Course outline

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. MIFP is the acronym for Masters in Islamic Finance Practice. It is an accredited programme by the Malaysian Qualifications Agency (MQA). MIFP aims to produce finance professionals with expertise in Islamic Finance. It can be pursued either as full-time programme with normal class engagement, or through online study where students with Internet access are able to learn from anywhere around the globe. The papers offered are developed and taught by a teaching faculty comprising renowned international and local scholars in the areas of Shariah and finance as well as Islamic financial services industry experts. English is used for communications and teaching of the programmes.

Core studies of the course:

1) Quantitative Method

2) Financial and Managerial Accounting

3) Economics for Islamic Finance

4) Shariah Aspects of Business and Finance

5) Shariah Rules in Islamic Financial Transactions

6) Ethics and Governance

7) Accounting for Islamic Finance

8) Islamic Insurance

9) Islamic Banking Practices

10) Structuring Financial Requirements

11) Risk Management for Islamic Financial Institutions

12) Islamic Capital Market

13) Financial Services Marketing

Elective papers, which only required to choose one:

1) Islamic Wealth Planning and Management

2) Shariah Issues in Islamic Finance

3) Shariah Audit and Compliance

4) Commercial Law and Legal Documentation for Islamic Financial Services 

There are two type of modes to study this programme which is On Campus Study or physical class and Online Distance Study which is classes were done through virtual platform.

A) Benefits of On Campus Study

The Malaysian Advantage

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

Network With 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.

B) Online Distance Study

Online students can register and sit for the examinations in Malaysia or elsewhere in the world.

E-Learning with study material 

  • Each semester, students are provided study and reference material in hardcopy and softcopy. Students are strongly supported through e-learning forums. 

Similar duration as On-Campus study 

  • By taking the full number of papers each semester, online students can complete 15 papers in 12 months, the same as on-campus students.
  • Online students who do not attend the face-face tutorials may participate in e-tutorial (webinar) sessions where they can communicate directly with the lecturers.

Option for exam venue 

  • Students can choose between taking their Final examination in Malaysia or in their country of residence.

 Faculty

  • School of Professional Studies

Tuition fees

The fees are shown in Malaysian Ringgit, however there are additional charges besides the total tuition fees. For this course, the fees depending on which options you chose. 

Fee belown shown is for the option of 'REGISTRATION + EXAM + TUTORIAL + INTENSIVE REVIEW COURSE (IRC) + PROCESSING FEE', which is all of the options. There are several other options but please visit http://www.inceif.org/academic-programmes/masters-in-islamic-finance-pra....

Online studies

  • Local - RM 28, 010
  • International - RM 40, 762.52

Physical studies

  • Local - RM 28, 500
  • International - RM 33, 000

Credit transfer, additional fees:

a) MIFP Face to Face & MIFP Online (Local)

  • Processing Fee: RM60.00 (per course)
  • Approval Fee: RM500.00 (per course)

b) MIFP Online (International) 

  • Processing Fee: RM 58.68 (per course)
  • Approval Fee: RM 488.99 (per course)

Minimum entry and language requirements

For physical mode:

  • A recognised Bachelor’s Degree in Muamalat and Islamic Finance (MIF) or its equivalent with a minimum CGPA of 2.5 out of 4.0.
  • Candidates without MIF Bachelor’s Degrees may be admitted and will be required to take prerequisite courses in Islamic Economics, Quantitative Method, Shariah Aspects of Business and Financial & Managerial Accounting to adequately prepare the students for their advance studies.
  • Candidates with CGPA of below 2.5 but above 2.0 may be admitted subject to any additional assessment required and approval from INCEIF.
  • Diploma/STPM/Matriculation/A-level holder or equivalent, aged 30 years and above, may apply by submitting the certificate of Accreditation of Prior Experiential Learning (APEL) from Malaysian Qualification Agency (MQA) (for Malaysian applicant only)

For online mode:

  • A recognised Bachelor’s Degree in Muamalat and Islamic Finance (MIF) or its equivalent with a minimum CGPA of 2.5 out of 4.0.
  • Candidates without MIF Bachelor’s Degrees may be admitted and will be required to take prerequisite courses in Islamic Economics, Quantitative Method, Shariah Aspects of Business and Financial & Managerial Accounting to adequately prepare the students for their advance studies.
  • Candidates with CGPA of below 2.5 but above 2.0 may be admitted subject to any additional assessment required and approval from INCEIF.
  • Diploma/STPM/Matriculation/A-Levels certification (or the equivalent qualifications) with minimum 5 years relevant working experience; must be aged over 35 years old on the 1st January of the application year.
  • Diploma/STPM/Matriculation/A-level holder or equivalent, aged between 30-35 years old, may apply by submitting the certificate of Accreditation of Prior Experiential Learning (APEL) from Malaysian Qualification Agency (MQA) (for Malaysian applicant only)

For both mode of study, potential students must also be competent in English to actively participate in class and group discussions, by fulfilling at least one of these criteria:

  • Test of English as Foreign Language (TOEFL) with a score of 550
  • International English Language Testing System (IELTS) level 6
  • Malaysian University English Test (MUET) band 4

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 http://www.kln.gov.my/web/guest/mission 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 siswazah@inceif.org
  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.

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 postgradasia.com to find out local and international opportunities. 
  6. Encourage to visit http://www.inceif.org/ for deeper and more information.

Contact

Address:

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

 Graduate Studies Admission:

  • +603 7651 4089
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