#1
Business School of the
Islamic Economy 2026By Salaam Gateway, in partnership with DinarStandard
AACSBACCREDITED
INCEIFUNIVERSITYDU018(W)

Shape the future of Islamic Finance: Advanced research, anywhere in the world

PhD in Islamic FinanceOpen and Distance Learning (ODL)

N-DL/0413/8/0007

Pursue your PhD through online learning, research-based learning with specialised academic supervision.

  • Online Learning
  • Research-Based
  • Full-Time & Part-Time
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Why Choose PhD ODL at INCEIF?

  1. Online Learning
  2. Flexible Full-Time & Part-Time Options
  3. Specialised Academic Supervision
  4. Research-Focused Doctoral Programme
  5. International Research Environment

Programme at a Glance

Learning ModeOnline Learning (ODL)
Full-Time Duration3–6 Years
Part-Time Duration4–7 Years
Programme TypeResearch-Based PhD
SupervisionSpecialised Academic Supervision
Programme Structure

One Core Course. Then Research.

The PhD ODL is a research-based programme comprising one core course, followed by supervised doctoral research.

  1. Step 01

    Research Methodology

    Research Methodology in Economics and Finance QML6333

  2. Step 02

    Doctoral Thesis

    Supervised doctoral research culminating in an original thesis.

Research Beyond Boundaries

Why INCEIF University? A specialised research environment connecting doctoral candidates with academic expertise, industry insight and international perspectives.

AACSB-accredited university specialising in Islamic finance

  • Flexible Online LearningPursue doctoral research alongside professional commitments.
  • Specialised SupervisionLearn from academics specialising in Islamic finance and related disciplines.
  • Industry-Relevant ResearchExplore research addressing financial, economic and policy challenges.
  • Academic ExcellenceAn AACSB-accredited university specialising in Islamic finance.

Two decades of Islamic-finance education and research · Academic and industry faculty with international experience · Research links with financial institutions, regulators and policy organisations · Access to INCEIF and ISRA expertise and resources

Explore the Programme Discuss Your Research Idea

Who the Programme Is For

The programme is intended for candidates who want to build advanced research capability and contribute original knowledge to Islamic finance.

  • University lecturers and academic researchers
  • Islamic banking and capital-market professionals
  • Central-bank, regulatory and public-policy professionals
  • Shariah scholars and governance specialists
  • Consultants and financial-services professionals
  • Professionals seeking a transition into research or university teaching

Why Pursue This PhD

Islamic finance is being reshaped by digitalisation, sustainability, financial inclusion and evolving regulatory frameworks. These developments require researchers who can evaluate evidence, develop theory and translate findings into credible policy and industry insight.

Through the PhD, candidates develop the capacity to:

  • Formulate original and significant research questions
  • Critically evaluate advanced theoretical and empirical literature
  • Design and conduct rigorous independent research
  • Apply appropriate quantitative, qualitative or doctrinal methods
  • Explain the academic, policy, industry and Shariah implications of findings
  • Communicate and defend research before specialist audiences

Explore Your Research Interests

Potential research areas include:

  • Islamic Banking & Capital Markets

    banking, capital markets, wealth management and portfolio management

  • Financial Regulation & Risk

    Islamic macroeconomics, regulation, financial stability and risk management

  • Shariah Governance & Social Finance

    Shariah governance, Islamic commercial law and Islamic social finance

  • Fintech & Digital Finance

    fintech, artificial intelligence, blockchain and digital finance

  • Sustainability & Financial Inclusion

    ESG, climate finance, financial inclusion and development

  • Quantitative Finance & Econometrics

    quantitative Islamic finance, econometrics and financial engineering

Research topics are subject to supervisory expertise and availability.

Your Doctoral Journey

Candidates progress through a structured programme of research development, supervision and assessment.

  1. Research preparation and methodology training
  2. Proposal development, review and approval
  3. Supervised independent doctoral research
  4. Regular progress reviews, seminars and research presentations
  5. Publication or research-dissemination requirements
  6. Thesis submission and viva voce examination
  7. Required corrections and final award

Programme Educational Objectives (PEOs)

  1. Expand advanced knowledge in specific domains in Islamic finance.
  2. Integrate interdisciplinary knowledge into practices and problem-solving in Islamic finance.
  3. Demonstrate effective entrepreneurial, communication and application of technology skills.
  4. Uphold professional and ethical conduct.

Programme Learning Outcomes

  1. Advance Islamic finance theories and practices.
  2. Critically evaluate Islamic finance cases.
  3. Formulate innovative Shariah-compliant financial strategies.
  4. Collaborate effectively with interdisciplinary stakeholders.
  5. Communicate complex Islamic finance research findings to stakeholders.
  6. Implement advanced digital tools to model and forecast performance.
  7. Integrate quantitative and qualitative analysis in Islamic finance issues.
  8. Demonstrate effective leadership skills in undertaking research in Islamic finance.
  9. Demonstrate lifelong learning capability by continuously engaging with evolving Islamic finance knowledge and practice.
  10. Demonstrate entrepreneurial mindset by providing Islamic financial solutions to address social or business needs.
  11. Uphold highest standards of ethical conduct and professionalism in all Islamic financial research and practice.

Supervision and Research Support

Candidates receive guidance from a supervisory team whose expertise is aligned with the approved research topic. Scheduled online supervision, progress reviews, research seminars, academic-writing support and access to the Knowledge Management Centre’s digital resources support progress throughout candidature. Supervisory arrangements are agreed within the University’s doctoral framework.

Guided by Academic Expertise

Professor Dr Turalay Kenc
Programme Head

Professor Dr Turalay Kenc

Professor of Finance
INCEIF University

Former Deputy Governor of the Central Bank of the Republic of Türkiye, with extensive experience in international finance, research and public policy.

Professor Dr Turalay Kenc is Professor of Finance at INCEIF University and a former Deputy Governor of the Central Bank of the Republic of Türkiye. His international academic and policy experience includes work with the University of Cambridge, Imperial College London and the Bank for International Settlements, where he chaired the Irving Fisher Committee on Central Bank Statistics.

As Programme Head, he provides academic leadership for programme development, supervision quality and the alignment of doctoral research with developments in international finance and public policy.

View Academic Profile

Where Can Your PhD Take You?

Potential career pathways across academia, finance, policy and research.

Academia & Research

University teaching and academic research

Banking & Finance

Islamic banking, capital markets and risk management

Regulation & Policy

Central banking, financial regulation and policymaking

Shariah Governance

Shariah advisory, governance and compliance

International Development

Development and multilateral organisations

Consulting & Research Leadership

Specialist consulting and research leadership

Career outcomes depend on prior experience, research performance and labour-market conditions; the programme does not guarantee appointment to a particular role.

Tuition Fees

Your PhD Investment

Compare fees for Malaysian and international students by study mode. All amounts are in Malaysian Ringgit (RM).

Full-Time

3–6 Years

Full-time programme fees in RM
Fee ComponentMalaysian
(RM)		International
(RM)
Course Fee52,00064,000
Student Services Fee8,4008,400
Total60,40072,400

Calculated over the maximum candidature duration of 6 years.

Part-Time

4–7 Years

Part-time programme fees in RM
Fee ComponentMalaysian
(RM)		International
(RM)
Course Fee52,00064,000
Student Services Fee9,8009,800
Total61,80073,800

Calculated over the maximum candidature duration of 7 years.

Admission Requirements

Applicants should hold one of the following:

  1. A recognised master’s degree in a related discipline

  2. A recognised master’s degree in another discipline, subject to relevant experience and any additional assessment required by the University

  3. Another qualification formally recognised for doctoral admission under applicable Malaysian requirements

Applications through an applicable Accreditation of Prior Experiential Learning pathway may be considered subject to MQA and University requirements.

English Language Requirements

Approved TOEFL minimum requirements
English Language TestMinimum Score
TOEFL Essentials9.5 and above
TOEFL iBT – Current Scale4.5 and above
TOEFL iBT – Previous Scale79 and above

Applicants must normally demonstrate English-language proficiency through MUET Band 4 and above, IELTS Band 6 and above, or a TOEFL result meeting the listed minimum scores. Exemptions may apply under the University’s approved admissions regulations.

Application Materials

Applicants should submit the documents specified in the application portal, including recognised academic records, evidence of English-language proficiency, a curriculum vitae and a research proposal outlining the proposed question, contribution, literature, methodology and feasibility. The University may require an interview or additional academic assessment.

Everything You Need to Know

Entry requirements, academic milestones, online learning and your application.

Entry Requirements

Applicants must fulfil INCEIF University's prescribed academic and English-language requirements. Applicants from different academic backgrounds may be considered subject to the University's admission criteria.

English Language Requirements

Approved minimum English Language Requirements
English Language TestMinimum Score
Malaysian University English Test (MUET)Band 4 and above
International English Language Testing System (IELTS)Band 6 and above
TOEFL Essentials9.5 and above
TOEFL iBT – Current Scale4.5 and above
TOEFL iBT – Previous Scale79 and above
View Full Entry Requirements
Doctoral Journey & Academic Requirements

Candidates are required to complete the prescribed research methodology course, undertake supervised doctoral research and fulfil the University's thesis, publication and examination requirements.

  • Research Methodology in Economics and Finance (QML6333)
  • Doctoral thesis of 60,000–100,000 words
  • At least two refereed journal publications, in accordance with the University's publication and graduation requirements
  • Thesis examination and viva voce
View Academic Requirements
Online Learning & Supervision

How is the programme delivered?

The programme is delivered through Online and Distance Learning (ODL), supported by specialised academic supervision and structured research activities.

Can I study while working?

Yes. The part-time route offers flexibility for candidates managing professional commitments.

The part-time route is designed for candidates who wish to remain professionally active. Applicants should nevertheless plan for sustained weekly research time and all compulsory milestones.

How is supervision conducted?

Supervision is conducted through scheduled online meetings and documented research progress. The frequency and supervisory arrangements are agreed within the University’s doctoral framework.

Can international applicants apply?

International applicants may apply, subject to the University’s admission requirements and applicable immigration requirements. Submit your application through INCEIF University’s official admissions channel.

What research resources are available?

Candidates receive access to the Knowledge Management Centre’s digital resources, research seminars, academic guidance and the wider INCEIF and ISRA research environment.

Programme Leadership

Professor Dr Turalay Kenc
Professor of Finance, INCEIF University

Former Deputy Governor of the Central Bank of the Republic of Türkiye, with extensive experience in international finance and academic research.

View Academic Profile
Application Process & Documents
  1. Review the entry requirements.
  2. Prepare your research proposal and supporting documents.
  3. Submit your application through INCEIF University’s official admissions channel.
  4. Complete any required admission assessment.

Do I need a research proposal?

Yes. The proposal should present a focused research question, explain the intended contribution, engage the relevant literature, outline an appropriate methodology and demonstrate that the project is feasible within the candidature period.

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PhD in Islamic Finance (ODL)

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