Islamic Finance

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.

You will need to complete an online application form.

>>Fill out the online application form

To support your online application form, you will need to provide the following documents.

• Official transcript of marks
• Copy of degree certificate (if available)
• Copy of English test results (if available).

You can either upload your supporting documents with your online application or email or fax them to the Postgraduate Admissions Office using the contact details below.

Note
Only files of type .doc, .docx, .gif, .jpg, .pdf, .png, .rtf are permitted to be uploaded.
The maximum file size is 5MB.

Once we receive your online application form, you’ll get an automatic email within 48 hours asking you to pay the £60 application fee* which is required to progress your application.

You’ll need to follow the link in the email to the webpage where you can confirm your details and make the payment using a debit or credit card. This is a secure website operated by Secpay, which will send you an automatic receipt of payment.

Once we receive confirmation that your application fee has been paid, we’ll be able to progress your application. If you do not pay the application fee your application will be automatically withdrawn.

*Please note you will only be able to make a payment for one programme in each suite i.e. one MSc Finance programme, one MSc Management programme, one MSc Economics programme.

All students of Durham University will become a member of one of our Colleges. Here is more information about what college membership means to our students. Once you have accepted your postgraduate offer, the Accommodation and Allocations Office will contact you with further information regarding how to express college preferences. You can also apply for college accommodation, if you wish to.

Here are the steps in the admissions process:

1. We will let you know when we’ve received your application.
2. Once we’ve received all of your supporting documents, we will email you to let you know our decision.
3. If the decision is to make you an offer of a place on the programme we will let you know by email. Please note we do not issue hard copy offer letters as these are not required to obtain a student visa.
4. You should confirm acceptance of your offer as soon as possible. In order to secure your place, you are required to pay a deposit within six weeks of the date of your original offer (check your offer documents for details of payment methods).
5. International students requiring a student visa will receive a CAS (Certificate of Acceptance of Studies) via email once all offer conditions are met, acceptance and deposit have been received and you are within five months of the start date of your programme.

Months of entry

October

Course content

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.

Thus, international and domestic developments provide an enhanced rationale for taking up an MSc Islamic finance programme to be part of a thriving and unique sector known as Islamic finance.

Course structure

Core modules:

Islamic Banking and Finance

Islamic Law and Financial Transactions

Islamic Political Economy

Fundamentals of Finance

Financial Management

Quantitative Methods

Dissertation in Finance

In recent years, optional modules have included:

• Banking and Financial Intermediation
• Capital Market Development
• Climate Finance
• Corporate Finance
• Financial Technologies I
• Islamic Capital Markets
• Risk Management Issues in Islamic Finance
• Mergers, Acquisitions and Corporate Restructuring
• Portfolio Management
• Private Equity and Wealth Management
• International Study Tour

Information for international students

Fees and funding