Islamic Finance & Muamalat (Master's by Research)

Program Code


About Courses

The research program in Islamic Finance & Muamalat provides rigorous training in specialised areas of Islamic finance, banking, economics, management and their relevant conventional counterparts. With Islamic financial institutions now operating in more than 75 countries worldwide, and working with brands with assets approaching US$2 trillion, Islamic finance has become an important influence on the world’s financial stage. ARI offers exclusive facilities for masters and research students choosing to specialise in Islamic finance.The course provides and examines insights into different aspects of the Islamic financial environment. It will enable you to focus upon advanced developments, not only in Islamic finance but also conventional finance. You will develop a specialised understanding of the techniques particular to Islamic and conventional finance, and develop the tools necessary to investigate relevant financial management issues. You will also develop a critical awareness of ethical and corporate social responsibility issues in Islamic and conventional finance. On top of this, the syllabus explores the key activities of Islamic banks and trends in Islamic portfolio management.

Mode of Program

Full Time/ Part Time

Duration of Study

  • Full Time : 3-4 Semesters
  • Part Time: 4-6 Semesters

Entry Requirements

  • Academic Qualification
    • Applicant must have a Bachelor’s Degree with Honours in a relevant field of study from a university that is recognized by the University Senate and the Malaysian government.
  • English Language Proficiency
    • a TOEFL certificate with a score of at least
    • 550 for (paper based), or
    • 213 (computer based), or
    • 79-80 (IBT), or
    • an IELTS certificate with at least Band 6.0

 *Any other English language certificates other than TOEFL and IELTS are NOT accepted by the university.


Research Areas 

  • Islamic Finance Development
  • Financial Crisis and Islamic Finance
  • Maqasid al­Shariah in Financial Transactions
  • Islamic Finance Instruments
  • Compliance on Corporate and Shariah Governance
  • Theory of Islamic Contract
  • Shariah Compliance of Financial Products
  • Shariah and Legal Issues
  • Islamic Micro­financing
  • Shariah Audit
  • Waqaf Management
  • Corporate Zakat Management
  • Zakat Investment
  • Sukuk and Securitization
  • Operational Risks and Shariah Compliance
  • Islamic Social Enterprise
  • Islamic Corporate Social Responsibility
  • Takaful and Wealth Creation 


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