Taught course

Islamic Banking and Finance

Institution
University of East London · School of Business and Law
Qualifications
MScPGDipPGCert

Entry requirements

A Second Class UK Honours Degree in finance, economics or a related programme with some economics courses. Equivalent overseas degrees recognised by UEL.

Months of entry

January, September

Course content

Islamic finance has been gaining considerable momentum since the 1990s, and is now recognized by financial institutions and regulators all over the world. It is instructive to note that almost all major multinational banks such as Citigroup, HSBC, BNP Paribas, UBS, Credit Agricole, and Standard Chartered are offering Islamic finance.

Today the total value of assets in Islamic financial instruments stands at an estimated USD 950 billion. The major financial centres of London, Hong Kong and Singapore have joined market leader Malaysia in issuing Sukuk and /or other of Islamic financial products.

There are thought to be about two million Muslims in the UK or 3 per cent of the population. Around 50% of them are estimated to reside in the London area. There are also estimated to be about half a million regular Muslim visitors to the UK and approximately 12 million Muslims living in the EU, principally in France and Germany 1. In addition, 300,000 Muslim adults in the UK have annual incomes in the range of £30,000 and over 2.

There is a considerable number of Muslims living abroad mainly from the Middle East, who have expressed the desire to invest in Sharia complaint instrument in the UK but have been reluctant to deal in interest-bearing financing. Islamic finance is also flourishing in continental Europe and many major European banks perceive it as a profitable opportunity to generate new business rather than as a threat to existing business. Islamic finance is about widening choice and in particular about providing non-interest finance alternatives3. Islamic financial products are available in the UK from a number of High Street banks which offer current accounts and mortgages tailored for Muslims.

Both as a source for recruitment and a means to attract students from outside the city this represents a significant opportunity to the University of East London. The MSc. Islamic Banking and Finance programme is unique in offering both a rigorous education in Islamic finance combined with a developed appreciation of the demand presented by financial firms and markets. Royal Docks Business School (RDBS) is refreshing its suite of postgraduate programmes in the finance area and the MSc. Islamic Banking and Finance is a cornerstone of this and the programme has been developed to meet the growing interest in Shariah-compliant finance across the world. Islamic banking and finance is a fast developing industry in the UK, and RDBS shall be leading the way with this postgraduate degree programme.

Information for international students

International students require an IELTS score of 6.0 (with no component score less than 6.0).

Qualification and course duration

MSc

part time
24 months
full time
12 months

PGDip

part time
16 months
full time
8 months

PGCert

part time
8 months
full time
4 months

Course contact details

Name
Applicant Enquiries
Email
study@uel.ac.uk
Phone
+44 (0) 208 223 3333
Fax
+44 (0) 208 223 2978