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Islamic Finance - MSc

This course has recently been updated. Please download the course specification for the up to date information. The MSc Islamic Finance meets the current demand for specialist knowledge and skills in a rapidly expanding field. The course provides you with the opportunity to explore the philosophical foundation of Islamic finance and the legal framework for Islamic financial institutions....

Studying with us in 2021/22

It is possible that the 2021/22 academic year may be affected by the ongoing disruption caused by the Covid-19 pandemic.  Information about the arrangements the University has put in place for the 2021/22 academic year in response to Covid-19 and the emerging variants can be found here.


Should the impact of Covid-19 continue in subsequent years of your course, any additional and/or alternative arrangements put in place by the University in response will be in accordance with the latest government public health advice, pandemic-related/health and safety legislation, and the terms and conditions of the student contract.

  • Level Postgraduate Taught
  • Study mode Full Time
  • Location City Centre
  • School Birmingham City Business School
  • Faculty Faculty of Business, Law and Social Sciences

Course overview

This course has recently been updated. Please download the course specification for the up to date information.

The MSc Islamic Finance meets the current demand for specialist knowledge and skills in a rapidly expanding field.

The course provides you with the opportunity to explore the philosophical foundation of Islamic finance and the legal framework for Islamic financial institutions. It discusses the basic and advanced theories underlying Islamic financial institutions.

This course is critical in establishing the overall parameters of Islamic finance, offers a practical approach to the workings of the current Islamic financial practices in the banking industry in addition to Non-Government Organisations (NGOs). Also, this course encourages you to understand the connection between the theory of Islamic finance and the real world applications of the Islamic banking and Faith based NGOs.

You will communicate complex and abstract ideas in an articulate and confident manner, as well as learning a host of transferrable skills that will stand you in good stead for when it comes to securing employment in Islamic financial institutions, banking and NGOs. 

Professional Placement option

For our MSc Islamic Finance degree, you will have the opportunity to take the Professional Placement version of the course, which is offered as an alternative to the standard version of the course.

This will allow you to complete a credit bearing, 20 week Professional Placement as an integral part of your Master’s Degree. The purpose of the Professional Placement is to improve your employability and transferable skills. The placement experience will allow you to evidence your professional skills, attitudes and behaviours at the point of entry to the postgraduate job market.

You will be responsible for finding and securing your own placement. The University, however, will draw on its extensive network of local, regional and national employers to support you in finding a suitable placement to complement your chosen area of study, with support from our Careers+ team as well as advice and guidance from your School.

Please note that placements will only be confirmed following a competitive, employer-led selection process, therefore the University will not be able to guarantee placements for students who have registered for the ‘with Professional Placement’ course.

For full details, please click here.

This course is open to International students.

What's covered in this course?

The course aims to develop your ability in analysing and evaluating the principal features of Islamic finance. You will study the major concepts, values, principles and rules that dictate the discipline. You will be able to link between the Islamic finance and the mainstream global financial system with analytical abilities and problem solving skills through critical and creative thinking. The topics covered include the structure of the Islamic economic & financial system and its philosophy, Islamic contracts, Islamic financial products for the Islamic Financial Institutions & Faith based NGOs, regulatory frameworks, Shariah advisory standards. You will also be able to examine the practices of Islamic finance institutions and recommend the way forward.

You will have the opportunity to select the optional modules in the area you want to explore more. The rationale for optional modules is based on our vision on supporting students be successful in career in Islamic finance. The critical analysis skills that you will develop while studying on this course will enhance your employment opportunities in the financial, banking, business and faith based NGOs sectors, as well as enabling you to acquire a strong basis for progression to doctoral studies.

The international focus of the course is derived through a variety of means including the student body, the teaching team and the use of international teaching materials. Moreover, the course also enables you to be confident in the application of industry-specific skills, for example, with the use of platforms such as DataStream, and with problem-solving approaches having been exposed to real-life scenarios through industry guest-speaker workshops.

Moreover, you’ll also have the opportunity to gain industry experience by going on a professional placement. Whatever route you choose, the knowledge attained from the course will help you to seek a variety of employment in the sector nationally and internationally.

Why Choose Us?

  • Unlike other Islamic finance masters programmes offered elsewhere, our MSc Islamic Finance will have a unique focus on the humanitarian, business law, development NGOs and the wider third sector.
  • Teaching staff have practical experience in finance & Islamic finance and are actively involved in research in these areas.
  • We will prepare you for professional bodies' exams Certified Shariah Advisor and Auditor (CSAA) and Certified Islamic Professional Accountants (CIPA).
  • You can gain experience of working in the industry through our Professional Placement route.
  • You will have the opportunity to network with key industry operators, finance houses and banks through our Business Advice Centre.
  • MSc Islamic Finance will enable you to acquire a strong basis for progression to doctoral studies.
  • We will equip you for a variety of career paths in Islamic finance including regulators and practitioners in Islamic NGOs, Risk managers, Islamic bankers, Islamic accountants.
  • You will be able to work on exciting projects for real-life clients through our Business Advice Centre, giving you exposure to the challenges and issues faced by businesses as well as the chance to develop successful solutions. Opportunities are available with local, regional, national and even global businesses such as BMW.
  • The Centre also offers expert support for your own entrepreneurial ideas, so you can start planning your own start-up or take your existing business to the next level. Following graduation, you will have the opportunity to apply for STEAMhouse Business Incubator membership.

Entry Requirements

You are required to meet one of the following options:

Essential Requirements
Typical Offers (UK Students)

An honours degree from a UK University (minimum 2:2)

An equivalent graduate level qualification from an overseas university or equivalent institution (minimum 2:2)

Successful passing a Pre-Master's course approved by Birmingham City University

Successful passing a Pre-Master's course at another UK university/institution with a minimum of 55 per cent average

Other qualifications will be considered on a case by case basis.

 

Please note that even if your application fully meets the entry criteria, you may be required to further demonstrate your suitability via an interview or submission of a course proposal before being offered a place.

Interviews may be conducted in your country of residence, over the telephone or by Skype.

Additional information for EU/International students
Essential

Applications from international applicants with equivalent qualifications are welcome. Please see your country page for further details on the equivalent qualifications we accept.

In additional to the academic entry requirements listed above, international and EU students will also require the qualifications detailed in this table.

English language requirements 2020/21
IELTS

6.0 overall with 5.5 minimum in all bands

If you do not meet the required IELTS score, you may be eligible for one of our pre-sessional English courses. Please note that you must have a Secure English Language Test (SELT) to study on the pre-sessional English course. More information.

Other accepted qualifications Visit our English language page
  • No English certificate is required for applicants from countries that appear on our English exemption list. Please contact the International Office for this list.

Fees & How to Apply

  • International students

Award: MSc

Starting: Sep 2021

  • Mode
  • Duration
  • Fees
  • Full Time
  • 1 Year
  • £11,000 per year
  • Full Time
  • 18 Months (Professional Placement)
  • £12,100 per year

Award: MSc

Starting: Sep 2021

  • Mode
  • Duration
  • Fees
  • Full Time
  • 1 Year
  • £13,200 per year
  • Full Time
  • 18 Months (Professional Placement)
  • £14,520 per year

If you're unable to use the online form for any reason, you can complete our PDF application form and equal opportunities PDF form instead. The University reserves the right to increase fees in line with inflation based on the Retail Prices Index or to reflect changes in Government funding policies or changes agreed by Parliament up to a maximum of five per cent.

Personal statement

Students are required to submit a personal statement as part of their application for this course.

Your postgraduate personal statement is going to shine a light on your personal experience, academic success, personal skills and any other factors that will support your application for further study.

Here are the key areas you’ll need to address:

Your passion and motivations

Studying a postgraduate course usually means you want to specialise in something. So what’s driving you?

Why this course?

Show that you’ve researched the course offering. What is it about this particular course that appeals to you? Is it the lecturers? The modules? Etc.

What makes you a good postgraduate candidate?

Tutors want to know that you can handle postgraduate study, so show them how your undergraduate experiences or work life has equipped you for a more advanced level of study. Key areas to address are research and group work but this can vary depending on your chosen course.

Relevant academic or work experience

Add anything relevant that relates back to your chosen course and shows how your skills will contribute towards your learning. What extra-curricular activities have you taken part in? What awards have you won? What employment or voluntary experience do you have that has helped you develop transferable skills? How do these specifically relate to the course you are applying for?

You should also mention your future plans and how a postgraduate qualification fits in. Try to look beyond your postgraduate study – do you plan to jump straight into a specific career or follow your studies with a research degree? Lastly, use plain, professional English and, where possible, utilise the language of your chosen industry.

Get more information on writing personal statements.

Course in Depth

Modules

In order to complete this course a student must successfully complete all the following core modules (totalling 140 credits):

Islamic Economics and Sustainable Development 20 credits

Islamic Social Finance 20 credits

Regulatory Framework for Islamic Financial Institutions 20 credits

Islamic Business Law 20 credits

Research Skills and Dissertations 60 credits

In order to complete this course a student must successfully complete at least 40 credits from the following indicative list of OPTIONAL modules:

Strategic Risk Management 20 credits

Islamic Legal Process 20 credits

Financial Institutions and Regulations 20 credits

Global Finance 20 credits

Security Analysis and Portfolio Management 20 credits

International Financial Strategy 20 credits

Governance and Ethics 20 credits

All core modules are guaranteed to run. Optional modules will vary from year to year and the published list is indicative only.

Employability

OpportUNIty

OpportUNIty Student Ambassador

OpportUNIty: Student Jobs on Campus ensures that our students are given a first opportunity to fill many part-time temporary positions within the University. This allows you to work while you study with us, fitting the job around your course commitments. By taking part in the scheme, you will gain valuable experiences and employability skills, enhancing your prospects in the job market.

It will also allow you to become more involved in University life by delivering, leading and supporting many aspects of the learning experience, from administration to research and mentoring roles.

Business Advice Centre

The Business Advice Centre (BAC) is the Business School's hub that offers a range of support services to you throughout each stage of your student learning experience.

We have a range of support solutions for students as well as opportunities to enhance your employability and entrepreneurial qualities.

Whether you are considering starting your business, connecting with real companies or enhancing your graduate opportunities, the Business Advice Centre can help you.

Find out more

International Students

Welcome to the Birmingham City Business School, home to students from over 70 countries all around the world!

Birmingham City Business School is one of the UK’s largest, most established and most respected business schools. Our programmes are practice based and many have an international focus, which means your course will be entirely relevant to today’s business world. Almost all of our courses, both at undergraduate and postgraduate level, are open to international students.

We also have links with universities across the world, including Europe, the USA, China, India and Malaysia.

International Services

Our international pages contain a wealth of information for international students who are considering applying to study here, including:

The University is conveniently placed, with Birmingham International Airport nearby and first-rate transport connections to London and the rest of the UK.

Facilities and Staff

Curzon facilities eatery
Curzon facilities staircase
Curzon facilities student hub

Our Facilities

We are constantly investing in our estate and are currently in the process of spending £340 million on new learning facilities.

The Curzon Building

This course is based at our City Centre Campus – and specifically The Curzon Building, alongside other Social Sciences, Law, Business and English students.

The £63m building offers students a unique social learning space, including a dedicated student hub incorporating student support services, in the heart of Birmingham’s Eastside development.

The Business floors house an extensive number of IT facilities, breakout areas, and specialised rooms. The Marketing Link Agency is designed to replicate a modern marketing firm, allowing students to get real-life experience of working in the marketing sector. There is also the City Trading Room, which features state of the art stock market tracking equipment, keeping you up to date with all the financial comings and goings of the London Stock Exchange and Wall Street.

The Curzon building is also conveniently close to Birmingham’s business and financial centre, allowing for strong links between your studies and the real world.

The Curzon Building also features:

  • An impressive new library with access to over 65 million full text items and stunning views of Eastside City Park
  • Your Students’ Union which is located in a beautifully restored 19th century pub, The Eagle and Ball
  • A modern 300-seat food court with space to study and socialise
  • Brand new, accessible IT facilities with full Office365 for all students for free
  • Shared facilities with the wider campus including the recently opened Parkside Building and Millennium Point

Our staff

Dr Wahabalbari Ahmed

Lecturer in Business and Economics

Dr Wahabalbari is a multidisciplinary lecturer with a keen interest in behavioural economics, Islamic Social Finance and Creative Problem Solving.

Full Profile

More about Wahabalbari