Master of Islamic Finance


Programme Code: MQA/FA4490
Medium of instructions: English
Credit hours: 42
Programme Option: By Coursework

<p style="text-align:justify"><u><strong>Background of the programme</strong></u></p><p style="text-align:justify">Master of Islamic Finance is for students wishing to have their course tailored from an Islamic financial and accounting prospective. All MIF students commence with a generic common core but will then specialise by studying relevant financial, accounting and investment issues from a managerial perspective.</p><p style="text-align:justify"><strong><u>Objectives of the programme</u></strong></p><ul><li style="text-align:justify">To produce graduates who are able to contribute to the development of the Islamic finance industry at the national and international levels.</li><li style="text-align:justify">Contribute to the development of the Islamic financial system as an important factor in the economic growth of the country through increasing human capital and research capacity.</li><li style="text-align:justify">To increase the number of graduates who are visionary, possess good moral and strong leadership skills, in driving the economic expansion of the country.</li><li style="text-align:justify">To produce graduates who have the qualifications, abilities and capabilities in leading the organization based on the principles of Islamic finance.</li><li style="text-align:justify">To position USIM as a leading educational and research institution in the field of Islamic finance.</li><li style="text-align:justify">Provide opportunities for graduates to become professionals in this field</li></ul><p style="text-align:justify"><u><strong>Programme Structure</strong></u></p><p style="text-align:justify"><strong>Discipline Core Course (24 Credit Hours)</strong></p><ul><li style="text-align:justify">Islamic Financial Institutions and Market</li><li style="text-align:justify">Corporate Finance</li><li style="text-align:justify">Risk Management in Islamic Financial Institutions</li><li style="text-align:justify">Investment and Portfolio Management</li><li style="text-align:justify">Contemporary Issues in Islamic Banking and Finance</li><li style="text-align:justify">Financial Econometrics</li><li style="text-align:justify">International Finance</li><li style="text-align:justify">Marketing and Product Development</li></ul><p style="text-align:justify"><strong>Discipline Elective Courses (Min.12 Credit Hours)</strong></p><ul><li style="text-align:justify">Regulatory and Governance of Islamic Banks</li><li style="text-align:justify">Research Methodology and Data Analysis</li><li style="text-align:justify">Wealth Management and Planning</li><li style="text-align:justify">Accounting and Reporting of Islamic Financial Transaction</li><li style="text-align:justify">Strategic Management</li></ul><p style="text-align:justify"><strong>Project Paper (6 Credit Hours)</strong></p><p style="text-align:justify">Research Project</p><p style="text-align:justify"><u><strong>ADDITIONAL IMPORTANT INFORMATION</strong></u></p><table border="1" cellpadding="0" cellspacing="0"><tbody><tr><td style="height:36px; width:183px"><p style="text-align:justify">Medium of Instructions</p></td><td style="height:36px; width:412px"><p style="text-align:justify">English: (14 Core, Elective and Project subjects)</p><p style="text-align:justify">Arabic: (1 subject under university level for language requirement)</p></td></tr><tr><td style="height:28px; width:183px"><p style="text-align:justify">Total Credit Hours</p></td><td style="height:28px; width:412px"><p style="text-align:justify">42</p></td></tr><tr><td style="height:42px; width:183px"><p style="text-align:justify">Duration of study</p></td><td style="height:42px; width:412px"><p style="text-align:justify">Part Time (5 - 10 semesters)</p><p style="text-align:justify">Full Time (4 - 8 semesters)</p></td></tr></tbody></table><p>&nbsp;</p>


<p>Executive, Credit Officer, Investment Officer, Bank Executive, Shariah Executive, Takaful Executive, Officer in Government sectors and Statutory bodies.</p><p><u><strong>Academic Prospect</strong></u></p><p>Doctor of Philosophy in Economics and Muamalat Administration and other equivalent programs.</p>

Admission to Master’s Degree by Coursework

  1. A bachelor’s degree in the field or related fields with a minimum CGPA of 2.50/4.00 or equivalent, as accepted by the Senate; or
  2. A bachelor’s degree in the field or related fields or equivalent with a minimum CGPA of 2.00/4.00 and not meeting a CGPA of 2.50/4.00, can be accepted subject to a minimum of 5 years working experience in the relevant field and rigorous internal assessment;or
  3. Candidates without a qualification in the related fields or working experience in the relevant fields must undergo appropriate prerequisite courses determined by the University and meet the minimum CGPA based on (1) to (2) above; or
  4. Other qualifications equivalent to a bachelor’s degree with honours AND relevant professional work experience.

            Note: 1-year work experience is equivalent to 0.05 CGPA

(1)  An applicant shall show evidence of proficiency in the English language based on the following criteria: 

  1. TOEFL minimum score of 180 (computer-based) or 64 (internet-based); or
  2. IELTS minimum score of Band 5; or
  3. MUET minimum score of Band 3; or
  4. graduated from institutions that use English as the main medium of instruction, AND will be required to seat for University English Proficiency Test (UEPT) with minimum score of Band 3; or
  5. graduated in the field of Teaching of English as a Second Language (TESL), English Language Studies (ELS) and equivalent from a university recognised by the Senate; or
  6. a native speaker of English.

(2)  Research-mode applicant who intends to write his/her thesis in Arabic will be required to fulfil the criteria as follows:

  1. TOEFL minimum score of 150 (computer-based) or 52 (internet-based); or
  2. IELTS minimum score of Band 4; or
  3. MUET minimum score of Band 2; or
  4. UEPT minimum score of Band 2.

(3)  An applicant who does not fulfil any of the criteria under (1) & (2) will be allowed to register conditionally and is required to fulfil any of the criteria under (1) or (2), within 12 months (for Master’s students) and 24 months (for Ph.D. students).

The university has the right to withdraw this offer or to terminate you from your study if you are found to suffer from or to be a carrier of contagious/infectious diseases, or to suffer from a medical condition requiring continuous medical care that will adversely affect your study at USIM.

(1) Communicable Disease

Type of Disease / Problem Example



  • Contagious
  • Difficult and require prolonged treatment
  • Expensive treatment
  • HIV / AIDS
  • Hepatitis B
  • Hepatitis C


  • Infectious
  • Treatable within certain period of time.
  • Tuberculosis


  • Infectious
  • Treatable within short period of time.
  • Malaria
  • Typhoid
  • Syphilis (VDRL)


  • Communicable Disease defined as epidemic by MOH
  • Japanese encephalitis,
  • SARS
  • Avian flu

(2)   Chronic Non-communicable Disease 

Type of Disease / Problem Example



  • Condition that can endanger to himself or others.

  • Recurring repeatedly and affecting his study

  • Epilepsy

  • Schizophrenia


  • Expected to be prolonged.

  • Obvious and serious symptoms.

  • Prolong treatment schedule.

  • Dialysis

  • Cancer


  • Addiction or drug abuse as stated in AUKU or Malaysian Law.

  • Drugs.

  • Drugs


  • Continuous medication.

  • No serious symptoms.

  • Treatment does not affect study

  • Hypertension

  • Diabetes Melitus


Applicants can apply via online at and fill the prescribed forms. Forms and supporting authenticated documents must then be submitted through online or mailed to the office.

For information related to visa and student pass, please refer to

Contact Us

<p><strong>Graduate School of Muamalat (GSM)</strong><br />Faculty of Economics and Muamalat,<br />Universiti Sains Islam Malaysia (USIM)<br />71800 Bandar Baru Nilai, N.Sembilan, Malaysia</p><p>Tel : +606-797 8662/8663<br />Fax : +606-798 6302/6308 &nbsp;<br />E-mail :</p>

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