Doctor of Philosophy in Islamic Finance

Application Dates
Applications Open
1 Mar 2018
Course Overview
Doctorate (PhD)
Tuition Fees
Tuition fees (Malaysian Ringgit) Local - 52,000 International - 64,000
Kuala Lumpur, Malaysia
Full Time: 1 - 3 Years
Prior Study
Masters degree
Graduation Results
3.60 - 3.79 (Higher Distinction)
Study Field

Course outline

Program structure - It has two different mode

A) PhD by Coursework and Dissertation

PhD by Coursework and Dissertation requires completion of twelve (12) core courses, two (2) elective courses and a Dissertation.

Core Courses:

  1. Economics for Islamic Finance
  2. Corporate Finance
  3. Usul Fiqh and Qawaid Fiqhiyyah
  4. Islamic Law of Contracts
  5. Seminar in Economics
  6. Seminar in Finance
  7. Seminar in Shariah
  8. Islamic Banking
  9. Islamic Capital Market
  10. Research Methodology in Economics and Finance
  11. Mathematical Methods for Economics and Finance
  12. Proposal Writing

Elective Courses

  1. Evolution of Islamic Finance
  2. Islamic Portfolio Management
  3. Behavioural Finance
  4. Monetary Economics
  5. Financial Econometrics
  6. Risk Management in Islamic Financial Institutions
  7. International Finance
  8. Accounting for islamic Financial transactions
  9. International Finance
  10. Accounting for Islamic Financial Transactions
  11. Takaful Operations
  12. Advance Econometrics
  13. Macroeconomics Policies and Islamic Finance
  14. Financial Modeling
  15. Islamic Wealth Planning Management

40,000 – 60,000 words count

B) PhD by Research

PhD by Research requires 7 pre-requisite courses before proceed to Research component.

Pre-requisite courses are:

  1. Seminar in Economics
  2. Seminar in Finance
  3. Seminar in Shariah
  4. Islamic Banking
  5. Islamic Capital Market
  6. Research Methodology
  7. Mathematical Methods for Economics and Finance

60,000 words count


  • School of Graduate Studies

Tuition fees

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

  1. Local tuition fees: RM 52, 000
  2. International tuition fees: RM 64, 000

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, 200

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

Minimum entry and language requirements

Masters degree or equivalent (with high distinction) from a recognised institution of higher learning.

Demonstrate proficiency in Mathematics / Quantitative Analysis.

Proficiency in spoken and written English is imperative for active participation during class and group discussions. If English is your second language, you must have one of the following:

  • Malaysian University English Test (MUET) with a minimum band score of 4; OR
  • Test of English as Foreign Language (TOEFL) with a minimum score of pbt 550, ibt 79, cbt 213; OR
  • International English Language Testing System (IELTS) with a minimum band of 6.

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

For PhD by Research, additional requirements are:

  • A minimum 5 years work experience in financial institutions;
  • Submission of a research proposal (not exceeding 15 pages, double-spaced in Arial size 12).

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

You need to provide confidential references when you submit your application form. Your referees should be in a position to comment on your suitability as a PhD student.

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.

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