Master of Arts in Islamic Finance and Economics (Track R)
The International Islamic University of Minnesota proudly presents the Master of Arts Degree in Islamic Finance and Economics – Research Track, designed for instructors, academics, and researchers dedicated to advancing Islamic financial theory and practice. This distinguished program emphasizes deep analytical and research-based engagement with both classical and modern financial systems, preparing students for academic publication and doctoral study in the field of Islamic economics and finance.
Learning Outcomes:
Graduates of this program will:
-
Develop a strong foundation in the principles and objectives of Islamic economics and finance.
-
Analyze modern financial systems through a Sharia-compliant lens.
-
Conduct advanced research to address contemporary economic and financial challenges.
-
Contribute to the global discourse on Islamic finance through academic writing and scholarship.
Program Features
Flexible
Study Format
Online/live sessions or
Self-Paced Study
Tuition and Fee
Per Credit: $100
Monthly: $383
Total: $5750
Full-Time Completion Time
3 Quarters per Year: 1.2 year
4 Quarters per Year: 1 year
Instruction Medium
English
Study Time Options
Full Time: Minimum 2 courses per quarter
Part Time: Minimum 1 courses per quarter
Degree Completion Requirements
Total: 55 quarter credits
Core Courses: 25 credits
Electives: 20 credits
Research Methodology course: 5 credits
Capstone: 5 credits
Curriculum Details
-
IEMF500 – Islamic Finance Principles (5 credits)
An overview of the ethical and legal foundations of Islamic finance, introducing key concepts like risk-sharing, profit-and-loss sharing, and the prohibition of interest (riba), with insights into its global relevance. -
IEMF501 – Islamic Financial Transactions I (5 credits)
Covers foundational Islamic contracts such as Murabahah, Musharakah, and Mudarabah, examining their ethical foundations, real-world applications, and Sharia-compliant regulatory frameworks. -
IEMF502 – Modern Financial Instruments (5 credits)
Explores contemporary Islamic financial instruments including Sukuk, ETFs, forex, and REITs, addressing both asset-backed and asset-based products within global financial markets. -
IEMF503 – Wealth & Portfolio Management (5 credits)
Guides students through financial planning for Muslims, covering personal investments, retirement strategies, and portfolio management with a focus on diversification and risk alignment. -
IEMF504 – Islamic Banking (5 credits)
Introduces the structure, instruments, and ethical principles of Islamic banking, comparing it to conventional banking and analyzing regulatory environments through global case studies.
-
Students Must Take 4 Electives from the Course List
1. IEMF505 – Home Financing and Real Estate (5 credits)
Focuses on Sharia-compliant real estate financing models like Musharakah and Murabahah, examining ethical and economic implications using actual contracts and market examples.
2. IEMF506 – Management & Accounting for IFIs (5 credits)
Covers the operational, managerial, and accounting challenges in Islamic Financial Institutions, emphasizing regulatory compliance and ethical financial practices.
3. IEMF507 – Risk Management for IFIs (5 credits)
Analyzes credit, market, and operational risks unique to Islamic finance and explores strategies for mitigation within Islamic Financial Institutions.
4. IEMF508 – Islamic Financial Ethics (5 credits)
Highlights the moral and ethical responsibilities of professionals in Islamic finance, promoting values of honesty, fairness, and integrity in the workplace.
5. IEMF509 – Islamic Corporate Finance (5 credits)
Explores corporate financial decision-making within an Islamic framework, emphasizing risk-sharing, interest prohibition, and ethical investments.
6. IEMF510 – Islamic Capital Markets (5 credits)
Delves into the structure and functioning of Islamic capital markets, covering investment strategies, instruments, and regulatory frameworks.
7. IEMF511 – Islamic Insurance – Products & Practices (5 credits)
Explores the principles and operation of Takaful, providing a deep understanding of Islamic insurance models and their application in global markets.
8. IEMF512 – Islamic FinTech and Digitalization (5 credits)
Examines how technological innovation is shaping Islamic finance, focusing on topics like digital banking, blockchain, cryptocurrencies, and AI within a Sharia-compliant context.
9. IEMF513 – Global Islamic Economics (5 credits)
Focuses on the role of Islamic finance in global economic development, analyzing macroeconomic and microeconomic trends in Muslim-majority regions and the impact on equitable growth.
-
ISEC504 Research Methodology - 5 Credits
-
-
ISEC505 Capstone Project - 5 Credits
-
What Our Students
Say About Us
I love the weekend format! It fits seamlessly into my busy life, and the classes are not only informative but also highly engaging. I look forward to each session!
Fateema Karim
Studying at IIUMN has been an incredible journey, offering deep courses in Islamic sciences and expert guidance from instructors at every step.
Khalid Azizi
The professors at IIUMN are highly knowledgeable, offering deep insights and clear guidance that make learning truly enriching.
Ali Hassan
Admission Requirements
-
Copy of Valid Passport or ID: Please provide a clear image of your valid passport or photo ID to verify your identity.
-
Personal Statement: A personal statement is required. This should outline your interest in the program, your career goals, and why you believe you would be a good fit for the program.
-
Most Recent College or University Diploma and Transcripts: Applicants must have completed an undergraduate degree. Official transcripts must be submitted.
-
Application Form: Applicants must submit a fully completed application form through the university's online application system. It is essential that all sections of the form are thoroughly and accurately completed to ensure your application is properly considered.
-
Application Fee: The application fee for a master’s degree program is $50.