Ahmad Moshiur Rahman wrote:

Assalamualaikum. I am from Bangladesh. I m studying BBA (9th semester). Its my aim to do MBA in Islamic Banking and Finance. Can u plz give me information about the institutions from where I can reach at my aim. It will be very helpful if u can give me some info about the scholarship in various countries on Islamic banking and finance studies..jazakAllah khair

Answer by Mohammed Waseem:

Wa Alaikum as Salam Ahmad,

Islamic Banking and Finance is a niche but a lucrative area of work. There are very less Islamic Financial institutions in the world, compared to non-Islamic ones but if you find the right placement, you can make a good career.

MBA in Islamic FinanceAs it is a niche area, only a few educational institutes offer a master’s course in Islamic Banking and Finance. Considering that you live in Bangladesh, I have got a list of universities in Asia offering an MBA in Islamic Banking and Finance.

1. Universiti Malaya – University of Malaya Graduate School of Business (UMGSB), Kuala Lumpur, Malaysia

They offer both full time and part time programs. They have scholarship schemes such as Malaysia International Scholarship (MIS) and Ryoichi Sasakawa Young Leaders Fellowship Fund (SYLFF) which maybe applicable to you. You can read about the course and eligibility criteria here and about the scholarship here.

2. International Islamic University of Malaysia (IIUM), Kuala Lumpur, Malaysia

Their full time program is for 16 months, while the part time program is for 32 months. Read about the course here. You can also download the application form from the Admission Requirements page. They have various categories of scholarships and financial assistance. You can evaluate them by reading about them here.

3. University College of Bahrain, Manama, Bahrain

They offer daytime, evening and executive programs. You can go through the admission requirements and read about the course here. They do have scholarships and you are supposed to fill the application form and submit it to them in person. You can read about it here.

4. Talal Abu-Ghazaleh College of Business (TAG-College), Amman, Jordan

This college offers an MBA program with specialization in Islamic Business Finance, where you will study Accounting for Islamic Financial Institutions, Islamic Banking and Takaful, Islamic Commercial Law and Islamic Commercial Markets and Instruments. This is where you can register for an application. You can view the fee structure and apply for a scholarship here.

5. Mohammed Ali Jinnah University, Karachi, Pakistan

They have a 2 year MBA program in Finance. You are supposed to select 6 subjects (electives) in finance, 2 of them have to do with Islamic Finance, viz. Islamic Banking and Islamic Financial System. Check all the subjects here. This link has the fee details and fee waiver policy.

6. University of Central Punjab Business School, Lahore, Pakistan

This university has an MBA in Banking and Finance, with optional specialization in Islamic Banking and Finance. They offer scholarship/concession based on merit. Have a look at this.

7. Aligarh Muslim University, Aligarh, India

They have a Post Graduate Diploma in Islamic Banking and Finance. A course completely based on Islamic Finance. Have a look at the subjects here. Have a look at the guide to admissions and read about the eligibility. I found no detail about scholarships on their website.

8. Asia e-University (AeU), Malaysia

This is an open university for online MBA. They have an MBA in Islamic Banking and Finance. You can refer to the entry requirements and read about scholarships here.

There are other universities in Asia such as Universiti Kebangsaan Malaysia (UKM) and Universiti Tun Abdul Razak (UNIRAZAK) – Graduate School of Business in Malaysia, and Shaheed Zulfikar Ali Bhutto Institute of Science and Technology in Pakistan; which offer MBA programs in Islamic Banking and Finance. I have mentioned the popular ones in the above list.

Other than in Asia, there are institutes in the UK which offer MBA in Islamic Finance. Here are some of them:

1. London School of Business and Finance, London, UK

They call it MA in Finance and Investment (Islamic Finance and Banking). You can read about scholarships here.

2. Prifysgol Bangor University, London, UK

They offer an MBA in Islamic Banking and Finance. This course is also offered at the Bangor School of Business. They have scholarships available, you can read about them here.

3. University of East London, London, UK

They have an MBA in Islamic Finance. You can find more about the fee structure and scholarship schemes here.

4. Euclid University, Gambia (Online)

As the title suggests, it is an online MBA in Islamic Banking and Finance. They have scholarships available, you can access this page for fees and this page for more information.


I hope you have got enough options to make a choice from, and hope you go ahead with your decision to pursue an MBA in Islamic Banking and Finance. Without any doubt, it may translate into a highly rewarding career in one of the fastest growing segments in the financial service industry, if you get the right placement after completion.