Master of Science in Islamic Finance (MSc) (MQA/FA8831) ((R3/343/7/0071) (12 February 2023 – 11 February 2030)

Master of Science in Islamic Finance (MSc)
Full Time : Minimum 2 years, Maximum 3 years
Part Time : Minimum 2 years, Maximum 4 years
Face to Face
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Why this course

When harnessed by the brightest minds, knowledge fuels innovation and progress.

With the MSc programme, you can use the knowledge gained to advance your career while also placing yourself among top innovators, fostering progressive developments in the industry, and around the world. Designed by renowned academicians and industry leaders from both conventional and Islamic finance, this programme allows you to balance your personal and professional commitments, while taking your career to new levels.

The MSc imparts thorough knowledge in the key areas of Islamic finance, Islamic economics and Shariah from both theoretical and applied aspects. Successful completion of the programme ensures that you would have acquired a comprehensive understanding of the economic, financial and legal environment in which providers of Islamic financial services operate. In addition, the programme sought to mould leaders equipped with expertise in both conventional and Islamic finance.


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Course information

  • Bachelor's degree in Muamalat and recognised Islamic Finance or equivalent with a minimum CGPA of 2.50 out of 4.00.

  • Candidates with CGPA of below 2.50 but above 2.00, with a Bachelor’s degree from other fields may be considered, subject to additional internal assessments.

  • Admission via Accreditation of Prior Experiential Learning (APEL)

    • Malaysian citizen aged 30 years and above; and
    • Holding Diploma / STPM / Matriculation / A-level or equivalent;
    • Working and learning experience can be accredited; and
    • APEL assessment
  • English proficiency:

    • Malaysian University English Test (MUET): Band 4 and above; or
    • IELTS : Band 6; or
    • TOEFL: 9.5 (Essential), 79 (IBT) and above;
  • Exemption:

    • Candidates from native English speaking countries
    • Candidates with academic qualifications from institutions using English as the full medium of instruction


TUITION FEES MALAYSIAN STUDENT INTERNATIONAL STUDENT
Tuition Fee Per Credit HourRM 670RM 810
Core Courses (27 Credit Hours)RM 18,090RM 21,870
Elective Courses (9 Credit Hours)RM 6,030RM 7,290
1 Project Paper (6 Credit Hours)RM 4,020RM 4,860


STUDENT SERVICE FEE MALAYSIAN STUDENT INTERNATIONAL STUDENT
Student Services: Per Long Semester (Jan & Sept)RM 1,100RM 1,100
1 Year Student Service FeeRM 2,200RM 2,200


MISCELLANEOUS FEES MALAYSIAN STUDENT INTERNATIONAL STUDENT
EMGS Application Fee-RM 1,080 - RM 1,231.20 (for Indonesian)
Personal Bond-RM 200 - RM 2,000
Student Pass Visa *according to Nationality-RM 60 - RM 120
Insurance-RM 475 - RM 1080 (for Indonesian)
iKAD-RM 50 - RM 100 (for Indonesian)
eVAL Processing Fee-RM 162
Medical Check-Up-RM 250


DEPOSIT (Refundable Fee) MALAYSIAN STUDENT INTERNATIONAL STUDENT
Security DepositRM 1,000RM 1,000


TOTAL MALAYSIAN STUDENT INTERNATIONAL STUDENT
Basic Fee
(Not including Student Services Fee + Miscellaneous Fees + Deposit)
RM 28,140RM 34,020
Total Fee
(Including Student Services Fee (1 Year) + Miscellaneous Fees + Deposit)
RM 31,340RM 42,163.20**


RENEWABLE FEE MALAYSIAN STUDENT INTERNATIONAL STUDENT
EMGS Visa Renewal Fee-RM 151.20
Student Service Fee
(Long Semester Only; Jan & Sept)
RM 1,100RM 1,100



* Students to pay other fees required by Malaysian authorities

* INCEIF reserves the right to change the fees without prior notice

* Total Fee calculated is based on maximum chargeable amount

  Component of Courses Credit Hours
19 Core Courses27
23 Specialisation courses or 3 General Electives (to choose 3 courses or 9 credit hours)9
3Project Paper (10,000 – 15,000 words count)6
Total Credit Hours to Complete42


  Core Course Programme Code
1Economics for Islamic FinanceFN5123
2Research Methodology in Economics and FinanceQM5334
3Corporate FinanceFN5033
4Islamic Jurisprudence and LawFQ5103
5Action Based Learning (ABL)  
6Islamic Banking BK5503
7Islamic Law of Contracts FQ5323
8Islamic Capital Market FN5603
9Strategic Planning and Decision Making AB5013


(To choose 3 courses or 9 credit hours)

  Elective Course Programme Code
1Accounting for Islamic Financial TransactionsFQ5103
2Portfolio Management FN5623
3Financial EconometricsQM5243
4International FinanceFN5053
5Risk Management in Islamic Financial Institutions TK5413
6Islamic Wealth Planning Management FN5613
7Mathematical Methods for Economics and Finance QM5304
8Takaful Operations TK5403
9Monetary Economics FN5083
10Advanced Econometrics QM5253
11Financial Modeling FN6093


Capital Markets (to choose 3 from 4 electives)

  Specialisation 1 Programme Code
1Financial EconometricsQM5243
2International Finance FN5053
3Risk Management in Islamic Financial InstitutionsTK5413
4Portfolio ManagementFN5623


Banking (to choose 3 from 4 electives)

  Specialisation 2 Programme Code
1Accounting for Islamic Financial TransactionsFQ5103
2Risk Management in Islamic Financial Institutions TK5413
3International FinanceFN5053
4Monetary EconomicsFN5083


At the end of MSc in Islamic Finance programme, graduates should be able to:

  1. Analyse, evaluate and synthesise knowledge related to issues and development in Islamic Finance and related areas.

  2. Demonstrate competence to use appropriate techniques for Islamic finance and related areas.

  3. Identify key problems in Islamic finance and related areas, analyse the environment and provide potential solutions using broad range of media and technology as well as scientific and visual data.

  4. Demonstrate teamwork qualities through communicating and working effectively with peers and possess leadership qualities with autonomy and responsibility.

  5. Perform independent research in Islamic finance areas and related areas.

  6. Demonstrate personal and entrepreneurial competency.

  7. Conduct themselves professionally and in compliance with good ethics and governance practices.

    Applicants can apply via online at https://apply.inceif.org/online-application, proceed to create a new account and fill the prescribed forms. You may contact our education counsellors via live chat or email to [email protected] if you have any questions.


    APPLICATION DEADLINE

    MSc Application Deadline

    MQA/FA/8831 • R3/343/7/0071
    (Validity 12 February 2023 – 11 February 2030 )

    SEMESTER INTERNATIONAL LOCAL & PR
    JUNE 2024 SEMESTER 4 MARCH 2024 20 MAY 2024
    SEPTEMBER 2024 SEMESTER 31 MAY 2024 23 AUGUST 2024
    JANUARY 2025 SEMESTER 20 OCTOBER 2024 31 DECEMBER 2024

    Please ensure that your application is submitted before the application deadline as displayed. Applications received after this date may not be reviewed for admission.

    International Applicants

    We encourage you to apply early to ensure you have plenty of time to prepare the necessary travel, study and immigration documents.


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