I feel that an MBA is a postgraduate degree that teaches us the basics of Business Administration in general, whereas CIPD is a certification course focusing on "HR and Learning and Development" specifically, with a major emphasis on UK labor laws and global HR practices. The importance of both degrees will depend on what the job provider is seeking. If you are looking for a job abroad, such as in the US, UK, Middle East, Europe, or Australia, having a CIPD certification will give you an edge over a candidate with only an MBA.
Regards,
Ukmitra