Program Overview

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Course Details

In the world of sustainable development and Ethics-Social and Governance paradigms, MSc in Islamic Finance will give you the necessary critical skills to develop ethical screening and decision-making on top of financial decision-making skills.

Since Islamic finance is constituted from a particular knowledge set, this programme aims to provide you with fundamental knowledge related to Islamic finance galvanised by essential practical skills and real-world applications in an international context. It also focuses on the countries that have a systemic presence of Islamic finance, including the UK.

Through Islamic finance and finance related core and elective modules, you will gain a deep understanding of the Islamic financial system and the working of Islamic financial contracts within national and international contexts. Core modules include specialised modules such as Islamic Political Economy, Islamic Law and Financial Transactions, Islamic Banking and Finance, and conventional finance modules such as Fundamentals of Finance and Financial Management. Each module is tailored to foster an intricate grasp of Islamic and conventional finance in an interactive manner within the global financial system by making reference to sustainable development and the digital economy.

In assisting you to personalise your learning experience, you will have the flexibility to choose from a variety of optional modules that align with your career aspirations in the Islamic and conventional sectors. These electives include Islamic Capital Markets, Risk Management Issues in Islamic Finance, Climate Finance, Private Equity and Wealth Management, among others, allowing you to specialise in areas that serve your interest.

The programme is structured as a one-year, full-time, residential course that significantly enhances your international exposure. Through collaborations with our esteemed global Islamic finance partners, you will have opportunities to participate in Durham Islamic Finance Summer School to enhance your practical skills by learning from global leaders of Islamic finance.

Durham is one of the most spectacular towns in the UK, with a huge historical legacy. Similarly, campus life is vibrant and enriching. Hence, engage in numerous activities and events that will broaden your business acumen, including exclusive presentations offered by Durham Islamic Finance Summer School by the guest speakers renowned in international Islamic finance circles.

Our Business School is accredited by the AACSB, AMBA, and EQUIS, is recognised for its academic rigor and commitment to excellence. You will learn from academics who are not only leaders in their fields but also passionate about mentoring the next generation of Islamic finance leaders.

Prepare to advance your career with a globally oriented mindset and a network of peers and professionals from around the world, as Durham Business School is internationally recognised for being at the forefront of Islamic finance research and education, where you will develop the expertise to thrive in diverse environments and make impactful decisions on a global scale.

Course Structure

Year 1 Modules

Core Modules:

• Islamic Banking and Finance: introduces the fundamental operational mechanisms of Islamic financial institutions, the Islamic normative principles, and Shari’ah governance.
• Islamic Law and Financial Transactions: provides you with comprehensive and essential knowledge of the fundamental principles of Islamic finance and their articulation in financial contracts used in Islamic finance.
• Islamic Political Economy: offers an in-depth understanding of the Islamic economy with all its normative and theoretical aspects. It allows one to locate Islamic finance within the broader objective of Islamic economics, which is described as the well-being of all stakeholders.
• Financial Management: equips you with the ability to not only understand the financial information needed by management for decision-making, but also to apply this knowledge in real-world scenarios, enhancing your preparedness and competence in the field.
• Fundamentals of Finance: provides a comprehensive grounding in modern finance theory and the most important contemporary research, ensuring you are well informed and knowledgeable in this dynamic field.
• Quantitative Methods: provide you with the know-how necessary to conduct empirical research in economics or finance and understand more advanced econometric techniques.
• Dissertation: The Dissertation on an Islamic finance topic of your choice not only develops your ability to plan and manage your own learning but also provides an opportunity to conduct an in-depth investigation at an advanced level and present your findings and conclusions. It also offers exciting international opportunities. You can apply for the international route, where you can undertake research abroad at a partner university, or develop a more applied project in conjunction with an appropriate organisation, adding a global perspective to your studies.

Optional Modules:

• Climate Finance
• Financial Technologies
• Islamic Capital Markets
• Risk Management Issues in Islamic Finance
• Private Equity and Wealth Management
• International Study Tour

Learning

Learning is delivered through lectures, some given by guest speakers, seminars, practical sessions, and extracurricular activities. Seminars involve working in a smaller group to discuss lecture topics, debate issues, and solve them. Practical work comprises medium-sized group sessions in which you can practise computer software and apply topics from lectures and seminars.

You will undertake a combination of core and optional modules which will enable you to carry out in-depth study of particular topics. You will also complete an independent 12,000-word dissertation.

Typically, you will attend 10 hours per week of lectures in term 1, nine hours per week of lectures in term 2 and undertake a one-hour seminar per module every two weeks.

Pre-sessional modules in accounting, economics, and mathematics and statistics, are offered in September and October in the form of five lectures and five seminars per module.

Assessment

Assessment is rigorous and carried out through exams in January, May and June, assignments and a 12,000-word dissertation in which you carry out independent research and develop your analysis skills.

Outside of timetabled contact hours, you will be expected to undertake your own independent study in preparation for exams, seminars, assignments and other forms of assessment as well as general background reading in order to broaden your subject knowledge.

In the third term, you will complete a 12,000 word dissertation which could be a specific project with an organisation. Supervised by a faculty member with relevant experience, you will investigate in greater detail a subject that you have already studied as part of your programme. A major piece of independent work, the dissertation will enable you to exercise critical judgement and illustrate how economic analysis has relevance to financial decision taking.

Entry Requirements

Application Deadlines

The application process opens 1 October 2024 for Masters programmes commencing 2025

We aim to have a diverse student body and recognise that we can only offer places to a finite number of applicants. To help achieve our aim, we look to ensure we offer places to applicants from all nationalities and close applications when we receive the allocated numbers.

The University is under no obligation to make any offer of a place on the programme to any applicant, nor is the University obligated to fill all spaces available on the programme.

The MSc in Islamic Finance programme is designed for new or recent graduates. However, it may also be of interest to those who already have practical experience in the field of finance.

Prospective candidates must hold qualifications equivalent to a UK first or upper second-class honours degree in any discipline.

For applicants whose first language is not English: a minimum score of 6.5 in IELTS, with no element below 6.0; or a minimum score of 92 in TOEFL, with no element below 23; or an equivalent qualification.

Alternative Qualifications

• Other UK qualifications
• EU qualifications
• International qualifications

International students who do not meet direct entry requirements for this degree might have the option to complete an International Foundation Year.

Home students who do not meet our direct entry requirements, may be eligible for our Foundation Programme which offers multidisciplinary programmes to prepare you for a range of specified degree programmes.

English Language Requirements

Country specific information

Fees and Funding

Full Time Fees

Tuition fees Home students | £16,000 per year
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EU students | £35,500 per year
Island students | £16,000 per year
International students | £35,500 per year

The tuition fees shown are for one complete academic year of study and are set according to the academic year of entry. Fees will be subject to an annual inflationary increase and are expected to rise throughout the programme of study. The fee listed above is for the first year of the course only.

Scholarships

We are committed to supporting the best students irrespective of financial circumstances and are delighted to offer a range of funding opportunities.

Career Opportunities

Finance

As a Business School Masters student, you'll have access to a dedicated postgraduate careers service offering a wide range of opportunities to help you develop the skills necessary for a global career.

We work in partnership with the University's careers team to connect you with events, organisations, or individuals to help kick-start your career. You will have access to one-to-one support on every aspect of the application process, from CV writing to interview techniques.

Our graduates are highly sought after by global employers. Some of our recent graduates now work in sectors including: financial services, healthcare, government and consultancy amongst many others.

Department Information

Finance

Our MSc Accounting is an innovative programme designed to develop your critical thinking skills and provide an essential introduction to a career in accountancy and related fields. It is taught by an outstanding academic team from the Department of Accounting

The Department of Accounting is one of four departments at Durham University Business School. We offer a stimulating learning environment for our Masters students. As an accountancy student you will be joining an academic department with an international reputation for research and teaching excellence.

The one-year, full-time MSc Accounting programme will help you develop key analytical and practical skills and is an ideal programme if you're looking to pursue a career in accounting but have no prior subject knowledge. In addition, the programme carries exemptions from both the ACCA (Association of Chartered Certified Accountants) and CIMA (Chartered Institute of Management Accountants), which can fast track your journey to membership of these organisations, making it easier for you to practice as an accountant.

We are proud of be a part of Durham University Business School, one of the UK’s longest established business schools and one of an elite group of institutions to be accredited by all three major accrediting bodies: the Association to Advance Collegiate Schools of Business (AACSB), the Association of MBAs (AMBA) and the European Quality Improvement System (EQUIS).

For more information see our department pages.

Facilities

The MSc Accounting programme is taught across the Durham University campus by world leading faculty. The University is situated in the historic centre of Durham, a city with UNESCO World Heritage Status.

Business School students have access to libraries and study spaces across the University. Many of our learning resources are accessible online, including up-to-date financial information, industry-standard databases and access to over 10,000 journals.