Master of Science in Islamic Banking and Finance (MIBF)


The IIUM INSTITUTE OF ISLAMIC BANKING AND FINANCE (IIiBF) provides internationally recognized programmes catering for your various needs. A centre of excellence within the world renowned International Islamic University Malaysia (IIUM), the IIiBF boasts a prominent faculty drawn from a pool of leading industry practitioners as well as experts from three different faculties of IIUM, namely the Kulliyyah of Economics and Management Sciences, the Ahmad Ibrahim Kulliyyah of Laws and the Kulliyyah of Islamic Revealed Knowledge and Human Sciences. Our programmes are imbued with high ethical values, rigorous scholarship and practical relevance. In tandem with their research activities, our faculty members act as consultants and shariah advisors to financial institutions, industry and governments worldwide – hence, keeping our programmes abreast with real world issues.

Programme Objectives

  1. To produce high potential talents to acquire 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-Shariah
  3. To meet the global demand for experts and professionals in Islamic Banking and Finance

Reasearch Areas*

  1. Fiqh Muamalat in Islamic Banking and Finance.
  2. Islamic Banking and Finance Law.
  3. Performance and Efficiency of Islamic Banks and Takaful.
  4. Economic Policy and Analysis of Islamic Banking and Finance.
  5. Accounting for Islamic Banking and Finance.
  6. Takaful and Re-Takaful.
  7. Islamic Financial and Property Management.
  8. Islamic Capital Market.
  9. Islamic Micro-Credit and Micro-Financing.
  10. Corporate and Shari’ah Governance for Islamic Banking and Finance.
  11. Waqf.
  12. Islamic Structured Products
* Subject to availability of supervisors

Mode Of Programme

  • Option 1: 36 credit hours of coursework + 6 credit hours of research paper = 42 credit hours (7 core courses + 5 elective courses + 6 credit hours of research paper)
  • Option 2: 30 credit hours of coursework + 12 credit hours of dissertation = 42 credit hours (7 core courses + 3 elective courses + 12 credit hours of dissertation)
  • Programme Description

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    The Master of Sciene in Islamic Banking and Finance programme comprises 42 credits hours.


    Course Code Course Title
    IBF 6110 Islamic Financial System
    IBF 6111 Islamic Economics
    IBF 6120 Transactions in Islamic Banking and Finance
    IBF 6135 Financial Management Analysis
    IBF 6140 Islamic Banking Products and Operations
    IBF 6310 Islamic Capital Market
    IBF 6910 Research Methodology



    Course Code Course Title
    IBF 6311 Risk Management of Islamic Financial Institutions
    IBF 6312 Takaful and Re-Takaful
    IBF 6112 Introduction to the Principles of Islamic Jurisprudence
    IBF 6145 Ethics and Governance of Islamic Financial Institutions
    IBF 6250 Accounting for Islamic Financial Institutions
    IBF 6314 Legal Issues and Framework of Islamic Banking and Finance
    IBF 6315 Islamic Wealth Management



    Apart from the abovementioned core courses and elective courses, candidates may need to register for pre-requisite courses depending on their qualifications. The pre-requisite courses for the programme are:

    Course Code Course Title
    IBF 5901 Business Mathematics and Statistics
    IBF 5902 Principles of Accounting and Finance
    IBF 5904 Money and Banking
    IBF 5905 Principles of Economics
    IBF 5906 Islamic Commercial Law 1



    After completing all the courses, students will proceed with research paper/dissertation before they can graduate. The research paper/dissertation proposal will be developed in their IBF6910 Research Methodology. Once they have presented their research paper/dissertation proposal and the proposal is subsequently approved by the Postgraduate Committee, they may proceed with their research under the supervision of the assigned supervisor(s).



    Status Minimum Normal Maximum
    Full-time 1 ½ academic years 2 academic years 3 academic years
    Part-time 2 academic years 4 academic years 5 academic years



    A relevant Bachelor's degree with good grades from an accredited institution of higher learning or any other certificates recognised to be equivalent to a Bachelor's degree and with relevant professional experience.

    Entry Requirements

    In addition to the requirements, an applicant must produce satisfactory proof of proficiency of English Language by:

    • The Test of Foriegn Language (TOEFL) with a minimum score of 550 or
    • THe International English Language Testing Services (IELTS) with a score of 6.0 or
    • The IIUM-administered English Placement Test (EPT) with a minimum score 6.0.



    September Intake (First Semester) - 30th June of the year

    February Intake (Second Semester) - 30th November of the year



    September Intake (First Semester) - 30th April of the year

    February Intake (Second Semester) - 30th September of the year