Master of Science in Islamic Finance

Application Dates
Applications Open
1 Mar 2018
Course Overview
Masters (Coursework)
Tuition Fees
Tuition fees (Malaysian Ringgit) Local - 27,300 International - 33,600
Kuala Lumpur, Malaysia
Full Time: 1 - 2 Years Part Time: 1 - 4 Years
Prior Study
Bachelor degree
Graduation Results
2.99 and lower (Pass)
Study Field

Course outline

The course modules will enable students to have a comprehensive understanding of the economic, financial and legal environment in which providers of Islamic financial services operate. The objective of the programme is to produce professionals equipped with expertise in both the conventional finance and Shariah. INCEIF has received approval from Ministry of Higher Education to launch the MSc in Islamic Finance, in lieu of Masters in Islamic Finance (MIF), beginning September 2013. The MSc in Islamic Finance would be awarded to students enrolling from September 2013 onwards.

The difference between fulltime and part-time is in the number of course modules or papers taken for a particular semester. Full-time means taking four papers while part-time means either two or three papers. Classes are at the same time which is 6.30pm to 9.30pm, Monday to Friday. Under The Malaysian Immigration Law, international students must be fulltime students which means an international student must sit for four papers in a semester.

Programme breakdown

MSc in Islamic Finance equips you with real in-depth knowledge:

  • A strong foundation in the principles and practice of Islamic Finance
  • A substantial base of new concepts and knowledge
  • New skills, analytical tools and perspectives

Core Course:

  • Islamic Economics
  • Islamic Finance
  • Accounting for Islamic Financial Transactions
  • Usul Fiqh and Qawaid Fiqhiyyah
  • Fiqh Muamalat
  • Research Methodology in Economics and Finance
  • Financial Econometrics
  • Corporate Finance
  • International Finance
  • Islamic Banking
  • Risk Management in Islamic Financial Institutions

In addition to the core course modules, choose 2 elective course modules from the list below:
Elective Course:

  • Islamic Law of Contracts
  • Islamic Partnership, Corporate and Securities Law
  • Islamic Wealth Planning Management
  • Mathematical Methods for Economics and Finance
  • Islamic Capital Market
  • Islamic Portfolio Management
  • Takaful Operations
  • Macro-economics For Islamic Finance
  • Financial Modelling
  • Monetary Economics

Project Paper

The Project Paper is equivalent to six credit hours and is optional, being replaceable with 2 elective courses.

With the exception of Research Methodology which have 4 credit hours, all courses are 3 credit hours. However, this is based on JUNE intake ofthe course. If SEPTEMBER intake, there are several differences. But majorly, the course is based on JUNE intake. To know more about it please visit,

Benefits of 'On-campus study'

The Malaysian Advantage

  • Experience the industry in action right in the cradle of modern Islamic finance where strong regulatory framework has spearheaded robust industry.

Networking Opportunity with The Industry Experts

  • In addition to attending regular classes and tutorials, students interact with industry experts during the regular industry talks where invited industry speakers give presentations on the practical aspects of Islamic finance.

The programme will be of particular interest and relevance to those working in:

  • Investment banking
  • Retail and commercial banking
  • Investment management, security analysis, and broking
  • Capital markets, trading and risk management
  • Venture Capital or Private Equity
  • Hedge Funds
  • The finance function, controller’s department or treasury operations of industrial, commercial, and service organisations
  • Corporate finance, and corporate restructuring
  • Corporate planning and consultancy, where a detailed knowledge of finance is required
  • Finance within the public sector and not-for-profit organisations, including central banks, local/national governments, and international organisations
  • Other professional organisations


  • School of Graduate Studies

Tuition fees

The fees are shown in Malaysian Ringgit, however there are additional charges besides the total tuition fees. 

Local tuition fees: RM 27, 300
International tuition fees: RM 33, 600

Additional charges:

1) Application processing fees

Local - RM 50 / International - RM 78.21

2) Security deposit 

Both - RM 1, 000

3) Student services fee

Both - RM 1, 000

There may be more additional charges which are shown in the website. 

Minimum entry and language requirements

Applicants are required to have a Bachelor’s degree from a recognised institution of higher learning. 

English proficiency is also a must. Applicants must have one of the following:

  • Malaysian University English Test (MUET) with band score 4.
  • Test of English as Foreign Language (TOEFL) with a score pbt 550, ibt 79,  cbt 213.
  • International English Language Testing System (IELTS) with band score .

Exception from English language competency can be given to those whose medium of study at entry level is English.

It is essential that all candidates speak write and understand English fluently. The greater your fluency in English, the more you will benefit from the programme for the following reasons:

  • Lectures are participative, and you need to follow the class discussion and participate
  • Your study group will require you to take an active role

If English is not your native language, or you have not undertaken your undergraduate degree through the English medium, you will also need to satisfy the language requirements.

Application process

Apply through INCEIF’s website or you can send your application to Admission and Student Affairs Department, International Center for Islamic Finance (INCEIF), Lorong Universiti A, 59100 Kuala Lumpur, MALAYSIA.

Documents needed:

  1. An application form, fully completed and signed.
  2. A copy of MyKad/Identification passport page.
  3. An academic transcript for each Master and Bachelor degree you are currently holding, or an interim transcript for degrees you are currently studying.
  4. Evidence of English Language proficiency e.g. TOEFL, IELTS or equivalent.
  5. Processing fee.
  6. Financial affidavit.

Additional documents,

All documents must be certified true copies of the original as attested by Notary Public/Commissioner for Oaths/Head of HR or equivalent:

  1. Passport size photo (color).
  2. 3-page Research proposal for PhD by Research/Essay (Career goals/objectives) for PhD by Coursework and Dissertation.
  3. CV

International student 

All international students need a student pass to study in Malaysia. The Immigration Department of Malaysia issues and regulates the passes, and all student visa applications must be made through INCEIF to EMGS.

Applying student pass:

  1. Please ensure that your passport has a validity of at least 18 months.
  2. Once you have submitted complete documents, INCEIF will send them to EMGS for Visa Approval Letter (VAL) processing
  3. Please note that the Visa Approval Letter (VAL) processing will take 6 to 8 weeks after submission. However the issuance of the VAL is entirely at the discretion of the Immigration Department.
  4. Once approved, INCEIF will notify and send the VAL to student. Kindly contact or visit the nearest Malaysian High Commission/Malaysian Embassy/Consulate or search to obtain the SEV (if applicable) before purchasing your flight tickets to enter Malaysia.
  5. The VAL is valid for only six (6) months. Once you have made your travel arrangements, please inform the University at least seven (7) working days before leaving your country. Please bring a copy of your VAL.
  6. For Immigration clearance at the airport, INCEIF’s representative will be there to help you. A transportation from the airport to your accommodation will also be provided. Please note that student needs to find their own accommodation however should you need INCEIF assistance you may contact officer in charge at
  7. New international students are required to attend a medical screening at a panel clinic in Malaysia within 7 days of their arrival date. You can find a list of panel clinics here. You may also use the EMGS mobile app to navigate to a clinic near your location.
  8. After your medical screening, you must submit your passport to our International unit within 7 days of your arrival for your Student Pass endorsement.

Studying in Kuala Lumpur:

INCEIF’s strategic location in the cosmopolitan city of Kuala Lumpur ensures that students have access to all the modern amenities of the city such as the Light Rail Transport, buses, shopping malls, banks, restaurants, tourist attractions, and more in the vicinity. With a population of 1.2 million, Kuala Lumpur is a lively busy city with all the attractions of a capital. More detailed information about the city can be obtained from from

The Masters in Islamic Finance incorporates a variety of teaching methods, to ensure both an intensive and stimulating learning environment. Structured lectures form the bulk of the teaching and are often backed up by additional classes. The lecturing style tends to be participative, and lectures focus on practical applications through case studies, discussions and leading industry practitioners as well as visiting speakers. There are also group work sessions and opportunities for simulation exercises, project work, field investigations, and individual research.

Additional notes

  1. Fees are subjected to change, for international student may have to refer to latest exchange rates.
  2. Additional cost my incurred depending on situation (Accommodation, laboratories equipment/materials, etc.)
  3. Encourage to study and research laws in Malaysia, as a Muslim majority country, it is advisable for international students to understand our country's strict rules and culture. 
  4. English is used as a teaching medium and a widely spoken language in Malaysia, if the requirements are not stated in the university webpage, advisable to contact the university's authority for further information about English requirements or English Entry Requirements.
  5. For scholarship opportunities, please browse through our webpage to find out local and international opportunities. 
  6. Encourage to visit for deeper and more information.



  • Lorong Universiti A, Petaling Jaya, 59100 Kuala Lumpur, Federal Territory of Kuala Lumpur

 Graduate Studies Admission:

  • +603 7651 4089