Professional Diploma in Islamic Accounting and Reporting

Professional Diploma in Islamic Accounting and Reporting for Islamic Financial Institutions

This is an applied Islamic accounting course to prepare the students to work in the Islamic finance industry. This course intends to introduce Islamic accounting principles and concepts to students as well as underlying accounting and reporting practices of Islamic financial institutions. This course also introduces the Accounting and Auditing Standards of AAOIFI ( Accounting and Auditing Organization of Islamic Financial Institutions). The application of AAOIFI standards by Islamic financial institutions is has explored in detail. This is an online Professional Diploma in Islamic Accounting and reporting course. 

Outcomes

At the end of this lesson, students will be able to

1. Understand the accounting and auditing frame work and standard for Islamic financial institutions

2. Describe the Islamic accounting principle and concepts

3. Compare the Islamic accounting principles and concepts with conventional accounting

4. Recognize the accounting and reporting of various Islamic financing activities

5. Analyze the performance of Islamic financial institutions

 

 

Course contents

 

Course Number	Course Name
Section 1	Financial Accounting – Basics
DIPFA110	Financial Accounting – Introduction
DIPFA120	The recording process
DIPFA130	Financial Reports and Adjusting entries
DIPFA140	Completing Accounting process
Section 2	Islamic Finance
EDIP110	Basics of Islamic Finance
EDIP120	Islamic Financial Contracts and Instruments
Section 3	Islamic Accounting
PDIPA110	Islamic Accounting Introduction
PDIPA120	Islamic Accounting Concepts
PDIPA130	Financial Reporting for Islamic Financial Institutions
PDIBA210	Accounting for Mudarabah Deposit and Financing
PDIBA220	Accounting for Musharkah Financing
PDIBA230	Accounting for Murabaha Financing
PDIBA240	Accounting for Ijarah Financing
PDIBA250	Islamic Accounting for Zakath and Business Wealth

Exemptions

1. Students who have enrolled in Professional Diploma in Islamic Accounting is exempted on section 1 if they posses an Accounting degree or diploma or professional exam such ACCA/CIMA/CPA/CMA.

2. Students who have enrolled in Professional Diploma in Islamic Accounting is exempted on section 2, if they have completed a reconized Islamic finance program.

Note : Students need to submit supporting documents to get exemption on section 1 and 2. If no supporting documents are furnished, the students need to complete all sections and modules.

* Limited number of financial relief and tuition waivers available to deserving students. Contact [email protected] for further details on financial relief/tuition fees and APL.

APPLY HERE ONLINE

 

Modules

DIPFA 110 Financial Accounting – Introduction

Learning objectives

• Define the accounting vocabulary

• Define the user of financial information

• Apply the accounting concepts and principles

• Define and use accounting equation

• Depict accounting for business transactions

Assessments: MCQ, True and short answers

DIPFA 120 The recording process

Learning objective

• Explain accounts, journals, and ledgers

• Define debits, credits and normal account balances. Use double entry accounting T-accounts.

• List the steps of transactions recording

• Journalise and prepare T accounts

Assessments: MCQ, True and short answers

DIPFA 130 Financial Reports and Adjusting entries

Learning objective

• Define and apply accounting principles

• Explain why adjusting entries is important

• Prepare an adjusted trail balance

• Prepare the financial statements from the adjusted trail balances

Assessments: MCQ, True and short answers

DIPFA 140 Completing Accounting Process

Learning objective

• Prepare accounting worksheet

• Close the accounts

• Classify assets and liabilities

Assessments: MCQ, True and short answers

EDIF110 Introduction to Islamic Finance

Learning objectives

• Describe the conceptual basis of the modern practice of Islamic banking and finance.

• Explain the historical development of and conceptual arguments for Islamic banking and finance.

• Understand the components and operating structures of the Islamic banking and finance industry as well as the process of development of Islamic finance products.

• Describe the current size and worldwide spread of Islamic banking and finance.

Assessments: MCQ, True and short answers

EDIF 220 Islamic Financial instruments

Learning objectives

• Describe the sources and uses of funds and the operation of bank accounts by Islamic banks.

• Understand how exchange-based contracts are utilized as financial instruments in Islamic finance.

• Understand how service-based contracts are utilized as financial instruments in Islamic finance.

• Understand how partnership contracts are utilized as financial instruments in Islamic finance.

• Know the nature of supporting contracts in Islamic finance, including the unilateral supporting contracts.

Assessments: MCQ, True and short answers

PDIPA 110 Islamic Accounting Introduction

Learning objectives

• Outline the nature of Islamic accounting

• Explain the principle of Islamic worldview that contributes to the development of Islamic accounting principles

• Discuss the interaction between Islamic worldview and accounting

Assessments: MCQ, True and short answers

PDIPA 120 Islamic Accounting Concepts

Learning objectives

• Examine the traditional accounting concepts from Islamic perspective

• Discusses the perspectives of Islamic worldview and Shari’ah in evaluating the modern accounting concepts

Assessments: MCQ, True and short answers

PDIPA 130 Financial Reporting for Islamic Financial Institutions

Learning objectives

• Review the different requirements for conventional financial institutions

• Presentation and disclosure requirements for Islamic financial institutions

Assessments: MCQ, True and short answers

PDIPA 210 Accounting for Mudarabah – Deposit and Financing

Learning objectives

• Introduces the concepts of Islamic deposits and investment

• Discuss the recognition, measurement and disclosure of Mudarabha instruments as investment and liability.

• Explain the AAOIFI Standard on accounting for Mudarbaha

Assessments: MCQ, True and short answers

PDIPA 220 Accounting for Musharakah Financing

Learning objectives

• Discuss the AAOIFI standards on Musharakah financing

• Discuss the recognition, measurement and disclosure of Musharakah financing

• Record the Musarakah financing transactions in T accounts .

Assessments: MCQ, True and short answers

PDIPA 230 Accounting for Murabaha Financing

Learning objectives

• Discuss the recognition, measurement and disclosure of Musharakah financing

• Discuss the AAOIFI standards on Musharakah financing

• Record the Murabah financing transactions in T accounts .

Assessments: MCQ, True and short answers

PDIPA 240 Accounting for Ijarah Financing

Learning objectives

• Explain the accounting requirement for Ijarah

• Discuss the accounting issues on Ijarah especially on recognition of assets, liabilities, income and expenses; measurement; and disclosure

• Discuss the AAOIFI standards on Musharakah financing

• compares and contrasts between the concepts and the accounting requirements for ijarah muntahia bitamleek as recommended by AAOIFI, and al-ijarah thumma al-bai’ (AITAB)

• Record the Ijarah financing transactions in T accounts .

Assessments: MCQ, True and short answers

PDIPA 240 Islamic Accounting for Zakath and Business Wealth

Learning objectives

• Explain the fundamental principles of zakat

• Compare and contrast the Zakath and conventional taxation system.

• Discusses accounting principles and issues on zakat for business wealth and financial securities

• Explains, the Net Current Assets and Net Growing Capital method in measuring zakat for business wealth.

Assessments: MCQ, True and short answers