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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 Shari’a Standards issued by AAOIFI, furthermore, this

certificate qualifies its holder to obtain a good position inside these

institutions, especially in Shari’a 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 AAOIFI’s

accounting and Shari’a Standards, accordingly; a lot of Islamic institutions

require their employees to acquire AAOIFI’s certificates

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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 Shari’a 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

Shari’a 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 AAOIFI’s certificate; the trainers must be

accredited by AAOIFI to instruct the course.

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5- Can I get the certificate without attending the training course?

Yes you can if you pass the exam. AAOIFI’s 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?

AAOIFI’s 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

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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?

57/011

14- What types of questions are usually used in the exam?

Questions are multiple choice questions

Exam duration is 3 hours.

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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 AAOIFI’s 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?

AAOIFI’s 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 AAOIFI’s publications and discount to attend its

conferences.

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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 a.neameh@minhajadvisory.com Tel.: 00971 (4) 250 0417 www.minhajadvisory.com Fax: 00971 (4) 223 5665