islamic finance phd in uk

• Oxford Centre for Islamic Studies

Islamic Finance

Research into the theory and practice of Islamic finance is being carried out in conjunction with a number of international financial institutions, policymakers and regulatory bodies, notably the Securities Commission Malaysia. This activity also ties in closely with the Centre’s work on the economic and human development of Muslim societies. The aims are threefold:

• to create an international platform for debate, dialogue, study, research and publication on contemporary issues and challenges faced by Islamic finance;
• to strengthen the understanding of Islamic finance in the UK and Europe as an alternative mode of financing;
• to support the development of new ideas that will have the potential to contribute to an enhanced role for Islamic finance in business and society.

These aims are achieved by:

• Research and publication : The Centre welcomes visiting scholars (supported through the Centre’s visiting fellowships and Chevening schemes) to conduct research and contribute to the publication output on Islamic finance. A Visiting Fellowship in Islamic Finance programme which supports one or two scholars per year to undertake research on the topic has been running since 2012. Applicants must be specialists in Islamic finance and/or a closely related discipline. (Click for further details.)   In 2018, the Mahathir Mohamad Research Fellow, Mohammad Meki, submitted his doctoral thesis on the topic on the effect of equity-like (musharakah-based) microfinance contracts. 
• Seminars : S eminars and workshops are regularly organised by the Centre on a range of topics relating to Islamic finance. This has included a seminar series run with Fajr Capital on Islamic finance which covered topics such as the history and evolution of Islamic finance, concepts, products and structures in Islamic finance, how Keynesian monetary theory and policy could embed a Qur'anic model of finance and the role of public policy in enabling Islamic finance.
• Conferences and roundtables : These include the annual Securities Commission Malaysia – Oxford Centre for Islamic Studies Roundtable on Islamic Finance (running since 2010). Over the years topics have included Islamic endowments ( waqf ), solutions for liquidity, the Islamic financial system cycle and the role of Islamic finance in transformational change. The roundtables bring industry practitioners, policy-makers, regulators and scholars who are leading international specialists in their field. In 2018 the ninth annual SC – OCIS Roundtable on Islamic finance was held in Malaysia and focused on ‘Enhancing the Value of Islamic Capital Market through Social and Impact Investment.’  (See ‘Roundtables’ for more information.)
• Prizes : The Sultan Hassanal Bolkiah Prize in Islamic Finance considered nominations of eminent figures in Islamic finance from around the world. The prize was awarded jointly to the Islamic Development Bank and its founding President, HE Dr Ahmad Mohamed Ali Al-Madani and in 2018. (Click for details.)

The Centre continues to seek further collaborative engagements with international partners on the subject.

Click to view the Centre’s 2023 Annual Report entry on Islamic finance.

Writing a research proposal for postgraduate research in Islamic finance

Updated on 7 July 2023

This guide was created by the School of Business to help you apply for Islamic finance research degrees and in particular a PhD in Islamic Finance.

The research proposal is an integral part of your application. It informs us of your research plans and enables us to identify supervisors who have an interest in the area that you propose to do research.

The research proposal along with your academic qualifications will be evaluated in terms of whether you have the necessary key skills to carry out the research work, the academic reasons why you have chosen your topic, the clarity of your research questions, and why you think the topic is important.

Before you start your application 

• When you apply to join the PhD programme, you do not identify a supervisor for your work before applying. The School of Business will allocate supervisors if your application is successful.
• We expect you to put considerable thought into the research proposal. However, after joining the programme you will refine your proposal with the help of your supervisors so that the proposal fully describes the thesis of your PhD. 

Your PhD research proposal should be between 1500-2000 words.

Your proposal should cover:

1. your name, 2. a working title of the topic area .

This should convey the key words associated with the proposed research. 

3. General overview of area

By way of introduction this should take the form of a relatively brief abstract of the general area of study and identify the discipline(s) within which it falls. You might also point here to the way in which your background gives you the skills and understanding to work in your chosen area. Create a box for overview.

4. Identification of the relevant literature 

In this section you should start to develop your proposal by demonstrating that you are aware and understand the debates and issues raised in the literature relevant to your thesis topic. References to key articles and texts should be made to show that you appreciate their relevance to your research area. A PhD is an original piece of research and so you should demonstrate that your proposed research topic has not been studied before, where the research gap lies and what contributions your research may make. You need to identify why your research topic is innovative so as to lead to a successful PhD thesis. 

5. Key research questions 

Having set out above your general overview and the literature, it is now time to set out your research ‘questions’ that you will explore during your PhD. Normally, you would set out 3 to 5 research questions. The aim is for the questions to be broad enough to support a PhD thesis but not too broad so that the topic you choose cannot be properly researched in the normal time allowed to complete a PhD.

For example, a question like ‘what determines economic development’ is too broad as it would take a small library of books to start to answer this question. A more manageable question might be ‘the role of primary school education in economic development’. This question is now narrow enough in scope so that you can provide a ‘good’ answer in a PhD. The question might be further narrowed by adding in what country or stage of development the country is in when answering the question.

6. Methodology

In this section, you demonstrate an awareness of the methodological tools available to you and show some understanding of which would be suitable for your research. It may be that qualitative methods, including the analysis of interviews, are appropriate. Alternatively, your approach may involve a quantitative analysis of your topic using econometric modelling, forecasting or a range of statistical tools that are available to examine financial, economic and social data. In some cases you may want to combine methodologies. You need to specify the approach you feel is most appropriate to your research. However, please note that your methodology will be refined later with the help of your supervisor after you arrive in Dundee but it is key that you have some knowledge and understanding of the methodological approaches..

7. Timescale/research planning

Explain what the timescale of your research is so that you can demonstrate to us an awareness of how long it takes to undertake the research and your ability to plan your research to be completed in the time of a normal PhD of 3 years.

8. Bibliography

Include here a list of all the references to articles and books that you have included in this proposal. You can choose any bibliographic style as long as it is applied consistently.

Dr Theresa Dunne

Director of Doctoral Studies, School of Business

[email protected]

Oxford Centre for Islamic Studies (OCIS) Scholarships

Eligibility, how to apply.

These scholarships have been established by the Oxford Centre for Islamic Studies to allow graduates to pursue study of benefit to the Muslim world.

The Oxford Centre for Islamic Studies is an institution for the advanced study of Islam and the Muslim world. The Centre provides a meeting point for the Western and Islamic worlds of learning. At Oxford, it contributes to the multi-disciplinary and cross-disciplinary study of the Islamic world. Beyond Oxford, its role is strengthened by an international network of academic contacts. For more information, please refer to the Oxford Centre for Islamic Studies website. 

The scholarship will cover 100% of course fees and a grant for living costs (at least £18,622). Awards are made for the full duration of your fee liability for the agreed course. Awards may be offered in conjunction with other sources of funding, although this will be taken into account when determining the value of the award.

Scholarship outcomes

Applicants will be contacted by June 2024. We regret that we are unable to provide individual feedback due to the volume of applications we receive.

You must be applying to start a new full-time master's or DPhil course at Oxford.

You must be either:

• ordinarily resident in the United Kingdom and from a Muslim community (with preference given to those from a financially disadvantaged household), or
• a national of, and ordinarily resident in, Afghanistan, Albania, Algeria, Azerbaijan, Bahrain, Bangladesh, Benin, Brunei Darussalam, Burkina Faso, Cameroon, Chad, Comoros, Cote d'Ivoire, Djibouti, Egypt, Gabon, Gambia, Guinea, Guyana, India, Indonesia, Iran, Iraq, Jordan, Kazakhstan, Kuwait, Kyrgyzstan, Lebanon, Libya, Malaysia, Maldives, Mali, Mauritania, Morocco, Mozambique, Niger, Nigeria, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, Senegal, Sierra Leone, Somalia, Sudan, Suriname, Syrian Arab Republic, Tajikistan, Togo, Tunisia, Turkey, Turkmenistan, Uganda, United Arab Emirates, Uzbekistan, Yemen.

You should be intending to return to your country of ordinary residence once your course is completed.  

Scholarships will be awarded on the basis of academic merit and financial need. Financial need will be assessed using the information provided in your Oxford application. 

You should be intending to undertake study in a field derived from or of relevance to the Islamic tradition, or which is of relevance and/or benefit to the Muslim world.

This scholarship is not open to candidates applying for postgraduate certificate or postgraduate diploma courses, part-time courses or non-matriculated courses .

Candidates who hold deferred offers to start in 2024-25 will not be considered for this scholarship.

In order to be considered for this scholarship, you must complete the following steps:

• tick the box for the Oxford Centre for Islamic Studies Scholarship in the University of Oxford Scholarships section of the University's graduate application form;
• submit your application for graduate study by the relevant December/January deadline. See the relevant  course page  for the deadline applicable to your course; and
• complete an Oxford Centre for Islamic Studies Scholarships Supporting Statement (see related documents on this page) and upload it, together with your graduate application form, by the deadline.

We will use the details you supply on the graduate application form to assess your nationality and country of ordinary residence. For a definition of ordinary residency, and further details on how to complete this section of the graduate application form, please see the 'Nationality and ordinary residence' section of the graduate application form and the advice contained with the  Application Guide .

To be eligible for consideration for this scholarship, applicants must be successful in being offered a place on their course after consideration of applications received by the relevant December/January deadline. Course applications which are held over after the December/January deadline to be re-evaluated against applications received by the March deadline, or course applications which have been put on a waiting list, are not eligible for scholarship consideration.

CLOSING DATE

Relevant December/January deadline for your course

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Applicants will be contacted by June 2024

Various countries

LEVEL OF STUDY

All full-time master's and DPhil courses

100% of course fees and a grant for living costs (at least £18,622)

Period of fee liability

NUMBER OF AWARDS

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New Islamic Fin…

New Islamic Finance programme launched

The article at a glance.

Cambridge Judge Business School’s new Islamic Finance programme has opened its doors to its first intake of delegates. The Islamic Finance Executive …

Category: Faculty news Misc news News Programme news

The Islamic Finance Executive Education Programme will be offered in Cambridge, London and Dubai, led by Dr Kamal Munir, Reader in Strategy & Policy, and Dr Khaled Soufani, Senior Teaching Faculty in Finance.

The programme lays the essential groundwork for competing effectively in the Islamic finance environment and explores the business opportunities and challenges of the field.

Delegates enrolled for the first programme come from backgrounds in conventional and Islamic banks; investment, fund and wealth management; regulation and consulting. They will study IF from the fundamentals of the model through risk assessment, choosing the right business models, balancing profit and social need, assessing complementing conventional products and the financial catalysts and determinants of success in Islamic finance.

Delegates will also have the opportunity to gain insights from senior Islamic banking leaders and fellow students at receptions in Cambridge, London and Dubai.

Dr Munir said:

We are delighted to be offering this new programme in Islamic finance which is fast becoming a hugely attractive field in the global finance industry, with asset growth of 150 per cent since 2006. The UK government is showing increasing commitment to this much lauded ethical framework for conducting financial transactions. We feel there is no better time to offer a course that will cover not just the conceptual apparatus, but the various opportunities and challenges that face Islamic finance, whose growth shows no signs of abating.”

Cambridge Judge Executive MBA student Baljeet Kaur Grewal is one of the first intake on the new IF course and a driving force behind establishing the programme. Managing Director and Vice Chairman of KFH Research, an investment research subsidiary of Kuwait Finance House, Baljeet has received the Sheikh Rashid al-Makhtoum award for her contribution to Islamic finance research and development in Asia. She said:

The Islamic finance programme is a tremendous opportunity which allows participants to explore Islamic finance as an ethical option to conventional finance. As the Islamic finance industry is expected to grow to USD1.8 trillion by 2015, the number of participants and global financial players is set to increase, making the programme timely and the content structured around important themes including strategy, banking models, innovation and risk management.”

The programme was promoted by Prime Minister David Cameron in a speech to the World Islamic Economic Forum in London last month, as part of the evidence he put forward to position the UK as a major centre for Islamic Finance.

Find out more about the Executive Education open programmes

Visit Dr Kamal Munir’s faculty webpage

Visit Dr Khaled Soufani’s faculty webpage

banking executive education finance Islamic finance Kamal Munir Khaled Soufani Middle East Research Centre (MERC)

Islamic Banking and Finance Postgraduate Taught - January 2024/25* & September 2024/25* Entry

Course details.

• Start Month September & January
• Qualification MSc
• Duration 1 year

About This Course

This degree programme provides the opportunity to follow the prestigious  CFA (Chartered Financial Analyst) specialist pathway  and acquire the skills to complete the CFA Level 1 examination (for both September-intake and January-intake students). 

In addition, our partnership agreement with the esteemed Chartered Institute of Securities and Investment (CISI) means that graduates of this programme will be eligible to take CISI’s Level 3 Certificate in Islamic Finance, without the need for additional tuition. 

Future employers confirm that a professional qualification on your CV makes it stand out in a competitive job market.

The professional qualifications from the Chartered Institute for Securities and Investment (CISI), are developed by practitioners to equip you with the practical knowledge you need to do your job when you leave university.

Demonstrate to future employers that you can make a difference from day one with a CISI qualification.

Over the past two or three decades or so, Islamic banking and finance has emerged as another viable way of financial intermediation. It has gained credibility and has spread worldwide and is the preferred way of banking for one fifth of the world’s population.

This taught MSc programme offers an opportunity to study the structure of the Islamic Banking and Finance industry, including its theoretical foundations, products, performance, Islamic Financial Instruments and Risk Management issues. These and other topics will be studied within the wider context of the Banking and Finance industry worldwide. The MSc is suitable for candidates with some previous background in mathematics, statistics or econometrics.

For applicants with different prior academic backgrounds, please refer to the MBA Islamic Banking and Finance .

Chartered Financial Analyst Pathway

Many of our degree programmes provide the opportunity to follow the  CFA (Chartered Financial Analyst)  specialist pathway and acquire the skills to complete the  CFA Level 1 examination  (for both September-intake and January-intake students). The CFA has become the most respected and recognised professional qualification in finance in the world.

Students undertaking this pathway will take a new module titled  Financial Research & CFA Series  during the summer period. Students will attend research seminars in June to be followed by specialist training for the Level 1 CFA exam provided by  Fitch Learning , who are a well-recognised and accredited provider of CFA education. The teaching will include two days of Research Seminars in June and five two-day blocks of training, plus an additional two-block of revision provided across July and August. Assessments will follow the seminars and the CFA training.

No additional fees are charged for students undertaking this pathway.

However, students will be required to enrol with the CFA Institute and register for the exam. Payment of enrolment and examination fees is to the  CFA Institute .

You will be able to register on this CFA pathway after arrival in Bangor. If you wish to make any enquiries in advance, please contact  [email protected] .

Course Content

What will you study on this course.

January intake: Taught modules are undertaken in the period of January to June and September to January and will involve the study of 120 credits. The dissertation (or equivalent) is valued at 60 credits and is undertaken during the period of June to September.

September intake: Taught modules are undertaken in the period of September to June and will involve the study of 120 credits. The dissertation (or equivalent) is valued at 60 credits and is undertaken during the period of June to September.

Compulsory modules:

Research Methods: This module equips students with knowledge of intermediate and advanced research methods, which they will encounter in other modules and in their dissertation.

International Financial Markets: This module provides an overview of financial instruments in a multi-currency world, taking account of insights from portfolio theory concerning the relationship between risk and return, the diversification of risk, and the pricing of assets.

Islamic Finance: This module provides an insight into topical issues relating to Islamic financial instruments and related risk management issues. The first part of the course examines issues relating to financial contracting, instruments and various intermediation issues. The second part of the course focuses on the role of the capital market in providing Islamic financing and highlights financial engineering issues as well as risk management features of this type of business.

Islamic Banking: This module provides an insight into the key features of Islamic banking business. The first part of the course outlines the theoretical foundations and development of Islamic banking practices. In particular, the main characteristics of various types of Islamic banking products are discussed. The second part of the course examines the operational features of Islamic banks focusing on their performance and how they compete with conventional interest-based banks. The final part of the course outlines contemporary challenges to Islamic banking business.

International Banking: This module examines the origins of international banking, the activities of international banks, the markets in which they participate, and the sources of risk.

Financial Econometrics: This module provides advanced coverage of econometric methods and practices that are used to model financial and business data.  

Optional modules (choose 2):

Islamic Accounting and Financial Reporting: This module develops a critical awareness of theoretical and practical approaches to Islamic accounting and financial reporting. Islamic accounting standards are compared with IFRS, and the content and impact of academic research in this area is examined. 

Corporate Risk Management: This module provides an analysis of pure risk and its management. You will develop a critical awareness of the issues that arise in identifying, controlling and financing loss exposures. The module demonstrates the application of risk management concepts and techniques to practical problems. 

Investment Strategy and Portfolio Management: This module evaluates the development of investment strategies for bonds, equities and derivatives that are designed to achieve optimal risk-return outcomes, and examines the measurement and evaluation of the performance of a portfolio of investments.

Islamic Insurance: This module analyses the nature and principles of Islamic insurance, and examines the operational modes and practice of Islamic insurance. The structure of Islamic insurance markets is described, and constraints and opportunities are highlighted.

Financial Stability: This module offers an introduction to financial stability, referring to theories of financial crises and empirical evidence. It aims to establish the role played by central banks in achieving and maintaining financial stability, and it also considers the effect of industrial organisation of banking systems on financial stability.

Merger and Acquisition : This module provides an analysis of incentives and outcomes associated with merger and acquisition deals. It covers the development and execution of an acquisition strategy, the valuation of the target, the conduct of the negotiation, and the implementation of the post-merger integration plan.

Modules for the current academic year

Module listings are for guide purposes only and are subject to change. Find out what our students are currently studying on the  Islamic Banking and Finance Modules  page.

Course content is for guidance purposes only and may be subject to change.

Entry Requirements

Entry to the MSc in Islamic Banking and Finance programme requires a 2(ii) undergraduate degree in a relevant subject, e.g. economics, finance, accounting or management from a university, or a similar qualification from any other institution. Alternatively, possession of a suitable professional qualification and relevant practical experience may also be accepted. In general, however, applicants are judged on their individual merits and age, work experience and other factors are also considered. Bangor University also offers International Incorporated Masters Degrees for International students whose academic credentials are different from those outlined above. The first year is studied at the Bangor International College , an embedded College on our University campus and delivered by Oxford International Education Group.

If your native language is not English, you must provide satisfactory evidence that you have an adequate knowledge and understanding of written and spoken English:

• IELTS: 6.0 (with no element below 5.5)
• Pearson PTE: a score of 56 (with no element lower than 51)
• Cambridge English Test – Advanced: 169 (with no element lower than 162)

It may be necessary for applicants falling short of this minimum standard to attend an intensive English Language course before registering for the academic programme. Such a course is available at Bangor, and full details and an application form may be obtained here .

Explore More in Accounting, Banking and Finance

Our postgraduate degree programmes in Accounting, Banking and Finance address a wide range of high-profile issues affecting consumers, companies, financial institutions and the public sector. We deliver highly valued knowledge and transferable skills which prepare you for a very wide range of potential careers. 

*The year of entry refers to the academic year in which the course begins rather than the calendar year. E.g. a course with a March 2024 start date will be shown as 'March 2023/24 Entry' because the academic year starts in September making 2023/24 the relevant academic year. Similarly, a course with a January 2023 start date will have 'January 2022/23 Entry' because 2022/23 is the academic year of entry for that course.

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Islamic Finance - MSc

Currently viewing course to start in 2024/25 Entry .

The MSc Islamic Finance meets the current demand for specialist knowledge and skills in a rapidly expanding field. The course provides you with the opportunity to explore the philosophical foundation of Islamic finance and the legal framework for Islamic financial institutions. It discusses the basic and advanced theories underlying Islamic financial institutions....

• Level Postgraduate Taught
• Study mode Full Time
• Location City Centre
• Start date September 2024
• Fees View course fees
• School Birmingham City Business School
• Faculty Faculty of Business, Law and Social Sciences

This course is:

Open to International Students

The MSc Islamic Finance meets the current demand for specialist knowledge and skills in a rapidly expanding field.

The course provides you with the opportunity to explore the philosophical foundation of Islamic finance and the legal framework for Islamic financial institutions. It discusses the basic and advanced theories underlying Islamic financial institutions.

This course is critical in establishing the overall parameters of Islamic finance, offers a practical approach to the workings of the current Islamic financial practices in the banking industry in addition to Non-Government Organisations (NGOs). Also, this course encourages you to understand the connection between the theory of Islamic finance and the real world applications of the Islamic banking and Faith based NGOs.

You will communicate complex and abstract ideas in an articulate and confident manner, as well as learning a host of transferrable skills that will stand you in good stead for when it comes to securing employment in Islamic financial institutions, banking and NGOs.  

Professional Placement option

For our MSc Islamic Finance degree, you will have the opportunity to take the Professional Placement version of the course, which is offered as an alternative to the standard version of the course. This will allow you to complete a credit bearing, 20 week Professional Placement as an integral part of your Master’s Degree. The purpose of the Professional Placement is to improve your employability and transferable skills. The placement experience will allow you to evidence your professional skills, attitudes and behaviours at the point of entry to the postgraduate job market. You will be responsible for finding and securing your own placement. The University, however, will draw on its extensive network of local, regional and national employers to support you in finding a suitable placement to complement your chosen area of study, with support from our Careers+ team as well as advice and guidance from your School. Please note that placements will only be confirmed following a competitive, employer-led selection process, therefore the University will not be able to guarantee placements for students who have registered for the ‘with Professional Placement’ course. For full details,  please click here.

What's covered in this course?

The course aims to develop your ability in analysing and evaluating the principal features of Islamic finance. You will study the major concepts, values, principles and rules that dictate the discipline. You will be able to link between the Islamic finance and the mainstream global financial system with analytical abilities and problem solving skills through critical and creative thinking. The topics covered include the structure of the Islamic economic & financial system and its philosophy, Islamic contracts, Islamic financial products for the Islamic Financial Institutions & Faith based NGOs, regulatory frameworks, Shariah advisory standards. You will also be able to examine the practices of Islamic finance institutions and recommend the way forward.

You will have the opportunity to select the optional modules in the area you want to explore more. The rationale for optional modules is based on our vision on supporting students be successful in career in Islamic finance. The critical analysis skills that you will develop while studying on this course will enhance your employment opportunities in the financial, banking, business and faith based NGOs sectors, as well as enabling you to acquire a strong basis for progression to doctoral studies.

The international focus of the course is derived through a variety of means including the student body, the teaching team and the use of international teaching materials. Moreover, the course also enables you to be confident in the application of industry-specific skills, for example, with the use of platforms such as DataStream, and with problem-solving approaches having been exposed to real-life scenarios through industry guest-speaker workshops.

Moreover, you’ll also have the opportunity to gain industry experience by going on a professional placement. Whatever route you choose, the knowledge attained from the course will help you to seek a variety of employment in the sector nationally and internationally.

Why Choose Us?

• Unlike other Islamic finance masters programmes offered elsewhere, our MSc Islamic Finance will have a unique focus on the humanitarian, business law, development NGOs and the wider third sector.
• Teaching staff have practical experience in finance & Islamic finance and are actively involved in research in these areas.
• We will prepare you for professional bodies' exams Certified Shariah Advisor and Auditor (CSAA) and Certified Islamic Professional Accountants (CIPA).
• You can gain experience of working in the industry through our Professional Placement route.
• MSc Islamic Finance will enable you to acquire a strong basis for progression to doctoral studies.
• We will equip you for a variety of career paths in Islamic finance including regulators and practitioners in Islamic NGOs, Risk managers, Islamic bankers, Islamic accountants.
• Following graduation, you will have the opportunity to apply for  STEAMhouse Business Incubator membership.

Join us for an on-campus Open Day where you'll be able to learn about this course in detail, chat to students and explore our campus.

Next Event: 29 June 2024

Entry Requirements

Essential requirements.

You are required to meet one of the following options:

Essential Requirements

Other qualifications will be considered on a case by case basis.

Please note that even if your application fully meets the entry criteria, you may be required to further demonstrate your suitability via an interview or submission of a course proposal before being offered a place.

Interviews may be conducted in your country of residence, over the telephone or by Skype.

Additional information for EU/International students

If you have a qualification that is not listed, please contact us .

Fees & How to Apply

• International Student

UK students

Annual and modular tuition fees shown are applicable to the first year of study. The University reserves the right to increase fees for subsequent years of study in line with increases in inflation (capped at 5%) or to reflect changes in Government funding policies or changes agreed by Parliament. View fees for continuing students .

Starting: Sep 2024

• £12,075 in 2024/25
• Apply Online
• 18 Months (Professional Placement)
• £13,285 in 2024/25

International students

• £17,710 in 2024/25
• £19,485 in 2024/25

The University reserves the right to increase fees in line with inflation based on the Retail Prices Index or to reflect changes in Government funding policies or changes agreed by Parliament up to a maximum of five per cent.

Personal statement

You’ll need to submit a personal statement as part of your application for this course. This will need to highlight your passion for postgraduate study – and your chosen course – as well as your personal skills and experience, academic success, and any other factors that will support your application for further study.

Not sure what to include? We’re here to help – take a look at our top tips for writing personal statements and download our free postgraduate personal statement guide for further advice and examples from real students.

Course in Depth

In order to complete this course a student must successfully complete all the following core modules (totalling 140 credits):

Islamic Economics and Sustainable Development 20 credits

The module provides an overview of economics and the economic problem. It analyses the Islamic economic system in relation to other economic systems and elaborates on the Islamic worldview and the source of Islamic economics. This module is to provide an understanding of the Islamic methodology in economics. It highlights the philosophical foundation of Islamic economics and its relationship to sustainable development. This module also apply Islamic economics principle to key sustainable development goals such as environmental sustainability, social cohesion and economic development. This module discusses the allocation of resources as applied to consumption and production from Islamic perspectives. 

Islamic Social Finance 20 credits

This module aims to develop an understating Islamic Social Finance. This module is critical in establishing the overall parameters of Islamic Social finance. It seeks to provide a high level overview of the philosophy/ontology underpinning Islamic economics & finance and the key constituent elements such as legal principles, institutions and products.  

Regulatory Framework for Islamic Financial Institutions 20 credits

This module discusses the legal framework and issues of Islamic banking and finance. It discusses the basic theories underlying Islamic financial institutions. The module will describe the financial products that have been introduced to the market and the detailed Shariah and legal issues with special reference to standards of the Accounting and Auditing Organisation for Islamic Finance Institutions (AAOFI). 

Islamic Business Law 20 credits

The aim of this module is to provide you with a critical appreciation on the impact of Islamic law on the international legal regulation of business law. This module will offer you the chance to engage in the critical study of Islamic business law so as to demonstrate an advanced application of knowledge, skills and understanding of some of the key aspects of Islamic Business Law as well as promoting the application of the theoretical and practical issues in addition to current debates in this subject area.  An international perspective encourages critical engagement in research, enquiry and investigation so as to develop your ability to offer exploratory and creative interpretations and constructions of knowledge that contribute to a wider and deeper understanding of Islamic business law in an international context. 

Business and Management Research Project 60 credits

The purpose of the Research Project module is to provide a framework for you to undertake a substantial piece of disciplinary-relevant research. It is founded upon Birmingham City Business School’s teaching and learning philosophy which integrates theory and practice.  

In order to complete this course a student must successfully complete at least 40 credits from the following indicative list of OPTIONAL modules:

Strategic Risk Management 20 credits

The module assumes that students have the basic knowledge of risk management concepts. It is designed to review the risk management process and risk governance in organisations. It will provide the skills to identify and evaluate company’s or portfolio’s exposures to financial and non-financial risk factors in the business environment. It will also provide an opportunity for students to demonstrate a deep understanding and critical awareness of the risk factors around international business environment. Numerical skills in the calculation and evaluation of value-at-risk (VaR) and other credit risks of investment positions or financial derivatives such as forward contracts, swaps and options. The module will also provide the opportunity to acquire the knowledge and skills of risk budgeting, the use of risk-adjusted return on capital, the use of credit derivatives in managing credit risk, Sharpe ratio and other methods of managing market risk. 

Islamic Legal Process 20 credits

The aim of this module is to provide you with an intellectually stimulating and academically rigorous education in Islamic Legal Processes.   The module offers the opportunity for critical evaluative study and the advanced application of the key aspects of Islamic law, its theoretical and practical considerations and an awareness of current debates in the area. An international perspective encourages critical engagement in research, enquiry and investigation in order to develop your ability to offer exploratory and creative interpretations and constructions of knowledge that contribute to a wider and deeper understanding of Islamic law.  

Financial Institutions and Regulations 20 credits

This module provides an overview of the nature and activities of the main groups of financial institutions within the UK.  It aims to offer insight into bank regulation within which financial institutions operate, especially those emanating from financial crisis.  This module focuses on students developing and having a good grasp of recent and ongoing events within financial institutions and its regulation, with the aim of appraising and developing potential changes in the landscape.

Global Finance 20 credits

Global finance is a constantly evolving subject that deals very much with real world issues such as the causes of exchange rate movements, the challenges for international organizations and the implications macroeconomic linkage between economies. 

Security Analysis and Portfolio Management 20 credits

The aim of the module is to provide you with a critical understanding of the principles and practice of personal and institutional portfolio management. The characteristics of the main types of investment asset are critically analysed in the context of wider investment portfolios. The emphasis is on investment planning in a generalised, rather than country specific format. The module contributes directly to the Finance pathway, providing a critical aspect of the finance specialism. 

International Financial Strategy 20 credits

This module aims to provide you with a critical understanding of the core issues relating financial principles and practice of an enterprise.  The module contextualises the complexities of the firm objectives, agency theory and derivation of the separation theorem; it links theory to practice and explores the financial decisions of the firm from a strategic perspective. The emphasis of the module is on the firm’s investment, financial decision making and dividend polices and their impact on firms capital structure and share value. The module builds on some of the finance topics  introduced in  ‘Managerial Finance ’  at the Certificate stage  and  introduces new topics  such as Capital Asset Pricing Model, portfolio  theory; efficient market hypothesis, diversification and an over view of Mergers and Acquisitions. The module contributes directly to the Finance pathway, providing a critical aspect of the finance specialism. 

Governance and Ethics 20 credits

This module will lay the foundations for robust ethical assessment and a critical understanding of corporate governance.  A group presentation with 50% weighting is the first assessment of the module.  It will give the opportunity to forge a group working dynamic to synthesise an ethical approach to the scenario supplied that can be justified and supported by a critical apparatus based on extant research and scholarly works. 

All core modules are guaranteed to run. Optional modules will vary from year to year and the published list is indicative only.

Professional Placement Year

In order to qualify for the award of MSc Islamic Finance with Professional Placement, a student must successfully complete 180 credits of the Level 7 modules listed above as well as the following Level 6 module.

Professional Placement 60 credits

This module is designed to provide you with the opportunity to undertake a credit bearing, 20-week Professional Placement as an integral part of your Master’s Degree.    The purpose of the Professional Placement is to improve your employability skills which will, through the placement experience, allow you to evidence your professional skills, attitudes and behaviours at the point of entry to the postgraduate job market.  Furthermore, by completing the Professional Placement, you will be able to develop and enhance your understanding of the professional work environment, relevant to your chosen field of study, and reflect critically on your own professional skills development within the workplace. 

Download course specification

Employability

International.

Welcome to the Birmingham City Business School, home to students from over 70 countries all around the world!

Birmingham City Business School is one of the UK’s largest, most established and most respected business schools. Our programmes are practice based and many have an international focus, which means your course will be entirely relevant to today’s business world. Almost all of our courses, both at undergraduate and postgraduate level, are open to international students.

We also have links with universities across the world, including Europe, the USA, China, India and Malaysia.

Our  international pages  contain a wealth of information for international students who are considering applying to study here, including:

• Explore some of the good reasons  why you should study here
• Find out how to  improve your language skills  before starting your studies
• Find all the information relevant to  applicants from your country
• Learn where to find  financial support  for your studies

The University is conveniently placed, with Birmingham International Airport nearby and first-rate transport connections to London and the rest of the UK.

Facilities & Staff

Our Facilities

We are constantly investing in our estate and have spent £400 million on new learning facilities.

The Curzon Building

This course is based at our City Centre Campus – and specifically The Curzon Building, alongside other Social Sciences, Law and Business students.

The £63m building offers students a unique social learning space, including a dedicated student hub incorporating student support services, in the heart of Birmingham’s Eastside development.

The Business floors house an extensive number of IT facilities, breakout areas, and specialised rooms. The Marketing Link Agency is designed to replicate a modern marketing firm, allowing students to get real-life experience of working in the marketing sector. There is also the City Trading Room, which features state of the art stock market tracking equipment, keeping you up to date with all the financial comings and goings of the London Stock Exchange and Wall Street.

The Curzon building is also conveniently close to Birmingham’s business and financial centre, allowing for strong links between your studies and the real world.

The Curzon Building also features:

Dr Wahabalbari Ahmed

Senior Lecturer and Programme Director

Dr Wahabalbari Ahmed is a distinguished academic with over eight years of experience as a Senior Lecturer and Program Director at Birmingham City University. Dr Wahabalbari has a strong background in Islamic Finance, Business Economics, and Research Methodology.

UK prospective students

• Contact the enquiries team
• T: +44 (0)121 331 6295

Non-UK prospective students

• E: International enquiry form
• T: +44 (0)121 331 5389

Already applied?

• E: Contact the admissions team

Accommodation

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Durham Islamic Finance Summer School (DIFSS)

The dates for the summer school:

29 th  July – 2 nd  August 2024

Professional Fee: GBP 1,700

Academics and Professional Researchers Fee: GBP 1,150

Student (Unwaged) Fee: GBP 900

Registration:

Online Events Registration: Event Details - Durham University

Why an Islamic Finance training programme?

The Islamic banking and finance (IBF) industry has demonstrated substantial growth since the beginning of the century with the expanding product offerings and the emergence of markets such as the Sukuk market. Today, more than 500 IBF institutions are operating worldwide, which are claimed to manage assets worth no less than US$2.5 trillion, while the assets held in IBF institutions were only less than $10 billion in 1985. In Malaysia, IBF institutions have already captured the 27% of the market share, in terms of assets owned, while it is expected that Islamic finance will be the mainstream finance in the Gulf region in the coming years.

Such immense growth has brought Islamic finance to the attention of the international banking and finance community, prompting the major banks to set up Islamic financial windows to take advantage of the demand for Shari'ah-compliant finance. While Islamic capital markets, Islamic financial markets and Islamic money market have expanded the reach of IBF to new clients and jurisdictions.

As a result of these exciting developments, financiers and bankers working in the field or those who wish to enter the Islamic financial market need to be aware of and trained in the principles, operations, techniques and mechanism of Islamic finance and financial products as well as the dynamics of Islamic financial, capital and money markets.

Durham Islamic Finance Summer School (DIFSS) aims to provide such knowledge, skills and expertise, and help place participants in an advantageous position for entering and working in the Islamic financial sector. The programme is delivered mostly by leading Islamic financiers and bankers from across the world.

Durham Centre for Islamic Economics and Finance has an international reputation in teaching, conducting cutting-edge research and publishing in Islamic economics, banking and finance for about thirty years. Many of our Islamic economics, banking and finance graduates and participants of the Summer School have gone on to work in the Islamic finance sector or now teach Islamic economics and finance all over the world.

The DIFSS allows participants to take advantage of the Centre's expertise to enhance and develop their knowledge skills over a 5-day intensive programme.

Who should attend?

• financiers, bankers, professional researchers, and academic researchers
• those intending to work in, and new entrants to, the Islamic financial sector
• those already working in the sector who wish to improve their academic and practical knowledge and experience
• academics, professional researchers and postgraduate students
• anyone wishing to learn more and develop skills about this emerging industry

Accommodation

Rooms are allocated for participants at University’s Collingwood College, which is only 10 minutes walking distance to Durham University Business School where the DIFSS 2024 will be held. Alternatively, a number of local hotels are available.

Further information

Please email:  [email protected] or telephone +44 (0)191 334 7179.

DPhil Finance

Start date:

• 7 October 2024

Time commitment:

About the programme

Our doctoral training will immerse you in all aspects of academic life.

You will be both a student and a junior research colleague. We provide courses in a wide variety of research methods and you will work closely with your supervisors to define your research question and develop your thesis. You will also have opportunities to gain teaching and research assistant experience and become involved with the intellectual community within both Saïd Business School and the wider University. You will attend academic conferences, make presentations, organise lectures and seminars and contribute to management and academic decisions. Both of our doctoral programmes run in parallel, with only differences in taught courses and preparation for writing in relevant journals to your subject of choice. We have deliberately kept the programmes small which means that in the vast majority of cases, students are fully funded to allow them to devote their energies to research. The DPhil corresponds to a PhD degree offered at most other universities. Examples of previous research topics include asset-pricing and corporate finance, the design and regulation of securities markets, corporate financial policy, and the impact of financial markets on real economic activity.

Supervision

You will be assigned two initial supervisors who will guide you through your first year.

They will help you to identify your specialist area of interest and further suitable advisers in that field. You will work closely with them to define your research question and develop your thesis. It is an important relationship and also a very personal one: it is shaped by you, your supervisors and the ways you interact. You will have a minimum of nine meetings, or equivalent per year with your supervisor.

You do not need to contact any faculty in advance of making your application but you can review the  profiles of our faculty  to look for at the areas of research covered at the School. You can note within your application if you feel that you are interested in a particular research area and working with a specific faculty member. 

The allocation of a supervisor is the responsibility of Saïd Business School, it is not always possible to accommodate the preferences of incoming graduate students to work with a particular member of staff. Under exceptional circumstances a supervisor may be found outside the School.

Review some current research taking place around the school as well as from some of our alumni.

Review articles and podcasts written by our researchers at  Oxford Answers . 

Learn more about  becoming a researcher  from Andromachi Athanasopoulou, who graduated in 2007 and is now an Associate Professor in Organisational Behaviour at Queen Mary University London and an Associate Fellow at Oxford Saïd.

View Professor Renée Adams' discussion on  Women on boards: The superheroes of tomorrow?  

View Dr Amir Amel-Zadeh discussion on  (Mis-)information in financial markets .

Assessment and programme milestones

Our DPhil offers students the opportunity to engage with internationally renowned faculty who are here to help you become an academic scholar.

You will be initially admitted to the status of Probationer Research Student (PRS). During your first year, you will be required to attend taught causes where foundational economic and financial theory will be studied. Based on previous years, these may include, but are not limited to courses that cover topics such as:

• Asset pricing
• Corporate finance
• Financial econometrics

During second and third terms, you will select four elective courses offered for the second year of the MPhil in Economics, one of which must be either Financial Economics I or Financial Economics II. Following successful completion of all necessary courses and within a maximum of six terms as a PRS student (and normally by the fourth term) you will be expected to apply for transfer of status from Probationer Research Student to DPhil status. A successful transfer of status is required to give a clear indication of whether it would be reasonable to consider submission within the course of a further three terms, if work on the thesis continues to develop satisfactorily. Students who are successful at transfer will also be expected to apply for and gain confirmation of DPhil status within nine terms of admission, to show that your work continues to be on track. Both milestones normally involve an interview with two assessors (other than your supervisor). This provides important experience for the final oral examination. You will be expected to submit a thesis, which provides a significant and substantial contribution to the field of learning in finance, which should not exceed 100,000 words after four years from the date of admission. It should be good enough to be published in book form or as a series of academic articles. To be successfully awarded a DPhil in Finance you will need to defend your thesis orally (viva voce) in front of two appointed examiners.

Changes to this course and your supervision

We seek to deliver this course in accordance with this description. However, there may be situations in which it is desirable or necessary for the us to make changes in course provision, either before or after registration. The safety of students, staff and visitors is paramount and major changes to delivery or services may have to be made in circumstances of a pandemic, epidemic or local health emergency. Also in certain circumstances, for example due to visa difficulties or because the health needs of students cannot be met, it may be necessary to make adjustments to course requirements for international study.

Where possible your academic supervisor will not change for the duration of your course. However, it may be necessary to assign a new academic supervisor during the course of study or before registration for reasons which might include illness, sabbatical leave, parental leave or change in employment.

For further information please see our pages on changes to courses and the provisions of the student contract regarding changes to courses.

I think the most important issues in the supervisor relationship are communication and trust. You need a supervisor who can tell you the things you need to hear even if you don’t want to hear them, and who can nudge you back on to the right track. Alexander Montag Current DPhil in Finance student

Benefits and opportunities

• Engage with internationally renowned faculty
• Conference and research funding
• Training in principal research methods at both at Saïd Business School and wider University.

Opportunities

• Paid teaching and research assistant opportunities
• Contribute to management and academic programme decisions through student representation on committees
• Postgraduate careers resources

You will become a member of an Oxford college. Your college is both an academic and social community that will enrich your time at Oxford. It offers everything from formal dinners and balls to sports and lecture series.

The Oxford college system enables you to interact with students and faculty from other disciplines. Some colleges provide accommodation for students. 

Who can apply

Our candidates are passionately intellectual people who have a superlative academic record and are committed to a career in academia.

DPhil in Finance

You will require:

• a good undergraduate degree: 2.1 (GPA 3.5 or its equivalent)
• GMAT or GRE test results
• TOEFL or IELTS test results (If you are not from an English speaking majority country)
• three pieces of written work, including a well-developed research proposal
• three academic references

Application process

Applications are now closed for October 2024 entry.

The deadline for applying was 13 December 2023 at 23:59 GMT. 

Complete applications received by the deadline will be considered. You will be informed by late January if you have been shortlisted for interview.

Final decisions will be communicated by the end of February.

There are nine shared places available for the DPhil Finance and DPhil Management. The average number of applications for entry between 2021 and 2023 was 70. 

Fees and funding

The course fee in 2024-25 is £23,580 for both home and overseas students.

The programme is four years in duration. Course fees are payable each year, for the duration of your fee liability (your fee liability is the length of time for which you are required to pay course fees). Please be aware that fees will usually increase annually. For details, please see our guidance on changes to fees and charges .

Course fees cover your teaching as well as other academic services and facilities provided to support your studies. Course fees do not cover your accommodation, residential costs or other living costs. 

Following the period of fee liability , you may also be required to pay a University continuation charge and a college continuation charge. The University and college continuation charges are shown on the Continuation charges page.

Additional cost information

There are no compulsory elements of this course that entail additional costs beyond fees (or, after fee liability ends, continuation charges) and living costs. However, depending on your choice of research topic and the research required to complete it, you may incur additional expenses, such as travel expenses, research expenses, and field trips. You will need to meet these additional costs, although you may be able to apply for small grants from your department and/or college to help you cover some of the expenses.

Scholarships and funding

Doctoral students admitted to our programme receive full funding over four years. This includes course fees and an annual living expenses stipend. To maximise the overall availability of funding for candidates, we will identify suitable alternative scholarships and may ask you to submit funding applications. We also ask that you identify and pursue any other funding opportunities, including external funding.   

For some scholarships you are required to submit a scholarship essay and/or tick the relevant box in the Funding section of the application form.

Cost of living

In addition to your course fees, you will need to ensure that you have adequate funds to support your living costs for the duration of your course. Please view the University's  living expenses page for information about likely living costs for 2024-25.

Further information about fees

The Fees and Funding section of The University of Oxford's website provides further information about course fees , including information about fee status and eligibility  and your length of fee liability .

Alumni placements

• University of Michigan Ross School of Business – Assistant Professor of Finance
• Vanderbilt University – Assistant Professor of Finance
• Ivey Business School - Assistant Professor in Finance
• University of Warwick - Assistant Professor of Entrepreneurship and Innovation
• International Monetary Fund - Economist (Economist Program), Research Department
• Harvard Business School - Post-Doctoral Fellow
• University of Hong Kong - Assistant Professor of Finance
• Vrije Universiteit Amsterdam and Tinbergen Institute - Assistant Professor of Finance
• Federal Reserve Bank of Cleveland – Research Economist
• Indiana University – Assistant Professor of Finance
• City University of Hong Kong - Assistant Professor
• Please contact us if you have any queries.
• [email protected]