The MSc is structured around eight interconnected areas:

1. Islamic Banking: Islamic retail, corporate, investment and international banking.
2. Shari’ah Governance: Shari’ah supervision, compliance, review, audit and governance frameworks.
3. Islamic Investment & Capital Markets: Sukuk, Islamic equities, funds, portfolio management and Islamic wealth management.
4. Islamic Accounting & Auditing: Financial reporting, accounting treatment, auditing and assurance for Islamic financial institutions.
5. Islamic Risk & Treasury: Credit, market, liquidity, operational and Shari’ah non-compliance risk.
6. Takaful & Islamic Insurance: Takaful structures, underwriting, investment and governance.
7. Islamic FinTech & Digital Finance: Digital Islamic banking, blockchain, smart contracts, AI, digital payments and emerging financial technologies.
8. Sustainable & Social Islamic Finance: Zakat, Waqf, Islamic microfinance, ESG, impact investment and sustainable finance.

AAOIFI’s current standards framework includes 54 Shari’ah standards, 26 accounting standards, 5 auditing standards, 2 codes of ethics and 7 governance standards, making AAOIFI an important curriculum reference for this programme.

The programme aims to develop graduates who can:

1. Critically analyse Islamic banking and financial systems.
2. Apply advanced Shari’ah principles to contemporary financial transactions.
3. Evaluate Islamic financial contracts and product structures.
4. Design and analyse Islamic banking products.
5. Evaluate Islamic investment opportunities.
6. Analyse Sukuk and Islamic capital-market instruments.
7. Apply Islamic financial-risk management techniques.
8. Evaluate Shari’ah governance systems.
9. Analyse Islamic financial statements and reporting.
10. Evaluate Islamic auditing and assurance processes.
11. Manage Islamic treasury and liquidity.
12. Analyse Takaful structures and operations.
13. Evaluate Islamic FinTech and digital banking models.
14. Assess emerging issues in Islamic finance.
15. Integrate ESG and sustainability principles into Islamic finance.
16. Conduct independent postgraduate-level research.
17. Provide strategic financial advice to Islamic financial institutions.
18. Demonstrate ethical, professional and Shari’ah-conscious leadership.

4.1 Academic Entry

Applicants should normally hold a recognized bachelor’s degree or equivalent qualification.

Preferred backgrounds include:

• Islamic Finance
• Islamic Banking
• Finance
• Banking
• Accounting
• Economics
• Business Administration
• Commerce
• Investment
• Financial Economics
• Shari’ah
• Islamic Economics
• Law
• Management

Applicants from other disciplines may be considered where they demonstrate relevant professional experience or appropriate preparation in finance, business or Islamic studies.

4.2 International Qualifications

IBSF may consider recognized bachelor’s qualifications from:

• Africa
• Europe
• United Kingdom
• United States
• Canada
• Australia
• Southeast Asia
• South Asia
• Gulf/MENA
• Other recognized higher-education systems

International qualifications may be subject to appropriate equivalency and recognition procedures.

4.3 Professional Experience

Professional experience is advantageous, particularly in:

• Islamic banking
• Commercial banking
• Central banking
• Investment management
• Accounting
• Auditing
• Shari’ah advisory
• Financial regulation
• Takaful
• Treasury
• FinTech
• Wealth management
• Asset management
• Government finance

4.4 Shari’ah / Islamic Studies Background

Applicants with qualifications in:

• Shari’ah
• Islamic jurisprudence
• Islamic economics
• Islamic studies
• Islamic commercial law

may be admitted subject to demonstrating sufficient competence in finance and quantitative subjects, or completing appropriate bridging modules.

4.5 Professional Qualifications

Relevant professional qualifications in:

• Islamic finance
• Accounting
• Banking
• Investment
• Risk management
• Auditing
• Shari’ah governance

may be considered as part of the admission profile.

4.6 English Language

Applicants whose prior higher education was not delivered in English may be required to provide evidence of English proficiency through an accepted qualification or institutional assessment.

The programme consists of 90 ECTS over three semesters.

Each semester carries 30 ECTS:

24 ECTS compulsory + 6 ECTS optional = 30 ECTS.

The final semester incorporates the master’s dissertation/applied Islamic finance research project.

SEMESTER 1

FOUNDATIONS OF ADVANCED ISLAMIC BANKING & FINANCE

Compulsory Modules

Choose ONE Optional Module

Semester 1 Focus

Students establish advanced theoretical and practical foundations in:

• Islamic economics
• Islamic banking
• Fiqh al-Mu’amalat
• Islamic financial contracts
• Islamic financial reporting
• Islamic banking products
• Shari’ah-compliant financial structures

Major contracts studied include:

Murabahah | Mudarabah | Musharakah | Ijarah | Salam | Istisna’a | Wakalah | Qard | Kafalah | Hawalah

AAOIFI’s Shari’ah standards cover a broad range of these contemporary Islamic financial contracts and products.

SEMESTER 2

ISLAMIC INVESTMENT, CAPITAL MARKETS, RISK & GOVERNANCE

Compulsory Modules

Choose ONE Optional Module

Semester 2 Focus

Students move into advanced institutional and market-level Islamic finance.

Key areas include:

• Islamic investment
• Portfolio construction
• Sukuk
• Islamic equities
• Islamic funds
• Capital markets
• Treasury
• Liquidity
• Risk
• Shari’ah governance
• Compliance
• Internal Shari’ah review
• Islamic auditing

AAOIFI’s governance standards include areas such as the Shari’ah governance framework, Central Shari’ah Boards, Shari’ah compliance functions, internal Shari’ah audit, Sukuk governance and Waqf governance.

SEMESTER 3

STRATEGIC ISLAMIC FINANCE, FINTECH & RESEARCH

Compulsory Modules

Optional Specialisation — Choose ONE

Semester 3 Structure

To maintain the programme at exactly 90 ECTS, IBSF should implement the optional module as a specialization component within the 18-ECTS taught component, rather than adding it on top of the 30-ECTS semester.

A final approved structure could therefore be:

18 ECTS core + 6 ECTS specialization + 6 ECTS research/dissertation preparation = 30 ECTS, with the dissertation completed within the designated research component.

Students should develop the ability to critically analyse the structure, purpose, risks and Shari’ah considerations of:

Financing Contracts

• Murabahah
• Tawarruq
• Ijarah
• Salam
• Istisna’a

Partnership Contracts

• Mudarabah
• Musharakah
• Diminishing Musharakah

Agency & Supporting Contracts

• Wakalah
• Kafalah
• Qard
• Rahn
• Hawalah

Contemporary Structures

Students also examine:

• Hybrid contracts
• Structured Islamic products
• Sukuk structures
• Islamic syndicated financing
• Islamic project finance
• Islamic trade finance

The programme should use an applied postgraduate learning model combining Islamic scholarship, financial analysis and professional practice.

Teaching Methods

• Advanced lectures
• Executive seminars
• Case studies
• Islamic banking simulations
• Sukuk structuring exercises
• Shari’ah compliance workshops
• Financial modelling
• Investment simulations
• Portfolio-management exercises
• Takaful case studies
• FinTech laboratories
• Research seminars
• Industry projects
• Shari’ah governance case analysis
• Group consulting projects
• Industry guest lectures
• Executive roundtables
• Independent research

The 2026 AACSB Global Standards emphasize current curricula, digital and analytical capability, responsible technology use, experiential learning, engagement with business practice and assurance of learning. These principles can be applied to the Islamic-finance curriculum while maintaining its distinct Shari’ah foundation.

The laboratory could support:

• Islamic banking simulations
• Sukuk structuring
• Islamic investment simulations
• Portfolio management
• Shari’ah compliance exercises
• Financial modelling
• Islamic accounting
• Takaful simulations
• Islamic treasury simulations
• Islamic FinTech demonstrations
• Zakat/Waqf financial modelling
• Islamic financial-data analysis

This would distinguish the programme from a purely theoretical Islamic-studies master’s degree.

An indicative assessment framework is:

IBSF should map assessment instruments to programme learning outcomes and operate a formal Assurance of Learning cycle. AACSB’s current standards emphasize systematic assessment of learning competencies using direct and indirect evidence and corrective action where learning outcomes are not achieved.

The 12-ECTS research component should require students to investigate a significant Islamic banking or finance problem using appropriate postgraduate research methods.

Potential Research Areas

• Islamic banking profitability
• Shari’ah governance
• Islamic financial inclusion
• Sukuk markets
• Islamic investment
• Islamic banking risk
• Takaful
• Islamic FinTech
• Digital Islamic banking
• Islamic crowdfunding
• Islamic wealth management
• Green Sukuk
• Islamic ESG investment
• Zakat and financial inclusion
• Waqf investment
• Islamic monetary policy
• Islamic liquidity management
• Islamic banking regulation
• Islamic accounting
• Shari’ah audit

Applied Project Examples

Students could develop:

• Islamic bank risk-management framework
• Sukuk investment model
• Islamic banking product
• Shari’ah compliance framework
• Islamic wealth-management strategy
• Takaful business model
• Islamic FinTech business model
• Digital Zakat platform
• Waqf investment model
• Islamic investment portfolio
• Islamic treasury model
• Shari’ah governance framework

The MSc prepares graduates for specialist, managerial, advisory, research and leadership roles across the Islamic financial-services industry.

Islamic Banking

Potential positions include:

• Islamic Banking Manager
• Islamic Banking Analyst
• Islamic Finance Manager
• Islamic Product Development Manager
• Islamic Corporate Banking Manager
• Islamic Retail Banking Manager
• Islamic Banking Strategy Analyst
• Islamic Treasury Manager

Shari’ah Governance & Compliance

• Shari’ah Governance Specialist
• Shari’ah Compliance Manager
• Shari’ah Compliance Officer
• Shari’ah Review Specialist
• Shari’ah Audit Specialist
• Islamic Finance Regulatory Specialist
• Shari’ah Product Compliance Analyst

AAOIFI’s governance framework includes specific areas such as Shari’ah compliance, internal Shari’ah audit and Shari’ah governance, making these appropriate areas for advanced postgraduate preparation.

Graduates may work across:

Islamic Banks | Conventional Banks with Islamic Windows | Central Banks | Financial Regulators | Islamic Investment Banks | Asset Managers | Sukuk Markets | Takaful Companies | Islamic FinTech | Wealth Management Firms | Shari’ah Advisory Firms | Accounting & Audit Firms | Zakat Institutions | Waqf Institutions | Development Finance Institutions | Government Finance Institutions | International Financial Institutions

The programme is designed to be particularly relevant to major Islamic-finance markets in:

Gulf/MENA | Malaysia | Indonesia | Pakistan | Bangladesh | Africa | United Kingdom | Europe | Central Asia

AAOIFI notes that its standards are used mandatorily or as guidance in a number of jurisdictions and have also been used as a basis for national standards or institutional guidelines in several markets.

Degree Award: Master of Science (MSc)
Duration: 18 Months
Structure: 3 Semesters
Total Academic Load: 90 ECTS
Mode of Study: Full-Time | Blended | Online | Face-to-Face
Language: English
Level: Postgraduate / Second Cycle