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  • 6th


    October 2017



    CIPA Professional Program

  • Smart Education Group

    CIPA Professional Program

    Executive Summary

    This four (4) day program is designed to help senior managers, managers and accountants to create value for their respectiveorganization, based on the principles of Islamic accounting and finance. While managing value is not an easy task, the pro-gram 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 dis-cussing concepts and their applications in real life business, based on their collective corporate experiences. The facilitatorswill make the finance and accounting course content interesting through interactive lecture presentations, case studies anddiscussion. Participants will value how Islamic finance and accounting will help them to manage the bottom-line and createbetter value for shareholders.


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

    Demonstrating the role of Islamic accounting and finance in decision making. Applying Islamic accounting and finance principles in corporate reporting. Planning companys 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

    The delivery of the program will be based on experiential and interactive learning. Lectures based on topic, case study, sim-ulation and group discussion will be delivered.

  • Smart Education Group

    CIPA Professional Program

    Course Modules

    Day 1: Islamic AccountingDay 2: Shariah Governance and Assurance ServicesDay 3: Islamic Finance Day 4: Corporate Financial Strategy for Islamic Financial Leaders

    Date and Time

    Date: 6-9 October 2017Time: 9am to 5 pm Venue: Park Regis Kris Kin Hotel - DubaiDuration: 4 days


    This program is designed for Senior Managers, Business Executives, Accountants and those who have an Accounting and/orFinance background or an ICMA approved professional accounting qualification.


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

    Full four days attendance Participation in Case Study Discussion and Analysis in all 4 Modules of the CIPA syllabus Successful completion of a project paper on an Islamic finance application.

    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

    Expert Facilitators

    Facilitators of CIPA Program consist of Subject Matter Experts with vast corporate and academic experience from ICMA; INCEIFThe Global University of Islamic Finance; and Multimedia University (MMU).

    Dr. Ridzwan BakarFCMA(Aust), CPA(Aust), CA(M), NLP (B)Chairman Education Committee, CIPA CMA Certified KPI Professional; Certified Train the Trainer (HRDF, Msia);Affiliate Shariah Financial Planner (SRFP), Msia).

    Dr. Ridzwan is a Fellow Certified Management Accountant (FCMA) holding many international qualifications and leadershipcertifications. He holds a Doctoral degree in Business Administration (UiTM Msia) specializing in strategy and finance; an MBAin Strategic Finance (Hull, UK) and a B.Acc with Honours (International Islamic University, Msia 1991). He has more than 24years experience in the corporate world with vast exposure as Head of Finance/ CFO functions, member of Board of Trustees,Head of Corporate Planning, Leader corporate transformation and Islamic finance & Waqaf implementation.

  • Smart Education Group

    CIPA Professional Program

    Dr. Ridzwan currently serves as Treasurer/ Advisor to Yayasan Universiti Multimedia as well as being a Professional Academicat Graduate School of Management, Multimedia University. He had worked in projects with BCG Consulting, McKinsey,Interbrand (UK), Palladium Balanced Scorecard, PwC and DDI International. He has done many business advisory for organi-zations such as Telekom Malaysia Group, Celcom, Axiata-TM International, KUB Group, Transparency International - Malaysia(TIM), Farahan International Group, MegaTv, Selangor State, the Ministry of Higher Education, and in many other large andmedium sized companies. He is also actively involved in Malaysian government flagship programs such as MSC development,HSBB, e-finance and setting up TMNet- the second internet firm in Malaysia.

    Professor Dr Zulkarnain Muhamad SoriB. Acc, MSc (Acc/Fin) (UPM), PhD (Cardiff, UK)C.A. (M), CTP (FAA), CPT (MIM), Certified Trainer (HRDF)

    Dr. Zulkarnain holds a B.Acc and an MSc in Accounting and Finance from Universiti Putra Malaysia, and PhD in Audit andCorporate Governance from Cardiff University, UK. He is an accredited professional trainer by the Finance AccreditationAgency (A body sponsored by the Central Bank Malaysia), Malaysian Institute of Management and Human ResourceDevelopment Fund. He is actively involved in consulting, research and teaching at INCEIF, the Global University of IslamicFinance and the International Shariah Research Academy (ISRA). Prior to joining INCEIF, he held various senior positions atUniversiti Malaysia Kelantan, Universiti Putra Malaysia and corporate in Trading and Services industries.

    During his 22 years in financial advisory and education management, he accumulated extensive experience conducting awide variety of accounting, auditing and finance projects in large corporations. Dr Zulkarnain was a Council Member of theMalaysian Institute of Accountants. He was also the founder Treasurer of the Malaysian Accounting Academic Association. Healso had served on various working committees of Malaysian regulatory and professional bodies. He has edited and pub-lished many books in the area of accounting, corporate governance, Shariah governance, accounting for Islamic financialtransactions, auditing and entrepreneurship. Currently, he is a member of the Malaysian National Professor Council Inc. andan advisor to higher learning institutions.

    Assistant Professor Dr Ziyaad MahomedCert. Islamic Law (UKZN), BA (Hons) Business (Finance)(ARU), MBA(MANCOSA), CIFP(INCEIF), PhD(INCEIF)

    Dr Ziyaad is a Shariah Advisor and an Islamic Capital Markets and Banking Consultant, involved in various sectors of the indus-try since 1998. He served as the National Marketing and Product Development Head for Albaraka Bank in South Africabetween 2003 and 2006, developing an array of products on both the financing and investment sides including banca-taka-ful, whilst coordinating for the second Shariah Compliant Unit Trust in South Africa. He presently also serves as AssistantProfessor at INCEIF in Malaysia and as Chairman of the Shariah Committee of HSBC Amanah in Malaysia. He is a registeredShariah Advisor at the Maldives Monetary Authority and Bank Negara Malaysia.

    Dr Ziyaad has had the opportunity to gain experience in almost all sectors of Islamic finance including sukuk, regulatoryframeworks, takaful modelling, private equity fund structuring and risk management. In 2013, he was lead consultant andShariah Advisor in the development of the Islamic banking window for the Bank of Maldives. He also assisted in the structur-ing of the Shariah Board and currently serves as a member and provides technical consulting. In October 2014, he was thespecial guest of the Chairman of Africa & the Middle East at the IOSCO Conference in Brazil, delivering a paper on the role ofIslamic capital markets in emerging economies, to approximately forty Capital Market Country Heads.

  • Smart Education Group

    CIPA Professional Program

    Workshop Outline

    Day One

    9.00- 10.30 AMTopic 1: Islamic Accounting: An Introduction

    Controversies of Key Accounting Principles Accounting Conceptual Framework Financial Reporting Regimes

    10:30-10.50 AMTea/Coffee Break

    10:50 AM -12:30 PMTopic 2: Islamic Accounting: Applications

    Sales-Based Contracts Equity-Based Contracts Rental Based Contracts

    12.30-2.00 PMLunch Break

    2.00 - 4.00 PMTopic 3: Islamic Accounting: Special Topics

    Sukuk Financial Instruments Presentation of Financial Statements

    4.00 - 4.30 PMTea/Coffee Break

    4.30 PMSummary & Reflection

    5.00 PMEnd of Day One

  • Smart Education Group

    CIPA Professional Program

    Day Two

    9.00- 10.30 AMTopic 4: Shariah Governance

    Corporate Governance Shariah Governance Framework Shariah Supervisory Board

    10:30-10.50 AMTea/Coffee Break

    10:50 AM -12:30 PMTopic 5: Assurance Services

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

    12.30 - 2.00 PMLunch Break

    2.00 - 4.00 PMTopic 6: Assurance Services

    Shariah Audit Planning Shariah Audit Field Work Shariah Audit Reporting

    4.00 - 4.30 PMTea/Coffee Break

    4.30 PMSummary & Reflection

    5.00 PMEnd of Day Two

    Day Three

    9.00- 10.30 AMTopic 7: Islamic Capital Markets: Fundamentals of ICM Islamic 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

    10:30-10.50 AMTea/Coffee Break

  • Smart Education Group

    CIPA Professional Program

    10:50 AM -12:30 PMTopic 8: Islami


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