Membership

Nifpwa-Membership

NIFPWA has two grades of full memberships:

Associate – designated by the letters ACNIFP

Fellow – designated by the letters FCNIFP

A NIFPWA Associate or Fellow is permitted to use the suffix letters (CERTIFIED NON INTEREST FINANCE PROFESSIONAL) after their name.

To be admitted as an Associate, a candidate must have:

  • Completed a period of qualifying practice of at least two years, documented and signed by appropriate witnesses,
  • Passed the institute’s 16 qualifying examinations (or have a verified exemption), including 3 integrated case study exams under 2019 syllabus.

To become a Fellow, a candidate ACNIFP must, in addition, have appropriate experience at a senior level.

Degree Pathway

nifpwa-degree pathway

NIFPWA and IAEC University have worked together to develop a BSc (Hons) and Masters Degree in Islamic  Accounting/ Islamic Banking / Insurance which is available exclusively to NIFPWA Members/students who wish to obtain a degree while studying towards the NIFPWA Qualification.

The Covid-19 pandemic means that these are testing and potentially stressful times for students.  As a result, IAEC University has provided further guidance and support for students working on their Research and Analysis project. Our key priority is to ensure the health and safety of students and mentors. Therefore all mentoring, including the presentation to the mentor, must be conducted remotely. Visit the IAEC University website for further guidance.

HOW DOES THE CNIFP QUALIFICATION WORK?

Students progress through three elements of the CNIFP Qualification on their journey to NIFPWA membership, these are:

CNIFP exams and Ethics and Professional Skills module, and a Practical Experience Requirement

NIFPWA EXAMS

Application Form Fee CFA15000

Annual Subscription CFA5000

Development fee CFA10000

DIPLOMA ISLAMIC FINANCE (CFA285000)

This Applied Knowledge exam provides students with a broad introduction to the world of finance and develops your essential understanding and techniques in accounting.  These exams are:

Part A

Financial Accounting

English for Business

Mathematics for Business

Management for Business

Islamic Culture

Human Rights

Islamic Banking & Finance 1

 

Part B

Islamic Law of Contract

Business Ethics

Operational Research

Islamic Banking &Finance 2

Commercial Law

Marketing

Financial Accounting 2

Computer and Business Information Systems

ADVANCED DIPLOMA (CFA545000)

This is a prerequisite for the award of the prestigious Associate Certified Non Interest Finance Professional (ACNIFP) Qualification And

IAEC University Togo degree linkage stage for the award of BSC Islamic Accounting and Finance or Islamic Banking and Insurance

This Applied Skills exam build on existing knowledge and understanding and develop strong, broad and practical Islamic finance skills required of future Certified Non Interest Finance professional in Non Interest Financial Institutions   or industry. These exams are:

  1. Islamic Financial Services (IFS)
  2. Riba and Forbidden Sales (RFS)
  3. Islamic Commercial Jurisprudence (ICJ)
  4. Islamic Insurance and Risk Management (IIRM)
  5. Fiqh on Zakat (FiZ)
  6. Islamic Accounting Standards (IAS)
  7. Managerial Accounting (MA)
  8. Accounting Systems and Controls (ASC)

EXECUTIVE DIPLOMA (CFA765000)

This is a prerequisite for Certified Non Interest Finance Professional (CNIFP) Qualification and MBA linkage program with IAEC University Togo.

This Strategic Professional exam prepares students for future leadership positions. They develop the strategic vision using your unique blend of technical, ethical and professional skills. And you can specialise in areas that best suit your career ambitions. Students must complete 6 Core exams and choose two of the Options.  These exams are:

Core Courses

  1. Islamic Commercial Jurisprudence (ICJ)
  2. Islamic Capital Markets (ICM)
  3. Risk Management in IFIs (RM)
  4. Islamic Judicial Theories (IJT)
  5. Corporate Governance for IFIs (CoG)
  6. Research Methods and Statistical Analysis (RMS)

Options

Advanced Financial Accounting (AFA)

Corporate Finance (CF)

Managerial Economics (ME)

Business Ethics (BE)

Islamic Economics and Fiqh of Zakat and Waqf (ISE)

Current Issues in Islamic Banking Finance and Takaful (CIS)

 

Ethics and Professional Skills Module

Ethics and Professional Skills Module - Nifpwa

Students are required to complete NIFPWA Ethics and Professional Skills module which develops in students the complete range of skills that employers told us they need. By introducing students to the full spectrums of advanced ethical and professional skills and exposing them to realistic business situations, our students are ready to shine with recruiters and be really credible in the workplace.

Practical Experience Requirement

Practical Experience Requirement - NIFPWA

Being a confident, inspiring and trusted professional comes with experience so to qualify as a CNIFP member you must complete a minimum 12 months’ relevant work experience and achieve performance objectives.

Your time in a relevant role and performance objectives need to be signed off by a practical experience supervisor. The practical experience requirement allows you to put the knowledge learnt through your studies into practice in a real work environment.