FAQ about CIPA Certificate

Certified Islamic Professional Accountant

1- What is the advantage of this Certificate? Acquiring CIPA certificate gives the participants the knowledge of the most contemporary procedures in accounting operations inside Islamic Financial Institutions, or for those institutions who are adapting and following the Islamic finance principles (Islamic banks, Islamic Insurance companies, Takaful companies, investment corporations, funds.), in addition; getting to know the Sharia Standards issued by AAOIFI, furthermore, this certificate qualifies its holder to obtain a good position inside these institutions, especially in Sharia auditing department.

2- What are the organizations that recognize such certificate and is it certified by the ministries of higher education in the world? Minhaj would like to make it clear that CIPA certificate is not an academic qualification which is accredited by ministries of higher education or governmental authorities & agencies. This certificate is a professional certificate which is accredited by AAOIFI. AAOIFI was established by international Islamic banks and Fiqh Assemblies, in addition; many central banks obligate Islamic institutions in their countries to adopt AAOIFIs accounting and Sharia Standards, accordingly; a lot of Islamic institutions require their employees to acquire AAOIFIs certificates

For

more

information

about

AAOIFI,

please

visit

its

website:

www.aaoifi.com

3- I work as a manager for Auditing Company; what are the advantages to get CIPA for me or for the staff at our company? Islamic financial institutions differ from traditional ones in their operations, as these operations must be compliant with the Sharia rules, so accounting recordings must be also different. CIPA course is aimed toward stating how to record these operations in a way that assures its compliance with the Sharia rules. Furthermore; Islamic financial institutions prefer the auditing company which will audit and seal its financial statements to have a staff with a solid background in these rules, and one day getting this certificate this certificate may be a condition to seal on the Islamic financial institutions statements

4- How trainers are chosen to provide CIPA training course? Minhaj Training Center (MTC) depends on highly qualified trainers to provide training courses. For AAOIFIs certificate; the trainers must be accredited by AAOIFI to instruct the course.

5- Can I get the certificate without attending the training course? Yes you can if you pass the exam. AAOIFIs certificates are planned to be self-study. However, it is advisable to attend the course as it reduces the amount of study hours; and to benefit from the trainers / trainees experience and notes.

6- Can I get the study material without registering for the exam? Yes, you can do that by paying 200$.

7- Can I register for the exam without getting the study material? No, unfortunately study material is part of the registration process

8- When and how can I get the study material? After you fill up the registration form, send it to Minhaj, and pay the registration fees, you will be considered as a registered in the course. You can then get the study material or receive it by an arrangement with Minhaj.

9- When and where the exam is arranged? AAOIFIs exams are held in general in March and September, in more than 12 countries. The exam in UAE is held under Minhaj supervision which is usually held in Dubai

10- Can I attend the course in a country then apply the exam in another one? You may be able to do so, but the country should be of AAOIFI exam centers. You also need first to coordinate with the exam center.

11- Can I register now for the training course and get the study material then apply the exam later? You can choose when to apply for the exam. It is not advisable to have long time between the course and the exam. The study material might be updated and changed, (Minhaj is not responsible for that).

12- What should I do if I did not pass the exam? You can reregister for the next one and pay 500$

13- What is the minimum mark to pass the exam? 011/57

14- What types of questions are usually used in the exam? Questions are multiple choice questions Exam duration is 3 hours.

15- Who does write the exam questions and correct the papers? AAOIFI is exclusively responsible for everything related to the exam: date, questions, correction, marks and results. Centers as Minhaj are just responsible for organizing the exam according to AAOIFIs rules, and sending the papers directly after finishing the exam to AAOIFI.

16- When the exams results are issued and announced, how can participants get their certificates? Results usually issued in 30-60 days after the exam. Results sent either directly from AAOIFI or from the exam center to the examinee Passed examinees can receive their certificate at one of the semi-annual conferences AAOIFI held in Bahrain, or they can ask to deliver it to their location

17- What is the concept of membership (or fellowship) in AAOIFI, and how can I participate in it? AAOIFIs membership is granted automatically for one year after passing the exam. You have to pay 100$ to renew it, every year. In addition to that you will receive AAOIFIs publications and discount to attend its conferences.

18- Is there any relation between (local CPA) certificates and CIPA certificate? (These certificates issued by local ministries of finance to regulate the accounting profession( No; there is no relationship at all between CIPA and local CPA certificates.

In case of any other questions, please feel free to contact Minhaj Training Center
Ahmad Adnan Neameh Training Center Manager Minhaj Advisory Cell: 00971 555 660 640 Tel.: 00971 (4) 250 0417 Fax: 00971 (4) 223 5665

a.neameh@minhajadvisory.com www.minhajadvisory.com