AAOIFI Certified Shari’ah Advisor and
Auditor
CSAA study text
Edition 2024
Introduction
Certified Shari’ah Advisor and Auditor (CSAA) program is based on the AAOIFI Shari’ah Standards, AAOIFI
Governance Standards and AAOIFI Auditing Standards, respectively.
This advanced-level fellowship program is designed for Islamic finance professionals seeking to develop
correct understanding, interpretation and implementation skills in the requirements of Shari’ah,
governance and auditing standards.
The emphasis of the program lies in building robust technical and practical knowledge, focusing on real-
world applications of the standards within Islamic financial institutions (IFIs) and for transactions in the
realm of Islamic finance.
Curriculum and examinable content
The curriculum of the CSAA program comprises of select Shari’ah, governance and auditing standards
issued by AAOIFI, which are currently effective or will be effective within eight months of the given exam
window.
As of 2024, the examinable content of the fellowship program includes standards with assigned
weightage as follows:
- Part A: AAOIFI Shari’ah Standards – 60% weightage
- Part B: AAOIFI Governance Standards – 20% weightage
- Part C: AAOIFI Auditing Standards – 20% weightage
Candidates will be tested of their conceptual and practical understanding of the rationale, the
requirements and the basis of conclusion of the respective standards.
Part A: AAOIFI Shari’ah Standards
No. SS No. Title
1 SS 31 Controls on Gharar in Financial Transactions
2 SS 25 Combination of Contracts
Islamic finance contracts and related topics
No. SS No. Title
Trade
3 SS 1 Trading in Currencies
4 SS 8 Murabahah
5 SS 30 Monetization (Tawarruq)
6 SS 20 Sale of Commodities in Organised Markets
7 SS 10 Salam and Parallel Salam
8 SS 11 Istisna’a and Parallel Istisna’a
9 SS 57 Gold and its Trading Parameters in Shari’ah
10 SS 18 Possession (Qabd)
11 SS 38 Online Financial Dealings
12 SS 42 Financial Rights and How They Are Exercised and Transferred
Lease
13 SS 9 Ijarah and Ijarah Muntahia Bittamleek
Services
14 SS 23 Agency and the Act of an Uncommissioned Agent (Fodooli)
15 SS 46 Al-Wakalah Bi Al-Istithmar (Investment Agency)
16 SS 15 Jua’lah
17 SS 34 Hiring of Persons
Partnership
18 SS 12 Sharikah (Musharakah) and Modern Corporations
19 SS 13 Mudarabah
20 SS 45 Protection of Capital and Investments
21 SS 40 Distribution of Profit in Mudarabah-based Investments Accounts
22 SS 50 Irrigation Partnership (Musaqat)
Options and promises
23 SS 53 Arboun (Earnest Money)
24 SS 48 Options to Terminate Due to Breach of Trust (Trust-Based Options)
25 SS 51 Options to Revoke Contracts Due to Incomplete Performance
Options to Reconsider (Cooling-Off Options, Either-Or Options, and Options to
26 SS 52
Revoke Due to Non-Payment)
27 SS 54 Revocation of Contracts by Exercise of a Cooling-Off Option
28 SS 49 Unilateral and Bilateral Promise
29 SS 58 Repurchase Agreement / Buyback
30 SS 36 Impact of Contingent Incidents on Commitments
Guarantees, documentary credit and Rahn
31 SS 5 Guarantees
32 SS 39 Mortgage and its Contemporary Applications
33 SS 56 Liability of Investment Manager
34 SS 14 Documentary Credit
Dealing with debts
35 SS 59 Sale of Debt
36 SS 4 Settlement of Debts by Set-Off
37 SS 7 Hawalah
38 SS 3 Procrastinating Debtor
39 SS 43 Insolvency
40 SS 19 Loan (Qard)
Islamic social finance
41 SS 35 Zakah
42 SS 60 Waqf
Miscellaneous
43 SS 22 Concession Contracts
44 SS 32 Arbitration
45 SS 29 Stipulations and Ethics of Fatwa in the Institutional Framework
46 SS 47 Rules for Calculating Profit in Financial Transactions
Islamic banking
No. SS No. Title
47 SS 28 Banking Services
48 SS 61 Payment Cards
49 SS 24 Syndicated Financing
50 SS 37 Credit Agreement
51 SS 44 Obtaining and Deploying Liquidity
52 SS 55 Competitions and Prizes
53 SS 6 Conversion of a Conventional Bank to an Islamic Bank
Islamic financial markets
No. SS No. Title
54 SS 17 / 62 Investment Sukuk / Sukuk1
55 SS 21 Financial Papers (Shares and Bonds)
56 SS 27 Indices
57 SS 16 Commercial Papers
1
Shari’ah Standard No. 62 “Sukuk” is currently in exposure draft stage and will replace Shari’ah Standard No. 17
shortly. Whereas SS 62 will not be tested in 2024, candidates are nevertheless highly recommended to study the
standard for deeper and clearer understanding of the topic
Islamic insurance (Takaful)
No. SS No. Title
58 SS 26 Islamic Insurance
59 SS 41 Islamic Reinsurance
Part B: AAOIFI Governance Standards
No. SS No. Title
1 GS 1 Shari’ah Supervisory Board- Appointment, Composition and Report
2 GS 2 Shari’ah Review
3 GS 3 Internal Shari’ah Review
4 GS 4 Audit and Governance Committee for Islamic Financial Institutions
5 GS 5 Independence of Shari’ah Supervisory Board
6 GS 6 Statement on Governance Principles for Islamic Financial Institutions
Corporate Social Responsibility, Conduct and Disclosure for Islamic Financial
7 GS 7
Institutions
8 GS 8 Central Shari'ah Board
9 GS 9 Shari'ah Compliance Function
Part C: AAOIFI Auditing Standards
No. SS No. Title
1 ASIFI 1 Objective and Principles of Auditing
2 ASIFI 2 Auditor’s Report
3 ASIFI 3 Terms of Audit Engagement
4 ASIFI 4 Testing for Compliance with Shari’ah Rules and Principles by an External Auditor
Auditor’s Responsibility to Consider Fraud and Error in an Audit of Financial
5 ASIFI 5
Statements
Contact
For more details, visit us at www.aaoifi.com or submit your query at csaa@aaoifi.com
