Executive Masters in Islamic Finance (eMIF)

General

Program Description

Nurturing Future Captains of the Islamic Finance Industry

The Executive Masters In Islamic Finance (eMIF) is an online programme which allows you to further your studies in a flexible mode, at your own pace and time. Today, INCEIF Alumni are in over 70 countries around the world. Some are already making meaningful contributions to the advancement of Islamic finance at all levels be it product development and innovation, policy framework and implementation; and regulation and enforcement.

Reference on INCEIF accredited programmes under MQA (http://www2.mqa.gov.my/mqr/). The course modules cover a wide range of critical topics ranging from wealth management, banking and investment to financial services, ethics and governance. The programme will provide students with a comprehensive and practical understanding of Islamic economics, finance and Shariah as well as the environment in which Islamic Finance players operate within.

Why eMIF

The core subjects of eMIF go beyond the finance spectrum. You will also learn Data Analytics to improve your analytical skills through advanced quantitative and qualitative modelling techniques where you get to analyse and develop solutions to contemporary business challenges. Through Business Strategy and Policy, you will be equipped with the practical concepts and tools for analysing organisational strength and weaknesses as well as market opportunities and threats.

In Social Finance, you will critically examine the socio-economic challenges facing communities and nations globally, and assess how Islamic finance instruments – such as Zakat, Sadaqah, Waqf and Takaful -, uses modern technology of fintech and blockchain to alleviate hardship and develop communities, in line with the Maqasid al-Shariah (The objectives of Islamic law) and the UN Sustainable Development Goals. In general, the main objectives are to prepare graduates to:

  • apply the principles and concepts of Shariah, Economics, and Finance to address challenges in Islamic finance.
  • apply financial and quantitative tools and techniques in problem-solving and decision making.
  • conduct themselves professionally and in compliance with good ethics and governance practices.
  • acquire new knowledge and able to identify contemporary issues in Islamic finance through independent learning and research.

123615_office-3295556_960_720.jpg
rawpixel / Pixabay

Programme Structure

Core Courses

  • Business Strategy and Policy: This course instills the core disciplines of business strategy development. Students examine the strategies and tools relevant to the challenges and opportunities of the business environment while acquiring knowledge of strategy formulation, implementation and evaluation. Students learn to analyse organisational strengths and weaknesses, along with market opportunities and threats.
  • Data Analytics for Business: The course imparts analytical skills through advanced quantitative and qualitative modelling techniques to analyse and develop solutions to modern business challenges. At the beginning of the course, students will learn the foundation of analytical tools which will later be applied to analyse real-world issues. The course will conclude with the challenges and opportunities of big data. This course is designed as a preparatory course for students to undertake their Project Paper.
  • Economics for Islamic Finance: The course enables understanding of the development of Islamic economics and finance theory, and the historical contributions made by Muslim thinkers. In addition to Qur'an and Sunnah, the course also discusses relevant theories along with current economic and financial issues from the conventional perspective.
  • Ethics and Professionalism: This course demonstrates how ethics, professionalism and effective governance can enhance competent leadership while ensuring the effectiveness of corporate strategies and operations.
  • Shariah Aspects of Business and Finance: This module consists of Islamic Jurisprudence covering sources of Shariah, Ahkam al-Shariah, legal maxims and Maqasid al Shariah, in addition to Theory of Islamic Contracts, Shariah Compliance covering Hisbah, Ijtihad, Fatwa, Shariah board, and Shariah non-compliance risk. Working knowledge of these subjects places one in a position to devise acceptable strategies and address issues in accordance with Islamic values.
  • Shariah Rules and Issues: This course covers the requirements and Shariah rules of financial transactions, together with views from different schools of thought and contemporary scholars. It entails a thorough discussion on the major Shariah issues debated in the Islamic finance industry, including banking, capital markets, Takaful and wealth planning.

Elective (Choose any 4)

  • Accounting for Islamic Finance: The course imparts knowledge of Halal accounting, applicable in the reporting of Islamic financial transactions. Students learn to demonstrate how Islamic financial instruments are recognised and reported in the financial statements of Islamic financial institutions (IFIs) according to the Accounting and Auditing Organization (AAOIFI) and International Financial Reporting Standards (IFRS). Students will also learn to identify and analyse issues in current Shariah review and auditing practices.
  • Audit and Compliance: Audit and compliance functions are essential for proper corporate governance. This course examines the key principles related to Halal audit and compliance methods of IFIs including Shariah governance and internal control frameworks, laws, regulations, guidelines and standards for IFIs, commercial law and governance, legal documentation for Islamic financial products and governance structure of IFIs.
  • Commercial Law and Legal Documentation for Islamic Financial Services: The course aims to familiarise students with the legal documentation required for facilitation of Islamic financial services, concentrating on the difference between Islamic financing and conventional loans.
  • Islamic Banking Practices: The course introduces basic concepts related to banking, the underlying philosophies and Shariah principles that drive Islamic banking, legal and regulatory perspectives, a brief history of Islamic banking and recent developments in the industry. Contemporary and pertinent issues in Islamic banking will also be discussed through case studies, thus preparing students to tackle real-world issues.
  • Islamic Capital Market: This course covers the structures of the instruments, regulatory and Shariah frameworks of the Islamic Capital Market (ICM) within a dual-banking environment. In achieving these twin objectives, students will learn about the structure of the ICM across different jurisdictions, regulatory and Shariah frameworks. Students will examine the pricing mechanism of the existing money market instruments, analysing various Sukuk structures issued globally, cases on Sukuk default, SRI (Socially Responsible Investment) Sukuk and Shariah approved derivative instruments.
  • Islamic Insurance: The course examines risk from the Islamic perspective and ways of mitigating it in accordance with Shariah while explaining why insurance is forbidden and hence the advent of Takaful. It discusses the various Takaful business models, products and its key operational process. The course includes the study of the actuarial principles and concepts such as product design, pricing, underwriting, investments and reserving.
  • Wealth Planning Management: The main philosophy of Islamic wealth management is that wealth belongs to Allah SWT and human beings are mere trustees. The main objective of Islamic wealth management is to achieve al-Falah, i.e. Allah's blessing in this world and hereafter. The most important point of Islamic wealth management is that a Muslim should practice Halal methods of wealth generation.
  • Risk Management of Islamic Banks: The course covers all aspects of risk to which Islamic financial institutions (IFIs) are exposed to. The study will focus on identifying, measuring and mitigating risks within a banking paradigm. Students will acquire the tools for controlling and managing inherent and residual risks. It also highlights the principles of Islamic finance and risk management in Islamic financial contracts in addition to Shariah-related issues that may exist in IFIs. Other topics discussed include BASEL guidelines and IFSB standards, along with issues and challenges faced by IFIs.
  • Social Finance: This course critically examines international socioeconomic challenges, and assesses how Zakat, Sadaqah, Waqf and Takaful can be combined with modern technology to alleviate hardship and develop communities, in line with the Maqasid al Shariah and the UN's Goals For Sustainable Development.

Project Paper (Consultancy Paper/Case Study)

This is a supervised research project that provides students with the opportunity to undertake independent research in a specific area of Islamic Finance.

Entry Requirements

  • Bachelor's degree in Muamalat and recognised Islamic Finance or equivalent obtaining at least CGPA 2.50 out of 4.00; or
    • Candidates with CGPA of below 2.5 but above 2.0, with a Bachelor degree from other fields, may be considered subject to additional internal assessments.
  • APEL
    • Malaysian applicants aged 30 years and above, holding Diploma/STPM/Matriculation/A-level or equivalent, may apply by submitting the certificate of Accreditation of Prior Experiential Learning (APEL) from Malaysian Qualification Agency (MQA)
  • English proficiency:
    • Malaysian University English Test (MUET): Band 4 and above; or
    • IELTS - band 6; or
    • TOEFL: 550 (PBT), 87 (IBT) and above; or
    • Exemption:
      • Candidates from native English speaking countries
      • Candidates with academic qualifications from institutions using English as the full medium of instruction
Last updated October 2019

About the School

Established by the Central Bank of Malaysia (Bank Negara Malaysia) to develop talent for the global Islamic finance industry, INCEIF – the Global University of Islamic Finance – is on its way to becom ... Read More

Established by the Central Bank of Malaysia (Bank Negara Malaysia) to develop talent for the global Islamic finance industry, INCEIF – the Global University of Islamic Finance – is on its way to become a respected leader in Islamic finance. Nearly a decade after its inauguration, INCEIF has consistently produced graduates in Islamic finance studies, who have found employment in regulatory bodies, academic and financial institutions all over the world. Read less