Gain industry-specific expertise with an MBA in Islamic Finance

The Islamic finance market is growing. Is the time ripe to upskill in the field?

By Aisyah Liliana 

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According to reports, global interest in the Islamic finance market is growing moderately, bolstered by strong investments in the halal sectors, infrastructure, and sukuk bonds. 

With Islamic finance expanding into the mainstream and some countries reporting a strong Islamic finance sector, this could be useful for professionals to develop a specialisation in the field. 

Those interested in getting a credential related to Islamic finance will be heartened to note that the Chartered Insurance Institute (CII) and Islamic Insurance Association of London (IIA) have worked with the University of Bolton to launch an MBA in Islamic Finance (Executive).

In a press release, CII explained that this part-time two-year graduate degree focuses on management and commerce, with the aim of helping insurance professionals progress into senior positions in organisations that follow Islamic principles.

Aspiring candidates for the MBA must have at least two years of relevant work experience and a UK honours degree, postgraduate degree, or equivalent.

“The MBA will ensure professionals develop a comprehensive knowledge of methodologies and concepts of Islamic Law and the application of legal principles within Islamic business transactions,” said CII. 

Candidates will be taught how to assess unique issues associated with Islamic financial products and operations, identify risk elements and mitigating techniques relating to Islamic banking.

Students must also submit a masters’ level dissertation to achieve an MBA.


Carve your niche in the Islamic finance market

Many other institutions offer similar MBAs. 

Cyprus Institute of Marketing, for instance, offers an MBA in Islamic Banking and Finance, a one-year distance learning programme. It’s made up of three compulsory modules — including organisational behaviour, business policy and strategy and research methods — and a thesis assignment. 

Over in Southeast Asia, University Teknologi Malaysia’s (UTM) Islamic Finance MBA sees students taking courses in Strategic Management, Business Research, Strategic Innovative Marketing, to name a few, while candidates should have a minimum of two years post-qualification working experience to apply.

Taking up an MBA, be it part-time or full-time, is a big investment both financially and personally, so you’ll want to be sure it’s the right path for you. A specialised MBA in Islamic Finance is ideal if you want an in-depth education and wish to pursue a career within Islamic insurance or a related field.  

It can give candidates the tools and knowledge needed to carve a career in the industry than a general MBA would, which makes it essential that you know for sure of your career ambitions before committing to a programme.

Without a doubt, those who want to carve a pathway towards senior management positions — be it in the private or public sector — will want a graduate certification that will equip them with the tools and knowledge to qualify and succeed in the role, and a specialised MBA can do just that.