Advanced CIFE (ACIFE™) Accounting

The Entire AAOIFI Accounting Standards: Summarized

For the first time ever, the award-winning ACIFE Accounting distills the entire AAOIFI Accounting Standards into one accelerated accounting program. Join the elite few who understand the machinery behind the core Islamic finance products covered in the CIFE™ certification. Conveniently self-paced, you complete it in 3 weeks or 4 months. We give you 10 months of easy access.

The program fee is $1,495 (or $149.5/month), paid online (Visa or Mastercard), PayPal or by wire transfer.

When you sign up you get:

  • 10 months access to the ACIFE™ self-study videos
  • Masterclass with an Accounting expert (webinar recordings)
  • ACIFE™ examination
  • ACIFE™ Certificate (Downloadable high resolution file ready for printing)
  • Use ACIFE™ as a designatory title after your name on resumes and LinkedIn
  • Access alumni network spanning +160 financial institutions in 65 countries
  • Search +2,000 "Ethica" hits on LinkedIn

We know accounting isn't easy. That's why we had a chartered accountant with practical experience auditing over 1,000 Islamic banking transactions conduct "Accounting Masterclass" webinars. These webinar recordings help consolidate concepts covered in the 9 modules and add a new dimension to your learning experience. Our expert trainer not only covers tough questions but also discusses case studies, walks through exercises, screen shares balance sheets and other ancillary material for that extra edge.

How does the ACIFE™ exam work?

The ACIFE™ examination is a 150 minute (2.5 hour) exam of 120 multiple choice questions. The pass mark is 60%.

What happens if I fail?
If you do not pass the first time, you pay $195 for the re-attempt.

Course Code
Course Name
Course Description
ACIFE01 Understanding Accounting I

The Understanding Accounting program distills the AAOIFI Accounting Standards into practical modules commencing with an overview of the major financial statements.

ACIFE02 Understanding Accounting II

We continue with the financial statements before explaining the concepts of going-concern, periodicity, and accounting recognition. We then get right into it with a practical explanation of the actual products with a close look at how accounting for them differs in Islamic finance, beginning with Murabaha.

  Masterclass 1

ACIFE03 Understanding Accounting III

Now we get to the good part (accountants, we share your excitement). How do we account for products in the real world? We begin with Murabaha. After wrapping up an explanation of early settlement, client insolvency, and earnest money, we get right into it with case studies describing various profit and cost repayment structures.

ACIFE04 Understanding Accounting IV

We wrap up Murabaha with another case study before shifting into Musharakah accounting treatment. With Musharakahs, we look at the recognition and measurement of capital as well as the recognition and measurement of profit and loss.

  MasterClass 2


ACIFE05 Understanding Accounting V

With Murabaha and Musharakah accounting basics under our belt, we look at Mudarabah, which varies a little bit from Musharakah accounting, and then to one of the most common forms of Islamic financing: Ijarah leasing. We start off with a look at the bank as the lessor and as the lessee. Pay close attention to this module because Ijarah accounting is regularly used in a variety of retail and corporate products.

ACIFE06 Understanding Accounting VI

We now delve deep into the reporting guidelines for an Ijarah Muntahiya bi Tamleek, looking at the bank as the lessor; an asset sale to the lessee before, after, and gradually; and an asset to the bank as a gift or a sale.

  Masterclass 3

ACIFE07 Understanding Accounting VII

This might be a good time to go back and do a quick review of Salam and Istisna in one of the introductory modules. You will recall that Salam and Istisna are sale-based structures that deal primarily in fungible commodities and manufactured goods, respectively. Here we learn how to account for them.

ACIFE08 Understanding Accounting VIII

One of the most critical topics in any study of accounting, accounting for provisions and reserves is equally important in Islamic finance. Here we look at presentation and disclosure requirements for provisions as well as the measurement and presentation of profit equalization and investment risk reserves.

  Masterclass 4


ACIFE09 Understanding Accounting IX

Individuals are not the only ones who pay zakah: so do companies. In this module we explain accounting for zakah. We also describe the accounting treatment of different types of investment funds (i.e. equity, lease, commodity, mixed) before concluding with a self- assessment quiz. Given the breadth and depth of topics in the accounting track of modules, you will benefit from a thorough review of all the modules before attempting the Advanced CIFE™ in Accounting certification examination.


Each question is reviewed by an Islamic finance expert and approved by a scholar.

Ask Now »


Browse one of the world's largest database of Islamic finance Q&As available online.

View details »

What’s New at Ethica

Press releases, live events, book recommendations, discount offers, and more

View details »