Top 5 Islamic Finance Universities You Want to Know

Due to the increasing interest in Islamic Finance and Islamic Banking, the need for Islamic Finance universities has gone up significantly in recent years. Consequently, Malaysia, the UK, India, Indonesia and Saudi Arabia has been the home for many Islamic Finance educational institutions. Certainly, more and more individuals are interested to study Islamic Finance at these 5 leading universities such as:

  1. INCEIF (under Central Bank of Malaysia)
  2. International Islamic University Malaysia
  3. Durham university
  4. Madinah university
  5. Aligarh Muslim University

INCEIF (International Centre for Education in Islamic Finance)

Bank Negara Malaysia (Central Bank of Malaysia) established INCEIF in 2005. The main goal was to develop human capital for the international Islamic finance industry. Obviously, this university is an initial step for Malaysia to promote Islamic finance education globally.
INCEIF offers several academic programmes including Chartered Islamic Finance Professionals (CIFP), Masters in Islamic Finance Practice (MIFP), MSc and PhD in Islamic Finance. Moreover, it offers customized executive education programmes and industry-focused applied research. Well-known Shariah scholars and practitioners in Islamic Finance developed the curriculum at INCEIF to bridge the missing part between academic knowledge and industry experience.

International Islamic University Malaysia (IIUM)

International Islamic University Malaysia known as IIUM, is a public university with 6 campuses all over Malaysia. The university was founded in 1983 and made upon Islamic principles. IIUM has Bachelor’s, Master and doctoral degrees courses combining Islamic values at its 14 faculties. So far, IIUM has been a home for more than 70,000 graduates and undergraduates coming from more than 100 countries all around the globe.
Furthermore, IIUM Institute of Islamic Banking and Finance educates graduates knowledgeable in Shariah, Islamic laws, Islamic Accounting and Information technology. Indeed, the program provides high-quality education in Islamic Finance comprising of both conventional and Islamic finance disciplines for postgraduate programs.

Durham University

Durham University is one of the public research universities in England. It is the third oldest university in England for more than 600 years, after Oxford and Cambridge. Especially, its Master’s program in Islamic Finance comes among top rankings for both quality and reputation. The intensive one year course of this program equips you with good analytical and practical skills in Islamic Finance. Furthermore, you will have a chance to learn from the most prominent Islamic Finance experts and lecturers.

Aligarh Muslim University (AMU)

Aligarh Muslim University is a public university in India, which was founded in 1875. The university offers more than 300 courses in traditional and contemporary branches of education. The Faculty of Management Studies and Research (FMSR) currently offers MBA courses majoring in Islamic Banking & Finance. Aligarh Muslim University is the first to introduce Islamic Banking and Finance course in India. Besides, considering the increasing interest in Islamic Banking, the university authorities introduced this specific course to contribute to the banking sector of India and the world. Consequently, Aligarh university has been nominated as 801 among 1000 universities in the QS World University Rankings of 2021.

The Islamic University of Madinah

Government authorities in Saudi Arabia established the Islamic University of Madinah in the Islamic holy city of Medina in 1961. This university is targeting only Muslim male students. Students at university study Sharia, Qur’an, Usul al-din and Hadith, whilst non-native speakers can study Arabic as well. The university has Bachelor of Arts, Master and Doctorate degrees. From the beginning of its opening, there was the College of Sharia Islamic law. Currently, the Islamic Sciences course teaches the basics of traditional Islamic Studies of Hadith, Fiqh, Tawheed and Tafsir.

It is usually better to study Islamic Finance in a country where the system has put numerous efforts into developing it. Of course, you can watch how Islamic Finance works in real life and you will get the latest news and updates if you live in such a society.

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