IIUM Academy


Master of Science (Islamic Banking and Finance) is a coursework programme whereby students are required to take courses related to Islamic banking and finance to complete their studies.

This offering which involves collaborative programme management between IIUM Academy and the IIUM Institute of Islamic Banking and Finance (IIIBF) provides flexible teaching arrangement whereby courses will be taught during weekends in the modular mode. Such an arrangement will give greater opportunity for executives and working adults to manage their time for both work and study at the same time.

The programme is inter-disciplinary in nature whereby students are exposed to various aspects of Islamic banking and finance such as Shari’ah principles, Islamic banking and products and operations, accounting, risk management, takaful, Islamic capital market and wealth management.

Prior to graduation, students are required to produce a research paper in area of their interest within the boundary of Islamic banking and finance.


  1. To produce high potential talents with pertinent knowledge and skills in Islamic banking and finance through interdisciplinary approach.
  2. To develop and enhance theories and practices of Islamic banking and finance within the sphere of Maqasid al-Shari’ah.
  3. To meet the global demand for experts and professionals in Islamic banking and finance.


Medium of Instruction English
Duration of Studies 1 year (3 semesters)
Curriculum Structure
Component No. of Courses Credit Hours
Core Courses 7 21
Elective Courses 5 15
Research Paper 1 6
    Total: 42 CH


Core Courses

Course Code Course Title
IBF 7110 Islamic Financial System
IBF 7111 Islamic Economics
IBF 7120 Transactions in Islamic Banking and Finance
IBF 7135 Financial Management Analysis
IBF 7141 Islamic Banking Products and Operations
IBF 7310 Islamic Capital Market
IBF 7910 Research Methodology


Elective Courses

Course Code Course Title
IBF 7311 Risk Management of Islamic Financial Institutions
IBF 7313 Takaful and Re-Takaful
IBF 7250 Accounting for Islamic Financial Institutions
IBF 7316 Legal Framework and Issues of Islamic Banking and Finance
IBF 7315 Islamic Wealth Management


As part of the graduation requirement, students are required to produce a research paper on a topic related to Islamic banking and finance under the guidance of an academic supervisor.

The following are some research areas that students may choose to write on:

Islamic Commercial Law

Islamic Investment Banking

Regulatory and Governance in Islamic Finance

Islamic Capital Markets and Instruments

Islamic Wealth Management and Takaful

Islamic Social Finance

Islamic Management

Accounting and Auditing for Islamic Financial Institutions

Waqf, Zakat, and Sadaqah.

Philosophical Foundation of Islamic Banking and Finance


  1. A relevant Bachelor’s degree (honours) from IIUM or any other accredited institution of higher learning;
  2. A Bachelor’s CGPA of 2.75 and above or its equivalent;
  3. Relevant professional experience;
  4. An English proficiency score of Band 6 on IELTS or 79 points on TOEFL IBT. However, applicants who have neither may sit for IIUM’s English Placement Test and obtain Band 6 in lieu of the required IELTS or TOEFL score.


Thank you for your interest in enrolling for this programme. To apply for admission, please find the link below to the online application form.

Note: Only application with complete information shall be processed. Any incomplete submission may lead to rejection of the application.





International and Permanent Resident


Registration Fee 4,100.00 5,100.00
Recurrent Fee 605.00 600.00
Tuition Fee 25,200.00 33,600.00
Total Fee 29,905.00 39,300.00