The programme aims to produce graduates who can:

1. Understand the principles and foundations of Islamic economics and finance.
2. Explain the structure and operations of Islamic banks and financial institutions.
3. Apply Shari’ah principles to contemporary financial transactions.
4. Understand and analyse Islamic financial contracts including Murabahah, Mudarabah, Musharakah, Ijarah, Salam, Istisna’a and Wakalah.
5. Analyse Islamic banking products and services.
6. Understand Islamic accounting and financial reporting requirements.
7. Apply principles of Islamic auditing, governance and Shari’ah compliance.
8. Analyse Sukuk and Islamic capital-market instruments.
9. Understand Takaful and Islamic insurance structures.
10. Apply Islamic investment and portfolio-management principles.
11. Analyse Islamic financial risks and develop appropriate risk-management strategies.
12. Understand Shari’ah governance frameworks and institutional responsibilities.
13. Evaluate FinTech, digital banking and emerging technologies within Islamic finance.
14. Apply financial mathematics, statistics and financial analysis.
15. Conduct research into contemporary Islamic finance issues.
16. Demonstrate ethical, professional and responsible financial decision-making.

Standard Undergraduate Entry

Applicants should normally have:

• A recognized secondary/high-school qualification permitting entry into undergraduate higher education in the applicant’s country.
• Minimum equivalent of upper-secondary/high-school completion.
• Evidence of adequate proficiency in English.
• Basic mathematics or quantitative competence is recommended.
• Basic computer literacy is recommended.

International Qualifications

IBSF may consider applicants holding qualifications such as:

• International Baccalaureate (IB)
• GCE A-Levels
• Cambridge qualifications
• US High School Diploma
• Canadian Secondary School Diploma
• Australian Senior Secondary Certificate
• European secondary-school qualifications
• National secondary-school certificates
• Recognized foundation programmes
• Other nationally recognized equivalent qualifications

Admission should ultimately be subject to the applicable national higher-education and qualification-recognition requirements.

Diploma / Advanced Entry

Applicants holding relevant diplomas or higher certificates in:

• Banking
• Islamic Banking
• Islamic Finance
• Finance
• Accounting
• Economics
• Business Administration
• Investment
• Shari’ah
• Financial Services

may be considered for credit transfer or advanced standing, subject to formal curriculum mapping and institutional approval.

Mature-Age Entry

Applicants without conventional academic qualifications may be considered through:

• Mature-age admission
• Recognition of prior learning
• Professional experience
• Entrance assessment
• Interview

where permitted by the applicable institutional and regulatory framework.

English Language

Where previous education was not conducted in English, applicants may be required to provide evidence of English proficiency through an accepted qualification or language assessment.

The programme comprises 180 ECTS over six semesters.

Each semester carries 30 ECTS:

• 24 ECTS compulsory modules
• 6 ECTS optional modules

Students therefore complete four compulsory modules and select one optional module in each semester.

SEMESTER 1: Foundations of Islamic Economics, Banking & Finance

Choose ONE Optional Module:

Semester 1 Focus

Students establish the conceptual foundation for understanding Islamic economics, finance, banking and Shari’ah principles.

SEMESTER 2: Islamic Banking Operations & Financial Contracts

Choose ONE Optional Module:

Semester 2 Focus

Students move from theory into the practical functioning of Islamic financial institutions and begin studying the contractual structures used in Islamic banking.

SEMESTER 3: Islamic Financial Products & Markets

Choose ONE Optional Module:

Semester 3 Focus

The semester develops competence in Islamic capital markets, investment management, portfolio construction, financial instruments and risk.

SEMESTER 4: Islamic Accounting, Auditing, Governance & Takaful

Choose ONE Optional Module:

Semester 4 Focus

The semester develops professional competencies in financial reporting, audit, Shari’ah governance, compliance and Takaful.

The curriculum can be mapped to relevant AAOIFI standards because AAOIFI maintains standards covering Shari’ah, accounting, auditing, ethics and governance for Islamic financial institutions.

SEMESTER 5: Islamic Finance Innovation & Digital Transformation

Choose ONE Optional Module:

Semester 5 Focus

Students examine how technology is transforming Islamic financial services, including digital banking, FinTech, blockchain, AI, digital assets and Islamic social finance.

SEMESTER 6: Strategic Islamic Finance & Professional Practice

Choose ONE Optional Module:

Across the six semesters, students progressively develop expertise in:

Shari’ah & Islamic Law

• Principles of Islamic jurisprudence
• Maqasid al-Shari’ah
• Islamic commercial law
• Shari’ah governance
• Shari’ah compliance
• Contemporary financial issues

Islamic Banking

• Retail Islamic banking
• Corporate Islamic banking
• Investment banking
• Islamic treasury
• Islamic liquidity management
• Islamic banking operations
• Islamic product development

Islamic Financial Contracts

Students develop practical understanding of:

• Murabahah
• Mudarabah
• Musharakah
• Ijarah
• Salam
• Istisna’a
• Wakalah
• Qard
• Kafalah
• Hawalah
• Sukuk structures

AAOIFI’s current Shari’ah curriculum includes major contracts and areas such as Murabahah, Ijarah, Salam, Istisna’a, Musharakah, Mudarabah, Sukuk, Qard, Takaful and combinations of contracts.

Students develop knowledge of:

• Accounting principles for Islamic financial institutions
• Financial statement preparation
• Islamic investment accounts
• Recognition and measurement of Islamic transactions
• Disclosure requirements
• Islamic banking financial reporting
• Accounting for Sukuk
• Accounting for Mudarabah and Musharakah
• Accounting for Ijarah
• Accounting for Takaful

AAOIFI’s financial accounting standards specifically address financial reporting, recognition, measurement and disclosure for Islamic financial transactions and institutions.

Students examine:

• Sukuk
• Islamic equities
• Shari’ah screening
• Islamic investment funds
• Islamic REITs
• Islamic money markets
• Islamic treasury instruments
• Portfolio management
• Investment analysis
• Asset allocation
• Risk-return analysis

The programme incorporates emerging areas including:

• Digital Islamic banking
• Mobile Islamic banking
• Islamic payment systems
• Open banking
• Digital wallets
• Blockchain
• Smart contracts
• Tokenisation
• Digital assets
• AI in Islamic finance
• RegTech
• Shari’ah-compliant digital financial products
• Cybersecurity and financial crime prevention

This gives the programme a contemporary orientation while retaining Islamic finance’s core contractual and governance principles.

Upon successful completion, graduates should be able to:

Knowledge

1. Explain the foundations of Islamic economics, banking and finance.
2. Explain the differences between conventional and Islamic financial models.
3. Identify and evaluate major Islamic financial contracts.
4. Explain Islamic financial-market structures.
5. Understand Islamic accounting, auditing and governance requirements.
6. Explain Shari’ah governance and compliance mechanisms.

Technical Skills

1. Analyse Islamic banking products.
2. Structure basic Shari’ah-compliant financial transactions.
3. Analyse Islamic investment opportunities.
4. Construct and evaluate Islamic investment portfolios.
5. Analyse Sukuk structures.
6. Apply financial mathematics and statistics.
7. Assess financial and Shari’ah compliance risks.
8. Interpret financial statements of Islamic financial institutions.

Professional Skills

1. Prepare professional Islamic finance reports.
2. Conduct financial and investment research.
3. Communicate financial concepts effectively.
4. Work within multidisciplinary banking and finance teams.
5. Apply ethical principles to financial decision-making.
6. Evaluate emerging developments in Islamic finance.

Strategic & Innovation Skills

1. Evaluate Islamic FinTech business models.
2. Assess digital transformation in Islamic banking.
3. Analyse the implications of blockchain and AI for Islamic finance.
4. Develop innovative Shari’ah-compliant financial products.

IBSF should use an applied, outcomes-based learning model combining academic knowledge with professional practice.

Teaching Methods

• Lectures
• Interactive seminars
• Tutorials
• Case studies
• Islamic banking simulations
• Financial modelling
• Investment simulations
• Sukuk structuring exercises
• Shari’ah compliance workshops
• Accounting laboratories
• FinTech demonstrations
• Group assignments
• Research projects
• Industry guest lectures
• Professional presentations
• Internships
• Applied consultancy projects

The approach is consistent with contemporary business-education expectations emphasizing theory-practice integration, technology, ethical judgment, experiential learning and systematic assurance of learning.

A balanced assessment model can include:

Assessment should measure both knowledge and demonstrated competence, rather than relying exclusively on examinations. This aligns with outcomes-focused assurance-of-learning principles used in contemporary business education.

The sixth-semester professional-practice component may be undertaken with:

• Islamic banks
• Conventional banks with Islamic banking windows
• Islamic investment companies
• Islamic asset-management firms
• Sukuk arrangers
• Takaful companies
• Islamic microfinance institutions
• Central banks
• Financial regulators
• Shari’ah advisory firms
• Islamic FinTech companies
• Investment funds
• Family offices
• Wealth-management firms
• Zakat and Waqf institutions
• Financial-consulting firms

Students may undertake projects involving:

• Islamic banking product development
• Sukuk analysis
• Islamic investment portfolio analysis
• Shari’ah compliance review
• Islamic banking risk assessment
• Takaful product analysis
• Islamic FinTech product development
• Islamic financial inclusion
• Zakat/Waqf financial models
• Islamic wealth-management strategy

Graduates can pursue careers across Islamic financial institutions, conventional financial institutions with Islamic operations, regulators, investment firms, FinTech companies and professional-services organizations.

Islamic Banking

Potential positions include:

• Islamic Banking Officer
• Islamic Banking Analyst
• Islamic Finance Officer
• Islamic Banking Relationship Officer
• Islamic Product Development Analyst
• Islamic Corporate Banking Analyst
• Islamic Retail Banking Officer
• Islamic Treasury Analyst

Investment & Capital Markets

• Islamic Investment Analyst
• Sukuk Analyst
• Investment Analyst
• Portfolio Analyst
• Asset Management Associate
• Islamic Capital Markets Analyst
• Investment Research Associate
• Wealth Management Associate

Shari’ah Governance & Compliance

• Shari’ah Compliance Officer
• Shari’ah Governance Analyst
• Islamic Finance Compliance Analyst
• Internal Shari’ah Review Assistant
• Financial Compliance Officer
• Islamic Product Compliance Analyst

Accounting & Audit

• Islamic Finance Accounting Officer
• Islamic Financial Reporting Analyst
• Audit Associate
• Islamic Banking Audit Assistant
• Financial Reporting Officer
• Internal Audit Associate

Risk Management

• Islamic Banking Risk Analyst
• Credit Risk Analyst
• Market Risk Analyst
• Operational Risk Analyst
• Investment Risk Analyst
• Financial Crime Analyst
• AML/KYC Analyst

Takaful

• Takaful Operations Officer
• Takaful Underwriting Assistant
• Takaful Claims Analyst
• Takaful Investment Analyst
• Takaful Risk Analyst

Islamic FinTech

• Islamic FinTech Analyst
• Digital Banking Analyst
• FinTech Product Analyst
• Digital Finance Specialist
• Islamic Payments Analyst
• Blockchain & Islamic Finance Analyst
• Digital Transformation Analyst

IBSF could allow students to progressively build a specialization through their optional modules.

1. Pathway 1 — Islamic Banking & Financial Services

Focus: banking operations, Islamic products, corporate banking, treasury and risk.

2. Pathway 2 — Islamic Investment & Wealth Management

Focus: portfolio management, Sukuk, asset management, private wealth and investment analysis.

3. Pathway 3 — Islamic Capital Markets & Sukuk

Focus: Sukuk structuring, Islamic securities, capital markets and investment banking.

4. Pathway 4 — Shari’ah Governance & Compliance

Focus: Islamic commercial law, Shari’ah standards, governance, audit and compliance.

5. Pathway 5 — Islamic FinTech & Digital Finance

Focus: digital banking, blockchain, AI, payments, tokenisation and FinTech innovation.

6. Pathway 6 — Islamic Social & Sustainable Finance

Focus: Zakat, Waqf, Islamic microfinance, financial inclusion, ESG and sustainable investment.

Degree Award: Bachelor of Science (B.Sc.)
Duration: 3 Years
Structure: 6 Semesters
Total Academic Load: 180 ECTS
Mode of Study: Full-Time | Blended | Online | Face-to-Face
Language: English
Level: Undergraduate / First Cycle
Academic School: School of Islamic Banking & Finance

Programme Positioning

The programme is designed around the European 180-ECTS first-cycle model. The European Commission notes that a bachelor’s/first-cycle degree normally carries 180 or 240 ECTS, with 60 ECTS representing a typical full year of study.

The curriculum also incorporates internationally recognized Islamic finance concepts and standards, particularly the work of AAOIFI in Shari’ah, accounting, auditing and governance. AAOIFI’s standards cover areas including Islamic financial contracts, Islamic banking, Islamic financial markets, Takaful, accounting and governance.

The business education component is designed around internationally recognized principles of curriculum relevance, ethical judgment, global perspective, experiential learning, digital capability and assurance of learning reflected in current AACSB Global Standards.