AAOIFI CPSS study plan

Map the structure of the Shari'ah Standards: list the standard numbers and titles and group them by theme (contracts, finance, services, investments)

Define the core prohibitions (riba, gharar, maysir) and explain in writing how each applies to a specific banking product

Distinguish the defining features of murabaha, musharaba, mudaraba, and ijarah in a one-page comparison table you construct yourself

Summarize the Shari'ah governance requirements embedded in the standards (SSB composition, fatwa and ruling issuance)

Explain the mechanics and profit-sharing rules of musharaka and mudaraba and identify where losses fall on each party

Describe sukuk structures and the asset-backing and ownership requirements the standards impose

Analyze how the standards treat penalty income, charity of late payment amounts, and purification of non-compliant earnings

Compare the standards' treatment of takaful with conventional insurance and list the key prohibited elements

Map the Financial Accounting Standards by number and state the recognition and measurement principle each establishes

Explain how murabaha, ijarah, and mudaraba are recognized and measured at inception and over the life of the contract

Describe the treatment of profit allocation between investment account holders and shareholders, including the mudarib share and reserves

Explain the purpose and mechanics of the zakat and qard-based disclosures required of Islamic financial institutions

Reconcile how the same transaction (e.g., an ijarah) is presented differently under AAOIFI FAS versus IFRS

Work through at least 4 numerical practice problems on profit allocation, reserves, and impairment of Islamic financing assets

List the disclosure requirements for investment accounts and explain why they differ from conventional deposit disclosures

Identify the accounting treatment of sukuk from both the issuer's and the investor's perspective

Map the Governance Standards by number and describe the subject each governs

Explain the composition, independence, and responsibilities of the Shari'ah Supervisory Board under the standards

Describe the internal Shari'ah review and audit function, including reporting lines and escalation

Outline the annual Shari'ah compliance report and the role of external Shari'ah audit

State each principle of the Code of Ethics and give one workplace scenario illustrating its application

Explain how the Code addresses conflicts of interest, confidentiality, and gifts or inducements

Describe the disciplinary and enforcement mechanisms the Code sets out

Apply the Code to at least 3 ethical dilemma scenarios and justify a recommended course of action

Integrate Shari'ah, accounting, and governance concepts by analyzing a full transaction end-to-end (contract validity, accounting entries, governance sign-off)

Complete a timed 40-question mixed-domain practice set and log every missed item by domain

Re-study the two weakest domains using your own notes rather than re-reading source material

Write a 10-line summary of each domain's most testable distinctions

Recall all four domain frameworks from memory using self-made cue cards and blank-page brain dumps

Re-attempt every previously missed practice question and confirm the corrected reasoning

Complete two full timed mock exams under exam conditions and compare scores for improvement

Finalize a one-page pre-exam reference sheet per domain