Certified Islamic Accountant (CIA)

Course Description

The Certified Islamic Accountant (CIA) certification is designed to help senior managers, managers, and accountants to create value for their respective organizations, based on the principles of Islamic accounting and finance. While managing value is not an easy task, the program creates an understanding of important features, fundamentals, and applications of Islamic accounting and finance. Throughout the program, participants will enjoy interactive outcome-based learning where the facilitators will be discussing concepts and their applications in real-life business, based on their collective corporate experiences. The facilitators will make the finance and accounting course content interesting through interactive lecture presentations, case studies, and discussions. Participants will value how Islamic finance and accounting will help them to manage the bottom line and create better value for shareholders.

Program Methodology & Delivery

The Certified Islamic Accountant course is divided into 2 parts followed by an Examination:

Part 1: Diploma in Islamic Finance
• Paper 1: Certificate in Islamic Finance (16 Hours): Beginner Level
• Paper 2: Certificate in Islamic Banking (16 Hours): Intermediate Level
• Paper 3: Certificate in Sukuk (14 Hours): Intermediate Level


  • After each paper, there will be an examination. Completing all the papers and passing the exam students will be awarded a “Diploma in Islamic Finance” from AFMA Australia.
  • Participants shall get a Certificate after completion (pass the exam) of every module.
  • All the classes will be conducted by the AAOIFI Certified Trainers and Islamic Financial Leaders of Bangladesh.

Part 2: Advanced Diploma in Islamic Finance
• Paper 4: Certificate in Islamic Accounting (12 Hours): Advanced Level
• Paper 5: Certificate in Shari’ah Governance & Assurance (12 Hours): Advanced Level
• Paper 6: Corporate Financial Strategy for Islamic Financial Leaders (10 Hours): Advanced Level


  • After each paper, there will be an examination. Completing all the papers and passing the exam students will be awarded “Advanced Diploma in Islamic Finance” from AFMA Australia.
  • Participants shall get a Certificate after completion (pass the exam) of every module.
  • All the classes will be conducted by the AAOIFI Certified Trainers and Islamic Financial Leaders of Bangladesh.

Certified Islamic Accountant (CIA) Examination

  • Exams are designed to validate your knowledge of Islamic Finance, demonstrate the role of Islamic accounting and finance in decision-making, apply Islamic accounting and finance principles in corporate reporting, and enhance corporate performance beyond profitability.
  • The exam is designed to assess the knowledge required to perform at the highest level. It consists of 100 (four-option multiple-choice) questions, True or False, and Case Studies. The exam duration is 2 hours. Passing Mark 50%.
  • After passing the exam students will be awarded Certified Islamic Accountant (CIA)
  • The exams will be administered twice per year. Please consult the local partner for the dates.

Where will the exams be administered?

AFMA Australia has an agreement with Bangladesh partner (Mr. Sazzad Hassan) who will administer the exam and arrange all the logistics support. All the exam papers will be assessed by AFMA Australia.

Post Nominal

Successfully completing the course students may use the post-nominals CIA (AFMA) after their name.
The CIA is a Certification program, not a Membership grade as such after passing the exam there will be no membership fee.

 


Certified Islamic Accountant (CIA) Detailed Syllabus


PART 1: DIPLOMA IN ISLAMIC FINANCE

Paper 1: Certificate in Islamic Finance: Beginner Level (16 Hours)

Certificate in Islamic Finance addresses some important discourses on Islamic finance such as

  • Ribah
  • Prohibition in Islamic Finance
  • Different types of contracts
  • Concept of Islamic Banking
  • Takaful
  • Islamic Capital Market

Assessment:
Written examination, Case study, MCQ, Question Answer. Pass mark 50% successfully passed candidate shall get a course completing the certificate.

Paper 2: Certificate in Islamic Banking: Intermediate Level (16 Hours)

The Islamic banking and finance industry is growing faster than the conventional both in the global and local contexts. There is a huge demand for a set of skilled people with technical and Shari’ah knowledge for expediting the growth and making the Bangladeshi banking and finance industry sustainable. General Accountants also need to understand the philosophy and knowledge of Islamic banking and finance for working together. The current education system is still struggling to establish Honors and Masters in Islamic Financing. To create a bridge between conventional and Islamic systems we need to understand Islamic Finance (globally 90% of Islamic Finance is Islamic Banking).

Syllabus:

  • Global developments in Islamic banking with a review on regional/country-specific approaches.
  • Islamic banking product trends and evolution of structures.
  • Application of Islamic finance principles in banking.
  • Challenges in Islamic banking & prominent risks.

Assessment:
Written examination, Case study, MCQ, Question Answer. Pass mark 50% successfully passed candidate shall get a course completing the certificate. If any students couldn’t pass the exam s/he have to retake it with the next batch.

Paper 3: Certificate in Sukuk: Intermediate Level (14 Hours)

Main Topic:

1. Islamic Capital Market, 2. Takaful, 3. Sukuk

Syllabus:

  • Understanding the key categories of ICM instruments.
  • Global developments in ICM and regional/country-specific approaches.
  • Shariah screening and the equity market.
  • The premise of Takaful.
  • Takaful models and global approaches.
  • Takaful risk and management.
  • Sukuk development and evolution.

Assessment:
Class Quiz, written examination, case study, MCQ, question answer. Pass mark 50% successfully passed candidate shall get a course completing the certificate. If any students couldn’t pass the exam s/he have to retake it with the next batch.

PART 2: ADVANCED DIPLOMA IN ISLAMIC FINANCE

Paper 4: Certificate in Islamic Accounting: Advanced Level (12 Hours)

Objectives:
Interpretations of the Theory into Accounting.

Syllabus:

  • Key Accounting Principles.
  • Presentation & disclosures of Financial Statements.
  • Accounting Conceptual Framework.
  • Financial Reporting Regimes.
  • Sales-Based Contracts.
  • Equity-Based Contracts.
  • Rental-Based Contracts.
  • Financial Instruments.
  • Sukuk Accounting.
  • Calculation and application mechanism of weights in profit distribution by Islamic Banks.
  • Zakat Accounting.

Assessment:
Written examination, Case study, MCQ, Question Answer. Pass mark 50% successfully passed candidate shall get a course completing the certificate. If any students couldn’t pass the exam s/he have to retake it with the next batch.

Course Book:
1. IFRS and the Shari’ah-based reporting: A conceptual study by AAOIFI
2. Accounting for Islamic Finance: Malaysian Institute of Accountants

Paper 5: Certificate in Shari’ah Governance & Assurance (12 Hours): Advanced Level

Objectives:
The main objective of the Shari’ah standard is to get assurance for financial documents about whether they are prepared according to all material aspects with the consent of Shari’ah permitted rules, guidelines, fatwas, national and international accounting standards, practices, and relevant regulations.

Syllabus:

  • Corporate Governance.
  • Shariah Governance Framework.
  • Shariah Supervisory Board.
  • Shariah Non-Compliance Risk (SNCR).
  • Mitigation of SNCR.
  • Shariah Review.
  • Shariah Audit Planning.
  • Shariah Audit Field Work.
  • Shariah Audit Reporting.

Assessment:
Written examination, Case study, MCQ, Question Answer. Pass mark 50% successfully passed candidate shall get a course completing the certificate. If any students couldn’t pass the exam s/he have to retake it with the next batch.

Course Book:
Shari’ah Standards by AAOIFI

 

Paper 6: Corporate Financial Strategy for Islamic Financial Leaders: Advanced Level (10 Hours)

Objectives:
In Islam, ethics have two dimensions; first ethics toward Allah, the creator. A Muslim has to believe in Allah and has to worship Him. The second is ethics toward others; a Muslim business person has to deal ethically with others by maintaining good treatment and good relationship

Syllabus:

  • Ethics in Islam.
  • Strategy and corporate life cycle.
  • Shareholders’ value, profitability, maximization of wealth, and social reporting.
  • Business application.
  • The importance of accounting and finance in Islam.
  • Taxation in Islam.
  • Zakat and Tax Planning.

Assessment:
No examination will take place. The main focus of this session is to share practical experiences from Market leaders.

Course Book:
Lectures from the Islamic Financial Leaders & Publication from the Islamic Research and Training Institute (IRTI).
www.irti.org/publications/


For CIA Certification Fees: Click Here.


Contact for Bangladesh Training

Cell# 01742 827 823
Email# infociaaus@gmail.com
Facebook Page: www.facebook.com/ciaaus