association Sudan Bayan Center of Islamic Financial Engineering Syria Dar Al Mashoura Kuwait Shura Sharia Consultancy Pakistan Centre for Islamic Economics Malaysia International Shari’ah Research Academy for Islamic Finance (ISRA) Turkey Leaders Training Center Qatar Allied Advisors Lebanon data and investment consult lebanon Algeria DAIM consulting and training

CIPA Exam In the past, it was only 1 comprehensive exam Now, 2 Modules and 5 papers (covering all standards namely accounting, auditing, shariah, governance standards and code of ethics) CIPA is obtained once the candidate passed all the 5 papers.