Islamic Finance

Entry requirements

The MSc in Islamic Finance programme is designed for new or recent graduates. However, it may also be of interest to those who already have practical experience in the field of finance.

Prospective candidates must hold qualifications equivalent to a UK first or upper second-class honours degree in any discipline.

Months of entry

September

Course content

In the world of sustainable development and Ethics-Social and Governance paradigms, MSc in Islamic Finance will give you the necessary critical skills to develop ethical screening and decision-making on top of financial decision-making skills.

Since Islamic finance is constituted from a particular knowledge set, this programme aims to provide you with fundamental knowledge related to Islamic finance galvanised by essential practical skills and real-world applications in an international context. It also focuses on the countries that have a systemic presence of Islamic finance, including the UK.

The programme is structured as a one-year, full-time, residential course that significantly enhances your international exposure. Through collaborations with our esteemed global Islamic finance partners, you will have opportunities to participate in Durham Islamic Finance Summer School to enhance your practical skills by learning from global leaders of Islamic finance.

Durham is one of the most spectacular towns in the UK, with a huge historical legacy. Similarly, campus life is vibrant and enriching. Hence, engage in numerous activities and events that will broaden your business acumen, including exclusive presentations offered by Durham Islamic Finance Summer School by the guest speakers renowned in international Islamic finance circles.

Our Business School is accredited by the AACSB, AMBA, and EQUIS, is recognised for its academic rigor and commitment to excellence. You will learn from academics who are not only leaders in their fields but also passionate about mentoring the next generation of Islamic finance leaders.

Prepare to advance your career with a globally oriented mindset and a network of peers and professionals from around the world, as Durham Business School is internationally recognised for being at the forefront of Islamic finance research and education, where you will develop the expertise to thrive in diverse environments and make impactful decisions on a global scale.

Thus, international and domestic developments provide an enhanced rationale for taking up an MSc Islamic finance programme to be part of a thriving and unique sector known as Islamic finance.

Through Islamic finance and finance related core and elective modules, you will gain a deep understanding of the Islamic financial system and the working of Islamic financial contracts within national and international contexts. Core modules include specialised modules such as Islamic Political Economy, Islamic Law and Financial Transactions, Islamic Banking and Finance, and conventional finance modules such as Fundamentals of Finance, Financial Management and Quantitative Methods. Each module is tailored to foster an intricate grasp of Islamic and conventional finance in an interactive manner within the global financial system by making reference to sustainable development and the digital economy.

In assisting you to personalise your learning experience, you will have the flexibility to choose from a variety of optional modules that align with your career aspirations in the Islamic and conventional sectors. These electives include Islamic Capital Markets, Risk Management Issues in Islamic Finance, Climate Finance, among others, allowing you to specialise in areas that serve your interest.

Course structure

Year 1 modules

Core modules:

Islamic Banking and Finance

introduces the fundamental operational mechanisms of Islamic financial institutions, the Islamic normative principles, and Shari’ah governance.

Islamic Law and Financial Transactions

provides you with comprehensive and essential knowledge of the fundamental principles of Islamic finance and their articulation in financial contracts used in Islamic finance.

Islamic Political Economy

offers an in-depth understanding of the Islamic economy with all its normative and theoretical aspects. It allows one to locate Islamic finance within the broader objective of Islamic economics, which is described as the well-being of all stakeholders.

Financial Management

equips you with the ability to not only understand the financial information needed by management for decision-making, but also to apply this knowledge in real-world scenarios, enhancing your preparedness and competence in the field.

Fundamentals of Finance

provides a comprehensive grounding in modern finance theory and the most important contemporary research, ensuring you are well informed and knowledgeable in this dynamic field.

Quantitative Methods

provide you with the know-how necessary to conduct empirical research in economics or finance and understand more advanced econometric techniques.

Dissertation

The Dissertation on an Islamic finance topic of your choice not only develops your ability to plan and manage your own learning but also provides an opportunity to conduct an in-depth investigation at an advanced level and present your findings and conclusions. It also offers exciting international opportunities. You can apply for the international route, where you can undertake research abroad at a partner university, or develop a more applied project in conjunction with an appropriate organisation, adding a global perspective to your studies.

The optional modules include:

• Climate Finance
• Financial Technologies
• Islamic Capital Markets
• Risk Management Issues in Islamic Finance
• International Study Tour

Information for international students

Fees and funding