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Diploma In Islamic Accounting And Compliance (DIAC)
The Industry Standard
Professional Certification
Introduction to the Programme
Since its early, humble origins, the Islamic Finance industry is now growing exponentially, and is set to become a vital part of the international financial landscape. However, there is a significant shortage of suitably qualified professionals who possess the skills and knowledge required in order to take the industry to a global level.
There is an increasing demand for accountancy professionals who demonstrate a thorough understanding of Islamic Accounting and Governance Reporting requirements as set by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), while preserving compliance with International Financial Reporting Standards (IFRS). To access global markets and maintain the process of Islamic transactions, Islamic Finance professionals need to be familiar with both sets of standards as they apply to Islamic Financial Institutions.
The Diploma in Islamic Accounting and Compliance (DIAC) has been designed to address this demand.
What is the DIAC?
The Diploma in Islamic Accounting and Compliance (DIAC) is a professional certification jointly developed and certified by the Bahrain Institute of Banking and Finance (BIBF) and the Association of International Accountants (AIA).
AIA, a premier international professional accountancy body, is responsible for setting the syllabi for the course, preparing the independently developed exam papers and appointing leading professional examiners.
The BIBF, as the premier institute for financial education and training in the Gulf, is responsible for compiling the course structure and providing its highly reputed teaching and support services.
The DIAC programme seeks to develop the next generation of accounting professionals and leaders in Islamic Finance. It is specifically designed to cater to the needs of global professionals who require a qualification that enhances and certifies their knowledge and practical understanding of the multi-jurisdictional accounting systems that Islamic banks are exposed to.
Learning Objectives
The objectives of the course are:
- To introduce candidates to Islamic commercial jurisprudence in order for them to appreciate the religious basis of the instruments and the associated financial accounting standards utilised in Islamic financial institutions.
- To provide a detailed overview of the operational environment of Islamic financial institutions, in order for graduates to appreciate the operational realities associated with the accounting transactions.
- To engender an appreciation of the unique ethical and governance features of Islamic financial institutions and the associated rules and standards.
- To ground the conceptual basis and standards associated with accounting for Islamic financial institutions.
- To provide an insight into the complexities of multi-jurisdictional accounting standards for Islamic financial institutions.
- To assist graduates in preparing financial statements that complies with both international financial reporting standards and Islamic accounting standards.
Why study for the DIAC?
- Achieve a professional accounting certification from a world-renowned association.
- Enjoy the training resources of the Gulf’s pre-eminent finance institute.
- Take the first step on a fast track into professional career opportunities in Islamic financial institutions.
- Study an unprecedented and comprehensive overview of the religious, legal and operational realities of accounting for Islamic financial institutions.
Is the DIAC right for me?
The DIAC has been designed with the following individuals in mind:
- Those who plan to have a career in Islamic banks or financial institutions, particularly in financial control, product development or compliance.
- Those who are already employed by an Islamic bank or financial institution but desire a globally recognised professional qualification.
Course Programme
The course contains four modules all of which are examinable. Upon passing the exams for all four modules in the programme, candidates will be awarded a jointly certified Diploma in Islamic Accounting and Compliance from AIA and BIBF.
The course modules are:
- Islamic Commercial Law
Introduces candidates to the complexities of Islamic commercial jurisprudence with a focus on the juristic justifications for and particular laws applicable to each specific Islamic nominate contract utilised in Islamic Finance. This module enables candidates to appreciate the Islamic juristic rules, to subsequently reflect the substance of such rules in the accounting and compliance practices. An introduction to the Islamic economic paradigm is also given.
- Islamic Banking Practice
Provides a detailed overview of the operations of Islamic financial institutions from a practical perspective. This module enables candidates to appreciate the operational realities of Islamic finance in order to produce representative accounting numbers. Topics covered range from Islamic bank operations overview, detailed coverage of the sources and uses of funds in an Islamic financial institution, bank risks and risk management mechanisms. An introduction to the Islamic infrastructure institutions is also given.
- Islamic Accounting Standards
Provides a detailed coverage of each financial accounting standard (FAS) promulgated by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), with an analysis of the parallel International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), where relevant. Particular focus is given to comparative conceptual frameworks for IFRS and FAS, the accounting standards for each Islamic nominate contract, the method and disclosure of profit allocation between shareholders and investment account holders and the presentation requirements in the financial reports of Islamic financial institutions. The presentation requirements for Islamic Insurance companies are also covered as an optional chapter.
- Auditing, Ethics and Corporate Governance
Provides a detailed coverage of Islamic business ethics and its implications on the role of corporate governance and auditing for Islamic Financial Institutions (IFIs), including awareness of contemporary challenges related to governance and auditing practices. The module particularly focuses on the unique Shari’a and investment account holders related governance issues. The Code of Ethics for Accountants and Auditors and the Standards of Corporate Governance promulgated by the AAOIFI are utilised as a benchmark of best practice and discussed comprehensively. The module also covers the scope of auditing in Islamic financial institutions.
A detailed syllabus is available on the AIA website: www.aiaworldwide.com
Exam Schedule
AIA holds exams in June and December each year. The exam will be a three hour closed book written paper per topic. These will be offered as follows:
Islamic Commercial Law
Islamic Banking Practice |
AM
PM
AM
PM |
Islamic Accounting Standards
Auditing, Ethics & Corporate Governance
Islamic Commercial Law
Islamic Banking Practice
|
Islamic Accounting Standards
Auditing, Ethics & Corporate Governance
Islamic Commercial Law
Islamic Banking Practice |
AM
PM
AM
PM |
Islamic Accounting Standards
Auditing, Ethics & Corporate Governance
Islamic Commercial Law
Islamic Banking Practice
|
Examination Centers
Exams will be held at the BIBF premises initially, with more examination centres being opened eventually in international locations.
BIBF Preparatory Course Schedule
Islamic Commercial Law
Islamic Banking Practice |
TBA
TBA
TBA
TBA |
Islamic Accounting Standards
Auditing, Ethics & Corporate Governance
Islamic Commercial Law
Islamic Banking Practice |
Islamic Accounting Standards
Auditing, Ethics & Corporate Governance
Islamic Commercial Law
Islamic Banking Practice |
TBA
TBA
TBA
TBA |
Islamic Accounting Standards
Auditing, Ethics & Corporate Governance
Islamic Commercial Law
Islamic Banking Practice |
Pre-requisites
Candidates must have completed a Bachelors degree in Business or Commerce or Economics or an associated field with at least 3 accounting subjects in order to qualify for enrolment into the Preparatory Course.
Enrolment Options
Potential candidates have two enrolment options to choose from. You may attend the exams and recieve the study manual, or you may attend the exams, plus the preparatory course and receive the study manual.
1. Preparatory Course + Manual + Examination (Complete both BIBF course and AIA exam forms)
2. Manual + Examination (Complete both BIBF course and AIA exam forms)
Fee Structure
Preparatory Course Tutorial Fees per module (payable to BIBF): BD 500
Study Manual per module (payable to BIBF): BD 150
Exam Fees per module (payable to AIA directly): GBP 150
Registration Fee (once only payment to AIA directly): GBP 50
Examiners
AIA employs carefully selected, prominent Islamic accounting experts to prepare the syllabi and the exams.
Professor Rodney Wilson – Islamic Banking Practice
Rodney Wilson is Director of Postgraduate Studies at the University of Durham’s School of Government and International Affairs and a Professor of Economics. He currently chairs the academic committee of the Institute of Islamic Banking and Insurance in London and is acting as consultant to the Islamic Financial Services Board with respect to its Shariah Governance Guidelines.
Professor Wilson’s teaches masters level courses on Islamic economics and finance and supervises a number of PhD students working on Islamic finance. He has acted as Course Director for Euromoney Training in London, Kuwait, Bangkok and Singapore, and taken courses for the Kuwait Investment Authority, the Commercial Bank of Kuwait, the Arab Banking Corporation, Citibank and the Monetary Authority of Singapore.
Dr Mohammed Burhan Arbouna – Islamic Commercial Law
Dr Mohammed Burhan Arbouna is an expert in Shari’a related aspects of Islamic banking and finance. He is currently the Head of Shari’a Compliance at United International Bank (UIB), an investment bank headquartered in Bahrain. Prior to joining UIB, Dr. Arbouna was the Head of the Shari’a department at Kuwait Finance House in Bahrain. Dr. Arbouna also worked for the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) in Bahrain where he was responsible for conducting research on Shari’a issues on accounting and auditing. He is currently a member of the Editing Committee of the Islamic Financial Services Board (IFSB) based in Malaysia. Dr. Arbouna is a frequent speaker in a number of forums and conferences on Islamic banking and finance, and has numerous publications. He is also a tutor on Islamic banking and finance at several academic institutions, including the Bahrain Institute of Banking and Finance.
Dr. Arbouna obtained a Masters degree in Comparative Laws and a PhD in Islamic Banking and Finance from the International Islamic University in Malaysia. His Bachelors degree in Shari’a was obtained from the Islamic University in Medina.
Dr Taha Eltayeb Ahmed – Islamic Accounting
Dr Taha currently holds the position of Vice President and Head of Product Development and Shariah documentation at Badr Al-Islami (the Islamic-Banking arm of Mashreq Group in Dubai-UAE). Prior to this he was employed for nine years as the Head of the Islamic Banking & Finance Learning Center at the Bahrain Institute of Banking and Finance. Dr Taha has been involved in training, consultancy, and research in the Islamic banking and finance sectors for the last 25 years. He has also conducted and published a number of research projects and has been actively involved in the development of Islamic Accounting Standards
Dr. Taha started his career in the Accounting profession with one of the leading Accounting offices in Sudan. He then moved into the field of education and joined the Management Development Center in Khartoum-Sudan. He then taught accounting, finance, and banking courses for 13 years at the University of Gezira-Sudan. He then moved into the position of Associate Professor and Dean of Studies at the Arab Academy for Banking and Financial studies in Jordan.
Dr. Taha obtained a PhD in Islamic Banking and Finance from the University of Bath, UK, a BSc and MSc of Accounting and Finance from the University of Khartoum, Sudan, and advance training from IMEDE, Switzerland, and Harvard University, USA
Professor Roszaini Haniffa – Auditing, Ethics and Corporate Governance
Ros Haniffa is an established academic with over twelve years teaching experience. During her career she has held lectureships in both UK and Malaysia and is currently Professor of Accounting and Head of Accounting and Finance at Bradford University School of Management. Professor Haniffa is a prominent member of several committees at the Business School and is responsible for syllabus development and teaching in the UK and partner institutions in Singapore, India and Hong Kong. She is also a member of the Doctoral Research Board at Bradford and has acted as external examiner for PhD candidates. She currently supervises five PhD students in the areas of accounting, auditing and corporate governance.
Professor Haniffa has numerous academic publications in reputable international journals to her credit and since 2000 has had papers accepted for presentation at over twelve international conferences. She is a member of several editorial boards and has also acted as reviewer for a number of journals. Her research interests are International Accounting, Financial Accounting & Reporting, Corporate Social Responsibility, Corporate Governance, Auditing, and Islamic Accounting & Finance.
Brochure and Application Form
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