Talent Development Program (TDP)

Introduction to CSAA

CSAA program is designed to equip candidates with the requisite technical understanding and professional skills on Shari’ah compliance and review processes for the international Islamic banking and finance industry. Through the CSAA program, candidates will gain advanced knowledge on:

  • Roles and functions of various Shari’ah compliance and review processes in financial institutions.
  • Correlation between a financial institution’s Shari’ah Supervisory Board (SSB) and its internal Shari’ah compliance and review processes
  • Mechanism to ensure Shari’ah compliance in accordance to resolutions and fatwas (Scholars’ rulings) issued by SSB.
  • Technical review of banking and financial operations to determine Shari’ah compliance.
  • Establishing the foundations to gain stakeholders’ trust and confidence in a financial institution’s adherence to Shari’ah.

Fees structure

Option 1: USD 1200 (Program Registration fees + Study packages + Examination + Membership)

Option 2: USD200 (Exam re-take)


Exam dates

Wednesday 8 February 2017

Wednesday 24 May 2017

Wednesday 25 October 2017

Wednesday 21 February 2018

 

Next Exam date

Exam

Registration deadline

Exam date

Feature

CSAA

15 Jan 2018

Wed, 21 Feb 2018

Current format


Procedures & Forms

STEP 1

STEP 2

STEP 3

STEP 4

STEP 5

Download & complete registration form (s)

Receive confirmation of registration & invoice

Send payment slip

Receive reading materials

Sit for the exams

 

Forms

Download form

An Invitation to Participate in ISRA Talent Development Programme 

(In-house  Shari'ah Management Training Programme – Fresh graduates)

(NOTE: INTAKE JANUARY 2018). APPLICATION CLOSING DATE: 15 DECEMBER 2017.

If you are a FRESH SHARI’AH GRADUATE and would like to build your career in fast growing Islamic Banking & Finance Industry, then this advertisement may open the door to your dreamed career path!


The Concept of the Programme

This is a “working & training” programme. YOUNG AND FRESH SHARI’AH graduates who have great interest to work in Islamic finance industry will be recruited -on contract and FULL TIME basis- by ISRA under this two years programme. Attractive allowances and other benefits will be paid throughout the contract period. The participants will be equipped with necessary tools and experiences to become a good Shari’ah officer. At the end of the contract, there will be high possibility for the participant to be employed by the Islamic financial institutions.


Requirement and Qualification

Participants of the programme should possess the following criteria:

  1. A great interest to work in Islamic finance industry.
  2. Very good command of Arabic language.
  3. Good English communication skill is an advantage.
  4. Obtained a Bachelor Degree in Shari’ah from recognised local or international universities (Bachelor degree in Shari’ah, Muamalat, Jurisprudence, Islamic Law, Fiqh, Usul al-Fiqh or its equivalent);
  5. Obtained a minimum CGPA of 3.50 or its equivalent;


Programme Description

  1. During the programme, the participants will be trained at ISRA through the following methods:
  2. Direct involvement in ISRA research projects.
  3. Exposures to industry practice by attending relevant meetings, workshops, talks and seminars.
  4. Attending language (Arabic or English) skill development programme.
  5. Attachment at the industry.


Incentives:

  • Attractive monthly allowance; and
  • Good working environment.

 
Programme Outcomes

At the end of the programme, the participant – InshaAllah – will be able to:

  1. Conduct research works that are relied upon primary and contemporary references.
  2. Relate shari’ah with contemporary issues in Islamic banking and finance.
  3. Understand the needs and constraints of the industry.
  4. Structure products.
  5. Understand shari’ah review and audit processes.
  6. Communicate in acceptable Arabic and English.


How to Apply:

Please write in and attach necessary information about yourself and the application should be accompanied a complete portfolio of documents as follows:

  • Resume of applicant (Font -Arial,12)
  • Copy of identity card
  • ( 1) passport-sized photographs
  • Certified academic transcript and certificates
  • Write an essay of not more than 100 words on:  ما هو طموحك وما رأيك في الصناعة المالية الإسلامية بماليزيا؟"
  • Other relevant materials to support the application.
  • False particulars or information will render you liable to disqualification.


ISRA will not bear any expenses incurred in the process of applying and attaining the programme.

Applications can be submitted by hand or mail to the following address:


In-house  Shari'ah Management Training Programme 
International Shariah Research Academy for Islamic Finance
ISRA @ INCEIF, Lorong Universiti A,
59100 Kuala Lumpur, MALAYSIA
(Attention: Sheila Din)

2018 INTAKE (JANUARY)

Introduction to CIPA

What is CIPA?

“CIPA” stands for Certified Islamic Professional Accountant and it is one of the two flagship qualifications which are offered by the AAOIFI. It was launched in 2006 and relaunched in 2017 after a three-year long overhauling process.

 

CIPA is the only internationally recognized qualification in accounting for Islamic financial institutions, catering to all banking, investments, and Takaful segments. The CIPA program is intended towards development of, and enhancing of, industry’s human resource capabilities by developing experts for Islamic finance accounting and financial reporting, audits, and Shari’ah audits.

 

Objectives of CIPA

The CIPA qualification aims at achieving the following objectives:

  1. To develop in-depth understanding and application abilities of the requirements of the AAOFI Financial Accounting Standards (FAS) in respect of presentation of financial statements and financial reporting of Islamic Financial Institutions (IFIs);
  2. To ensure that candidates understand the process and techniques of carrying out the audit in accordance with the principles of accountancy as well as with the International Standards on Auditing;
  3. To equip candidates with the understanding of the fundamentals of business and business management and the role of an accountant in relation to governance, tax, compliance and risk management in an organization;
  4. To provide the understanding of the basic foundations for Shari’ah compliance underpinning in Islamic banking and finance, and to develop strong application abilities of the requirements of the AAOFI Shari’ah standards; and
  5. To equip candidates with comprehensive understanding of the requirements of Governance in an organization from Shari’ah perspective.

 

Who is CIPA for?

CIPA is for professionals, executives, as well as for students who are currently involved, are studying for, or have interest, in accounting, auditing, and finance, especially for the Islamic banking and finance industry, such as:

  • Accountants and Auditors
  • Shari’ah Auditors
  • Islamic finance practitioners, bankers, and professionals
  • Undergraduate or graduate students aspiring for an accounting career in Islamic banks

 

 

Three Reasons for Getting the CIPA Qualification:

After successfully passing all CIPA module exams and fulfilling practical experience requirement (PER), you will become a CIPA Fellow. You stand to gain the following benefits by joining the 1000+ strong group of CIPA Fellows worldwide:

  1. Prestige of using the letters “CIPA” after your name’
  2. Getting officially recognized by AAOIFI and the Islamic finance Industry – AAOIFI is a global standard-setting organization for the Islamic finance industry and supported by around 200 institutions, including 20+ central banks, from over 45+ countries; and

Finding more career opportunities for both personal and professional growth – There is a huge and ever-growing demand for experts of AAOIFI Shari’ah, accounting, auditing, governance, and ethics standards. CIPA Fellows are recognized for their knowledge and expertise and are always preferred over non-CIPA candidates


Comparison

Items

Old CIPA

New CIPA

Gap Analysis & Benchmarking

No

Yes

Structure

Single course

Four modules

Language

English and Arabic

English and Arabic

Average Study Duration

4 months

1+ years

Study Textbooks

AAOIFI Standards

(1) FAR = Financial Accounting & Reporting

(2) AAE = Auditing, Assurance, & Ethics

(3) BRE = Business & Regulatory Environment

(4) SS&SG = Shari’ah Standards & Shari’ah Governance

Certification

Examination

Examination + Practical Experience Requirement (PER) Report

Examination

1 Exam

4 Exams

Practical Experience

No

Yes (1 year unless exempted)

 


Eligibility criteria for CIPA

Minimum eligibility requirement:

  1. Undergraduate or postgraduate in discipline of accounting, economics, business, or commerce with 55% marks; or relevant professional qualification (exemptions available for academically strong Candidates having A levels / High School qualifications); or
  2. a member of accounting professional bodies which are IFAC members or any other accounting and finance related professional membership / affiliation recognized by AAOIFI from time to time
  3. Must fulfil eligibility criteria within 3 years of CIPA Program Registration in order to earn the CIPA certification, otherwise Candidate shall stand disqualified and will have to re-register for the CIPA program anew.

Basic fees structure

(1) Full payment

(2) By instalment

 

Payment comprised of-

(1) Program registration fee

(2) 4 study texts

(3) Shipment costs

(4) 4 mock exams

(5) 4 exam sittings

(6) PER fee

(7) CIPA certificate fee

 

Basic CIPA fee USD 2,200

 

Additional and separate fees include:

Exemption processing fee/module USD100

PER exemption processing fee USD100

Exam Resit fee USD100

Late registration fee USD100

Exam re-checking fee USD50

Annual fellowship fee USD200


Discount offer

Register with ISRA now!

 

10% Discount

Applicable to AAOIFI Institutional Members: CIPA Candidates employed at AAOIFI members or partners’ institutions.

Full payment

4x instalments

2x instalments

USD1980

USD540

USD648

USD648

USD648

USD1080

USD1080

 

USD2,520

USD2,160

             

 

20% Discount

Applicable to developing markets or non AAOIFI Institutional Members

Full payment

4x instalments

2x instalments

USD1760

USD480

USD576

USD576

USD608

USD 960

USD 960

 

USD2,240

USD1,920


Exemption

Eligibility Criteria for Exemptions

 

Exemption from Exams

Exemption from Practical Experience Requirement (PER)

  • Through relevant undergraduate / graduate degree; or
  • Through other professional qualification; or
  • Through CSAA Fellowship; or
  • Where AAOIFI has a collaboration with a University; and
  • Candidate has secured 60% marks AND
  • 70% syllabus of Candidate’s qualification match with that of CIPA module from which exemption is sought.
 Partial Exemption (6 months)
  • 3 years Islamic industry experience; or
  • 5 years banking & finance industry experience; or
  • Member of professional bodies which are IFAC members or as approved by AAOIFI

 

  Full Exemption (12 months)
  • Fulfil eligibility criteria for CIPA Program registration; and
  • Fulfil partial exemption criteria; and
  • 6 months of experience in approved organization; or
  • 1 year banking & finance industry experience

Exemptions may be provided to those not meeting the criteria on case to case basis determined by AAOIFI.

Exemption from Exams/PER

FAR = Financial Accounting & Reporting

Exemptions are generally not offered

Exceptions can be made for candidates having a relevant base qualification, 5+ years in practice, research, and/or training, including publications

AAE = Auditing, Assurance, & Ethics

Full exemption for holders of professional qualifications in which they passed Advanced Auditing course

Full exemption for those have 3+ years of experience in Auditing in recognized institution(s)

BRE = Business & Regulatory Environment

Full exemption for University students under Collaborative Agreement Program

Full exemption for those specializing in Risk Management for IFIs w/ 2+ years’ experience

Partial exemption to holders of other professional qualifications (Candidate required to write a 5000+ words research paper, within 1 year of exemption offer, on topic of Risk Management)

SS&SG = Shari’ah Standards & Shari’ah Governance

Full exemption for all existing & future CSAA Fellows

Full Exemption for university students or religious centres under Collaboration Agreement Program

PER = Practical Experience Requirement

PER is an Internship Program for 1 year at an approved organization under a Supervisor. Alternative to PER is thesis submission on pre-approved topic. Submit a Final Report with a ‘Pass Grade.

If Exemption is offered, the Fee shall be reimbursed through reduction in total payable CIPA program fees


Exam dates

Total No. of Exams 4

Passing Percentage 70% for each Module

Exam Composition MCQs covering theoretical and scenario-based questions

Exam Duration 2 hours / Module

Max. No. of Attempts There is no limitation on the number of attempts; Exam Resit Fee $100

Type of Exam Physical

 

Module

Weightage

Total Marks

Total Exam questions

Passing Marks

FAR

33%

132

100

92

AAE

17%

68

50

47

BRE

17%

68

50

47

SS&SG

-SS

20%

80

60

56

-SG

13%

52

40

36

 

400

300

278

 

 

Exams

Registration deadline

Exam date

FAR

AAE

BRE

SS&SG

1 May 2018

June 2018

4 June

2018

5 June

2018

6 June 2018

7 June 2018

1 Nov 2018

Dec 2018

3 Dec

2018

4 Dec

2018

5 Dec 2018

6 Dec 2018


Procedures & Forms

 

Step 1

Step 2

Step 3

Step 4

(1) Submit 3 forms & required documents

(2) Payment slip for processing fee of USD 100/- per Module & for PER = 4 modules & PER (USD500)

Verification on status of exemption

Made full payment/ instalment

Sit for exam

 

Forms

Download form