Islamic Finance

The MSc in Islamic Finance at Durham University is an innovative postgraduate program designed to equip students with a comprehensive understanding of the principles, practices, and regulatory frameworks governing Islamic finance. This degree provides an in-depth exploration of the ethical and Shariah-compliant financial practices that distinguish Islamic finance from conventional banking. Through rigorous academic coursework, students investigate key topics such as Islamic banking and finance institutions, sukuk (Islamic bonds), Islamic asset management, and the development of Islamic financial products, alongside the legal and ethical frameworks underpinning the industry. The program emphasizes both theoretical foundations and practical applications, ensuring graduates are well-prepared for careers in financial institutions, regulatory bodies, and consultancy firms that operate within or interface with Islamic finance markets. The curriculum is delivered by leading academics and industry practitioners, offering students the opportunity to engage with contemporary issues such as financial inclusion, regulatory challenges, and the role of Islamic finance in fostering sustainable economic development. In addition, students benefit from the university’s strong links with the financial industry, including access to guest lectures, internships, and networking events, which enhance employability upon graduation. The program also promotes the development of critical thinking, analytical skills, and ethical decision-making, which are essential qualities for professionals working in this specialized financial sector. With its unique focus on Islamic financial principles within a global economic context, the MSc in Islamic Finance at Durham University is ideal for students seeking to advance their understanding of this dynamic industry and pursue a career in Islamic banking, finance, or related fields. The program caters to recent graduates, banking professionals, and individuals interested in the ethical dimensions of finance, offering a multidisciplinary approach that bridges finance, law, economics, and ethical considerations. Graduates will be equipped not only with technical knowledge but also with a nuanced understanding of the socio-economic and cultural factors shaping the Islamic finance industry worldwide, enabling them to contribute effectively to the development of responsible and sustainable financial markets.

Content

Core and elective modules

• Islamic Banking and Finance
• Islamic Law and Financial Transactions
• Islamic Political Economy
• Advanced Financial Theory
• Econometric Methods
• Islamic Capital Markets
• Risk Management Issues in Islamic Finance.

You will then choose one elective modules. The list of modules may vary from year to year, but has typically included Behavioural Finance and Economics, Derivative Markets, Financial Management, International Finance, Multinational Finance, and Portfolio Management.

Dissertation/Business Project

In the third term, you will complete a 12,000 word dissertation which could be a specific project with an organisation. Supervised by a faculty member with relevant experience, you will investigate in greater detail a subject that you have already studied as part of your programme. A major piece of independent work, the dissertation will enable you to exercise critical judgement and illustrate how economic analysis has relevance to financial decision taking.

International Opportunities

• International Study Tour
  We organise an optional International Study Tour to a European destination, typically Switzerland. This intensive programme takes place over several days, normally in March/April, and offers you a great opportunity to get an ‘inside perspective’ on international business, and to network with key staff within organisations.
• International Conferences 
  We organise and sponsor international conferences on Islamic economics and finance in collaboration with other leading global academic institutions such as the Islamic Research and Training Institute (IRTI) of the Islamic Development Bank; International Shari’ah Research Academy (ISRA), Malaysia; and Kyoto University, Japan.

Guest Speakers

As part of your programme, you have the opportunity to enjoy presentations by academics and practitioners within your chosen area of interest. Past speakers have included leading academics and professional financiers and bankers, providing an ideal opportunity to gain practical knowledge and progressive insight in Islamic finance related areas.

Subject requirements, level and grade

In addition to satisfying the University’s general entry requirements, please note:

• You will need the equivalent of a UK first or upper second class honours degree. 
• You will need to complete an online application form.
• To support your online application form, you will need to provide the following documents.
• Two academic references using our standard form Official transcript of marksCopy of degree certificate (if available)
• Copy of English test results (if available).

You can either upload your supporting documents with your online application or email or fax them to the Postgraduate Admissions Office using the contact details below.

Preferred Tests:

a. IELTS: 6.5 (no component under 6.0)

b. TOEFL iBT (internet based test): 92 (no component under 23)

c. Cambridge Proficiency (CPE): Grade C

d. Cambridge Advanced (CAE): Grade A

e. Cambridge IGCSE First Language English at Grade C or above [not normally acceptable for students who require a Tier 4 student visa]

f. Cambridge IGCSE English as a Second Language at Grade B or above [not normally acceptable for students who require a Tier 4 student visa]

g. GCSE English Language at grade C or above

h. Pearson Test of English (overall score 62 (with no score less than 56 in each component))

Alternative accepted tests when those listed in a.-h. above are unavailable to the applicant (if the applicant requires a Tier 4 visa to study, advice on the suitability of these alternatives must be sought from the Student Recruitment and Admissions Office):

i. Certificate of Attainment (Edexcel)

j. GCE A-levels (AQA, CIE, Edexcel, CCEA, OCR, WJEC) at grade C or above in an essay based, humanities or social science subject from the following list: History, Philosophy, Government and Politics, English Language, English Literature, Geography, Religious Studies, Economics, Business Studies, Law and Sociology. Modern or Classical Languages are not acceptable in meeting this requirement.

k. International Baccalaureate with a minimum of grade 5 in Standard Level English or a minimum of grade 5 if taken at Higher Level.

l. NEAB (JMB) Test in English (Overseas)

m. Singapore Integrated Programme (SIPCAL) at grade C or above in an essay based, humanities or social science subject from the following list: History, Philosophy, Government and Politics, English Language, English Literature, Geography, Religious Studies, Economics, Business Studies, Law and Sociology. Modern or Classical Languages are not acceptable in meeting this requirement.

n. Singapore Polytechnic Diploma and Advanced Diplomas at GPA 3.0 or above

o. WAEC and NECO Grade B3 or above from Nigeria and Ghana

The MSc in Islamic Finance at Durham University offers comprehensive coverage of the principles and practices that underpin Islamic financial systems. The programme emphasizes the ethical foundations of Islamic finance, including the prohibition of interest (riba), excessive uncertainty (gharar), and unethical investments, fostering a deep understanding of its distinctive features compared to conventional banking. Students explore various financial instruments such as sukuk (Islamic bonds), takaful (Islamic insurance), and equity-based contracts like mudarabah and musharakah, gaining practical insights into their applications and structuring.

The curriculum integrates theoretical frameworks with real-world case studies, allowing students to analyze the operational aspects of Islamic financial institutions, regulatory environments, and compliance issues. Special focus is given to the role of Shariah law in shaping financial products and corporate governance standards within Islamic finance. The programme is designed to develop analytical, quantitative, and critical thinking skills essential for careers in Islamic banking, financial consultancy, regulatory bodies, and international finance institutions.

Students also examine Islamic microfinance, philanthropic finance (waqf), and the integration of Islamic finance with global financial markets, preparing them for leadership roles in this rapidly expanding industry. The programme's faculty includes experts from academia and industry, providing a balanced perspective grounded in contemporary research and practical experience. Moreover, the university offers various workshops, seminars, and guest lectures with industry leaders to enhance learning and professional networking opportunities.

In addition to core modules, students have opportunities for research projects and dissertation work that allow them to investigate specific aspects of Islamic financial practices in depth. The programme’s focus on ethical investment principles and sustainable development aligns with the broader goals of promoting financial inclusion and social responsibility within the Islamic finance framework. Overall, the MSc in Islamic Finance at Durham University aims to produce graduates equipped with both theoretical knowledge and practical skills to excel in the Islamic financial sector globally.

The MSc in Islamic Finance at Durham University is a specialized postgraduate programme designed to provide students with a comprehensive understanding of the principles and practices of Islamic finance. The programme combines rigorous academic coursework with practical insights into the industry, equipping graduates with the skills necessary to pursue careers in Islamic banking, financial services, and related sectors. The curriculum covers a wide range of topics, including the history and development of Islamic finance, Shariah law and compliance, financial instruments used in Islamic finance such as Sukuk and Murabaha, risk management, and economic aspects of Islamic banking. Students also explore contemporary issues in Islamic finance, such as corporate social responsibility, ethical investing, and the role of Islamic finance in the global economy.

The programme is delivered by experts in the field, many of whom are active researchers and practitioners, ensuring that students gain both theoretical knowledge and practical application. Durham University’s Department of Law and the Durham Business School collaborate to provide an interdisciplinary approach, integrating legal, financial, and ethical perspectives. This multidisciplinary focus prepares students for the complexities of Islamic financial markets and enhances their employability in the global financial sector.

Students have access to a range of academic resources, including extensive libraries, databases, and networking opportunities through industry partnerships and guest lectures. The programme encourages critical thinking, analytical skills, and ethical considerations, which are core to Islamic finance principles. Cohort sizes tend to be small, fostering close interaction with staff and personalized support.

Graduates of the MSc in Islamic Finance at Durham are well-positioned to work in various roles within Islamic banks, financial institutions, consultancy firms, and regulatory bodies worldwide. Many alumni have gone on to hold significant positions in the financial sector, contributing to the development and growth of Islamic finance globally. The programme typically takes one year full-time or two years part-time to complete, with intake opportunities available annually.

Durham University’s reputation and rigorous academic standards, combined with the specialised focus of the Islamic Finance programme, make it an attractive choice for students seeking to develop expertise in this rapidly expanding field. The programme’s emphasis on ethical investing and social responsibility aligns with contemporary trends in global finance, providing graduates with a competitive edge in the job market.