Studying Islamic finance abroad

What is Islamic finance?

Islamic finance is a system of financial management that follows the principles of Islamic law, known as Sharia. It aims to promote fairness, transparency, and ethical investment. Unlike conventional finance, Islamic finance prohibits interest (riba) and focuses on risk-sharing, asset-backed transactions, and social responsibility.

The field draws on knowledge from economics, law, banking, and religious studies. As a student of Islamic finance, you will learn how financial systems operate within Islamic frameworks, how Islamic banks function, and how ethical investing can support economic development. Your studies may include both theory and practical applications within global financial markets.

Why study Islamic finance abroad?

Studying Islamic finance in another country allows you to experience how Islamic financial systems are applied internationally. You may study in countries where Islamic banking is well established, such as Malaysia, the United Arab Emirates, or the United Kingdom. This exposure helps you understand how Islamic finance interacts with global economic systems and how it supports both Muslim and non-Muslim communities.

Studying abroad also helps you build cross-cultural communication skills and form professional relationships with financial experts, scholars, and organisations from around the world. You will gain insights into how ethical finance can influence business practices across different cultures.

What you will study

Islamic finance degrees often combine traditional business education with specialised modules on Islamic law and ethics. Common areas of study include:

• Principles of Islamic Banking – understanding how Islamic banks operate without interest-based systems.
• Sharia and Commercial Law – learning how Islamic legal principles apply to financial transactions.
• Islamic Capital Markets – exploring investment products such as sukuk (Islamic bonds).
• Risk Management – identifying and managing financial risk in accordance with Islamic principles.
• Takaful (Islamic Insurance) – studying how cooperative insurance models work.
• Finance and Ethics – examining the moral dimensions of wealth and investment.
• Research and Data Analysis – applying analytical tools to assess financial systems.

Many programmes also include internships, case studies, and partnerships with Islamic financial institutions or banks.

Related subjects you might also like

• Economics
• Business and Management
• Finance and Accounting
• International Development
• Islamic Studies

Accreditation

At undergraduate level, you may graduate with a Bachelor of Science (BSc) or Bachelor of Arts (BA) in Islamic Finance, Islamic Banking, or a related field such as Business or Economics with Islamic Finance.

At postgraduate level, you can pursue a Master of Science (MSc), Master of Business Administration (MBA), or Master of Arts (MA) specialising in Islamic Finance or Islamic Economics. Many universities also offer a Master of Research (MRes) for those interested in academic or policy work. A PhD is required for advanced research or teaching positions.

Professional accreditation is available in several regions through organisations such as the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) or the Islamic Financial Services Board (IFSB).

Careers

A qualification in Islamic finance opens opportunities in banking, investment, consultancy, and international business. Graduates may work as Islamic finance analysts, Sharia compliance officers, investment advisors, or financial consultants.

Other career paths include roles in government agencies, non-profit organisations, and research institutions that focus on ethical or sustainable finance. You might also work in product development, creating financial tools that align with Islamic principles.

Beyond the financial sector, graduates often contribute to policy-making, education, or community development. The global demand for professionals with expertise in Islamic finance continues to grow, offering you the chance to build a career that combines financial knowledge with ethical practice.