#CoursesGalore: Islamic Finance
What is it?
Islamic finance avoids interest-based activities whether in financing or investments. In addition, only economic activities which are permissible (halal) according to Islamic law (shariah) are part of Islamic financial activity. Unlike in conventional finance, money in Islamic finance functions not as a commodity but only as a medium of exchange, while pricing and profit do not come from loans but arise from real and valid economic transactions such as trading, leasing and financial services.
What will you study?
You will learn about the concept, theory, operational aspects and applications of Islamic finance. You will also gain a thorough understanding of Islamic economic systems by considering the implications of the application of shariah in financial systems.
Islamic commercial law, Islamic economics, Islamic banking, takaful (Islamic insurance), Islamic financial markets, and financial reporting of Islamic financial transactions and institutions.
Typical course duration
It takes about three to four years to obtain a bachelor’s degree.
Prior study of commerce, accounting and economics in addition to a good command of mathematics and English would be beneficial. It will be an advantage, though not necessary, to be familiar with Arabic terminologies.
What do graduates do?
Graduates with Islamic finance degrees can work in Islamic banks, investment banks, takaful companies, development financial institutions, savings institutions, fund management companies, stock brokers and unit trusts. There are currently more than 75 countries in which Islamic financial institutions are operating, including in non-majority Muslim countries.
For more information, please refer to Malaysia International Islamic Financial Centre.