EXECUTIVE SUMMARY

The CIPA program is designed to help senior managers, managers, and accountants to create value for their respective organization, based on the principles of Islamic accounting and finance. While managing value is not an easy task, the program creates understanding of important features, fundamentals and applications of Islamic accounting and finance. Throughout the program, participants will enjoy an 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 discussion. Participants will value how Islamic finance and accounting will help them to manage the bottom-line and create better value for shareholders.

OBJECTIVES

At the end of the program, participants will achieve the following objectives:

• Demonstrating the role of Islamic accounting and finance in decision making.
• Applying Islamic accounting and finance principles in corporate reporting.
• Planning company’s operating, financing, and investing needs based on available instruments and financial markets offerings in Islamic finance.
• Constructing portfolio of Islamic wealth management, corporate zakat, waqf and tax
• Enhancing corporate performance beyond profitability.

PROGRAM METHODOLOGY & DELIVERY

AFMA Courses Linked to CIPA(ANZ) Program

The Certified Islamic Accountant (CIA) Program (run by AFMA) in BANGLADESH only, is fully accredited by ICMA as meeting all of the education (attendance) requirements of the Institute’s Certified Islamic Public Accountant (CIPA) program. Participants would also need to successfully complete the required assessments (conducted by ICMA Australia & NZ) to be given the dual CIA(AFMA) and CIPA(ANZ) designations.

The delivery of the CIA (AFMA) program will be based on experiential and interactive learning. Lectures based on topic, case study, simulation and group discussion will be delivered.

The CIA(AFMA) program conducted by the Hassan Associates – Bangladesh under guidance of the Regional Director Mr. Sazzad Hassan (e-mail: [email protected])

The completion of the CIA (AFMA) program will enable an individual to obtain the CIPA (ANZ) professional qualification. Students will therefore have dual qualifications.

SEMINAR MODULES

Seminar 1: Islamic Finance: Islamic Banking, Capital Market and Insurance (20 Hours)

Seminar 2: • Islamic Accounting (8 Hours)

Seminar 3: Shariah Governance and Assurance Services (8 Hours)

Seminar 4: Corporate Financial Strategy for Islamic Financial Leaders (4 Hours)

PARTICIPANTS

The CIPA program is designed for Senior Managers, Business Executives, Accountants and those who have an Accounting and/or Finance background or an ICMA (ANZ) approved professional accounting qualification.

ASSESSMENT

The Certified Islamic Public Accountant (CIPA) Qualification will be awarded upon completion of:

• Satisfactory attendance in all Seminars (at least 32 hours of the required 40 hours)
• Participation in Case Study Discussion and Analysis in all 4 Seminars of the CIPA syllabus
• Successful completion of an Exam and/or a Project-based Assignment as follows:

Length: 3,000 words, excluding bibliography, notes and attachments.

Assessment: A pass mark of 50% or above is required to satisfy the educational requirements for CIPA certification.

Due Date: Maximum Three Months from date of completion of program attended

After completion the above classes for CIPA Certification they need to sit for an Assessment & Pay the followings fees to the Institute:

Assignment or Written Exam Fee A$ 55

Joining Fee /Registration Fee – Onetime payment A$ 198

Membership Fee for 3 Years (i.e., Renewable after every 3 years) A$ 150

Membership of Management Accounting Affiliate (MAA) FREE

SYLLABUS

Topic 1: Islamic Accounting: An Introduction

• Controversies of Key Accounting Principles
• Accounting Conceptual Framework
• Financial Reporting Regimes

Topic 2: Islamic Accounting: Applications

• Sales-Based Contracts
• Equity-Based Contracts
• Rental Based Contracts

Topic 3: Islamic Accounting: Special Topics

• Sukuk
• Financial Instruments
• Presentation of Financial Statements

Topic 4: Shariah Governance

• Corporate Governance
• Shariah Governance Framework
• Shariah Supervisory Board

Topic 5: Assurance Services

• Shariah Non-Compliance Risk (SNCR)
• Mitigation of SNCR
• Shariah Review

Topic 6: Assurance Services

• Shariah Audit Planning
• Shariah Audit Field Work
• Shariah Audit Reporting

Topic 7: Islamic Capital Markets: Fundamentals of ICM banking

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

Topic 8: Islamic Capital Markets

• Understanding the key categories of ICM instruments
• Global developments in ICM and regional/country-specific approaches
• Sukuk development and evolution
• Shariah screening and the equity market

Topic 9: Risk Management and Takaful

• The premise of Takaful
• Takaful modelling and global approaches
• Takaful risk and management

Topic 10: Corporate Financial Strategy for Islamic Financial Leaders

• Strategy and corporate life cycle
• The meaning of value in Islam
• The importance of accounting and finance in Islam
• Shareholders’ value, profitability, maximization of wealth and social reporting

Topic 11: Shariah Financial Planning

• Wealth Management
• Corporate Investment

Topic 12: Corporate Tax & Accounting for Corporate Zakat and Waqaf

• Taxation in Islam
• Zakat and Tax Planning
• Business application
• How to compute business zakat?
• Accounting treatment & Practical Reporting Issues