Master of Islamic Banking

(N/343/7/0246) (10/26) (MQA/PA 14829)

The Master of Islamic Banking program at Lincoln University College is a specialized program that provides qualitative and quantitative methods of analysis in Islamic and conventional finance.

  • Full Time: 2 -3 Years | Part Time: 3 - 4 Years
  • Intakes: March, July, October

Overview

The Master of Islamic Banking program at Lincoln University College is a specialized program that provides qualitative and quantitative methods of analysis in Islamic and conventional finance. This cutting-edge program has been created to provide students with a once-in-a-lifetime opportunity to receive a strong transdisciplinary and interdisciplinary graduate education in a variety of core areas. The aspirants can also choose to specialize in one of several significant topics, such as Islamic Finance or Sustainable Finance. The program allows the aspirants to learn about the Islamic banking and finance industry’s structure, as well as its theoretical basis, products, performance, Islamic financial instruments, and risk management challenges.

For successful completion of Masters degree each candidate should publish minimum of two research articles in Scopus indexed journals, with Lincoln University College affiliation.

Program Aim

The program of Master of Islamic Banking will produce professionals who are eligible to:

  • Incorporate in-depth relevant knowledge, formulate, and conduct problems effectively through critical thinking skills in Islamic banking practices.
  • Adopt practical measures with interpersonal accuracy through effective communication within a team in the field of Islamic banking.
  • Implement the digital and numerical skills in managing scientific solution to complex problems in Islamic Banking.
  • Utilize leadership, autonomy, and responsive skills effectively to personally undergo entrepreneurial work in Islamic Banking.
  • Empower integrity through professionalism and ethics in Islamic Banking related task.

Career Opportunities

The curriculum of Master of Islamic Banking is aimed to prepare students for a career in business and finance. Many countries have expressed a desire for Islamic banking services to expand internationally in recent years. This curriculum keeps professionals up to date on the newest developments and prepares them for success in this rapidly changing area. This degree equips them for a number of careers such as:

  • Business Analyst
  • Bank Manager
  • Financial Institutions
  • General Manager
  • International Business Consultancy
  • Credit Analyst

FAQ

About The Program

The Master of Islamic Banking program at Lincoln University College is a specialized program that provides qualitative and quantitative methods of analysis in Islamic and conventional finance. This cutting-edge program has been created to provide students with a once-in-a-lifetime opportunity to receive a strong transdisciplinary and interdisciplinary graduate education in a variety of core areas. The aspirants can also choose to specialize in one of several significant topics, such as Islamic Finance or Sustainable Finance. The program allows the aspirants to learn about the Islamic banking and finance industry’s structure, as well as its theoretical basis, products, performance, Islamic financial instruments, and risk management challenges.

The Master of Islamic Banking program typically focuses on providing advanced knowledge and skills in the principles and practices of Islamic finance and banking, which operate in accordance with Shariah law. Here’s a general breakdown of the key areas that such a program often covers:

  • Shariah Principles in Finance
  • Islamic Financial Instruments
  • Risk Management and Compliance
  • Islamic Banking Operations
  • Islamic Finance Law and Governance
  • Comparative Study of Islamic and Conventional Banking
  • Global Trends and Challenges in Islamic Finance
  • Islamic Economic Systems

The Master of Islamic Banking is designed to prepare students for careers in international markets by offering international case studies on business challenges and solutions across different economies.

Career support for Master of Islamic Banking students

  • Career services: Lincoln Business School provide dedicated career services that help students connect with multinational employers through recruitment events, recruitment agency and career fairs.
  • Alumni networks: Strong global alumni networks are common in Lincoln Business School, allowing students to connect with graduates working in diverse industries worldwide.
  • Faculty in Master of Islamic Banking programs often have extensive international experience, bringing a wealth of knowledge from global corporations, international research, and consulting roles.
  • Lincoln Business School boast a diverse faculty with professionals who have worked in multinational corporations across continents and industries.  This global expertise ensures that students gain a real-world understanding of how business is conducted across different cultures and regions.

This program is ideal for:

1. Aspiring Islamic Finance Professionals

  • Islamic Bankers: Individuals who want to work in Islamic banks or financial institutions. This program provides a deep understanding of Islamic banking principles, Sharia-compliant financial products, and services like mudarabah (profit-sharing), ijara (leasing), and takaful (Islamic insurance).
  • Financial Advisors Specializing in Islamic Finance: Professionals who aim to advise clients on Islamic financial products and ethical investments should pursue this degree to better understand the intricacies of Islamic finance.

2. Finance and Banking Professionals Seeking Specialization

  • Conventional Bankers: Professionals currently working in conventional banking who wish to transition into or specialize in Islamic banking. A Master’s in Islamic Banking will give you the knowledge of Sharia law, Islamic financial products, and ethical banking practices necessary for this shift.
  • Investment Bankers: Those in investment banking who want to broaden their skill set to include Sharia-compliant investment vehicles, sukuk (Islamic bonds), and halal investment funds.
  • Corporate Finance Professionals: If you’re working in corporate finance and want to provide Sharia-compliant financial solutions to businesses or governments, this degree will help you gain the necessary knowledge and skills.

3. Aspiring Islamic Finance Academics and Researchers

  • Academic Aspirants: If you are interested in teaching or researching Islamic finance principles, banking practices, or Sharia-compliant financial systems, this degree is a solid foundation for a future career in academia or as a researcher in Islamic economics and finance.
  • Researchers in Islamic Finance: Professionals interested in exploring the future of Islamic finance, the integration of fintech in Islamic banking, or the global regulatory landscape will benefit from this master’s program, which provides opportunities to conduct in-depth research.

4. Business and Financial Professionals in Islamic Countries

Professionals in the Middle East, Asia, and Africa: Individuals living or working in countries where Islamic banking is prevalent (such as Saudi Arabia, Malaysia, the UAE, Qatar, and Pakistan) should consider this degree to gain a competitive advantage in the local financial industry. This degree equips you with a comprehensive understanding of Sharia-compliant products and services, making you highly relevant in these markets.

  • Government and Regulatory Professionals: Professionals working in central banks, regulatory bodies, or ministries of finance in Islamic countries may consider this program to enhance their understanding of the Islamic banking regulatory environment and create frameworks for supporting Sharia-compliant financial institutions.

5. Legal and Compliance Experts in Islamic Finance

  • Legal Advisors Specializing in Islamic Finance: Lawyers and legal consultants who want to focus on Islamic finance contracts, regulations, and dispute resolution. A Master’s in Islamic Banking will help you understand the legal nuances of Islamic financial transactions, making you better equipped to draft and review contracts compliant with Sharia law.
  • Compliance Officers in Islamic Banks: Compliance professionals working in Islamic banks need to ensure that all banking products and services adhere to Sharia principles. This program equips you with the skills to monitor compliance with Islamic law, making you a vital part of the risk management team.
  • Sharia Auditors: Islamic financial institutions require Sharia auditors to ensure that all operations are compliant with Islamic law. This degree prepares you to carry out audits and ensure Sharia compliance in banking practices.

6. Entrepreneurs and Business Owners

  • Islamic FinTech Entrepreneurs: Entrepreneurs interested in developing fintech solutions that comply with Sharia principles, such as Islamic crowdfunding platforms, peer-to-peer lending, or halal payment systems. This degree provides you with a solid understanding of how to create tech-driven financial solutions that meet the needs of the Islamic finance market.
  • Halal Business Owners: Entrepreneurs who wish to expand or start businesses within the halal economy, focusing on Sharia-compliant financial products for their customers or partners. The knowledge of Islamic banking principles helps you structure business deals, raise finance, or create partnerships that align with Islamic ethical guidelines.

7. International Finance Professionals

  • Global Finance Professionals: With the increasing prominence of Islamic finance globally, professionals working in international finance who want to serve Muslim-majority markets or clients may benefit from a Master of Islamic Banking. Understanding Islamic finance enables them to offer products like sukuk, halal investment funds, or Sharia-compliant business loans.
  • Cross-Border Banking and Finance Experts: Individuals involved in cross-border financial transactions between Islamic and non-Islamic countries will find this degree valuable, as it helps them navigate the complexities of Islamic finance in a global context.

8. Non-Profit and Social Finance Professionals

  • Social Finance Experts: Those working in non-profit organizations, Islamic charitable foundations, or development agencies interested in Islamic finance as a tool for social and economic development. This degree provides insights into how Islamic financial principles can be applied to socially responsible investing, microfinance, and ethical lending.
  • Zakat and Waqf Managers: Professionals managing zakat (charitable giving) funds or waqf (endowments) can benefit from understanding how to structure financial solutions and manage these funds in compliance with Islamic principles.

9. Islamic Finance Regulators and Policymakers

  • Regulatory Authorities: Central bank employees, regulators, or policymakers who want to develop and implement Islamic finance regulations to foster growth in the sector. This program will provide you with an understanding of the regulatory frameworks required to support the development of Islamic financial systems.
  • Islamic Finance Policy Advisors: Individuals advising governments or international organizations on the development and implementation of policies related to Islamic finance. The program equips you with the ability to assess, design, and implement Sharia-compliant financial systems and policies.

10. Sustainability and Ethical Banking Advocates

  • Ethical Banking Professionals: Individuals interested in the broader ethical finance sector, including sustainable finance, impact investing, and socially responsible banking. Islamic banking’s focus on ethical practices, risk-sharing, and prohibiting speculation makes it a good fit for professionals passionate about creating a fair and just financial system.
  • Green Finance and Islamic Banking Specialists: With the growing interest in sustainable investing, professionals who want to work at the intersection of green finance and Islamic banking should consider this degree to learn how Sharia principles can support sustainability and environmental initiatives.

 

  • The upcoming intakes for the Master of Islamic Banking program are in March, July, and November.
  • These multiple entry points provide flexibility for applicants to start the program at a time that best suits their schedule.
Admission
  • A recognized Bachelor’s degree [Level 6, Malaysian Qualifications Framework (MQF)] in Muamalat and Islamic Finance (MIF) or related fields with a minimum CGPA of 2.75 or its equivalent as accepted by the Lincoln University College Senate.
  • Candidates with a recognized Bachelor’s degree (Level 6, MQF) in MIF or related fields with at least CGPA of 2.50 and has not achieved CGPA 2.75 or its equivalent, can be accepted subject to a systemic internal assessment. 
  • Candidates with a recognized Bachelor’s degree (Level 6, MQF) in MIF or related field but has not achieved CGPA of 2.50 or its equivalent, can be accepted subject to a minimum of 5 years working experience in the relevant field.

Preferably candidates should have 2 to 5 years of professional work experience, with good leadership potential.

  • No, an undergraduate degree in any field is usually acceptable for admission. However, degrees in business, economics, or related fields may provide a stronger foundation for some of the core concepts in the Master of Islamic Banking program.
  • Applicants from non-business backgrounds may be required to take foundational business courses or demonstrate their capacity to handle the program’s academic rigor.

Master of Islamic Banking programs do not require GMAT (Graduate Management Admission Test) or GRE (Graduate Record Examination) scores as part of the admission process, particularly if the applicant has significant work experience or a strong academic record.

The typical documents required for the Master of Islamic Banking program application include:

  • Academic transcripts from all institutions attended.
  • Updated resume or CV outlining work experience, academic qualifications, and professional achievements.
  • Letters of recommendation (usually 1 to 3), often from academic or professional references.
  • A statement of purpose or personal essay explaining your motivation for pursuing the MBA and your career goals.
  • GMAT/GRE scores (if required by the program).
  • Proof of English proficiency (for non-native English speakers).

Master of Islamic Banking programs may require an admissions interview. If the program includes an interview, it will typically be conducted after an initial review of your application. The interview may be in person or online and is used to assess your motivation, communication skills, and fit for the program.

 

Yes, Master of Islamic Banking programs allow current undergraduate students to apply during their final year, provided they submit proof of degree completion before the program starts. You will need to meet all other entry requirements and provide your final academic transcript upon graduation.

There is typically no minimum age requirement for Master of Islamic Banking program. However, many programs prefer candidates who have accumulated some professional experience, which may result in students being in their mid-20s to early 30s.

 

 

A successful candidate for Master of Islamic Banking program typically has:

  • A bachelor’s degree from a recognized institution.
  • Professional experience (preferably 2-5 years, though not mandatory for all programs).
  • Strong leadership potential demonstrated through work experience, extracurricular activities, or volunteering.
  • A clear career vision and motivation to succeed in global business, which is expressed through the personal essay or statement of purpose.
  • English proficiency (if applicable) and possibly GMAT/GRE scores (if required by the program).
  • In most cases, Master of Islamic Banking does not have strict prerequisite courses, especially for applicants who hold a bachelor’s degree in business or a related field.
  • However, for students coming from non-business backgrounds (such as liberal arts, engineering, or the sciences), some programs may require you to complete foundational business courses either before or during the early stages of the program.
  • These foundational courses typically cover:
    • Accounting: Basic financial and managerial accounting principles.
    • Economics: Microeconomics and macroeconomics to understand business environments.
    • Finance: Introduction to financial management and corporate finance.
    • Statistics: Business statistics or quantitative methods for data analysis.
    • Management: Principles of management, including organizational behavior and leadership.
Program Structure and Duration
    • Full-Time Study: 18 – months
    • Part-Time Study: 3 – 4 years

The Master of Islamic Banking program at Lincoln University College requires students to complete 48 credit hours to graduate.

  • The Master of Islamic Banking program typically consists of a mix of core courses, elective courses, and experiential learning components. The program structure is designed to provide a comprehensive understanding of global business dynamics.

 

The timetable is typically made available four weeks prior to the start of the semester. Students can easily access and review their schedules through the LLS student portal, ensuring they have ample time to prepare for the upcoming semester.

English Proficiency
  • International students must have proof of good proficiency in verbal and written English. For example, International English Language Testing System (IELTS) score of 6.0 or its equivalent.
  • If a student does not meet this requirement, HEPs must offer English proficiency courses to ensure that the student’s proficiency is sufficient to meet the needs of the program.

Yes, the Intensive English Program is available for students who don’t meet the requirement. Successful completion allows for admission to degrees.

Test scores are valid for two years from the test date.

Submit them along with your application or by the deadline outlined by the university.

Accreditation

Yes, our Master of Islamic Banking is accredited by MQA and Ministry of Higher Education, Malaysia.

  • Yes, accreditation significantly impacts global employability.
  • Accreditation ensures that the Master of Islamic Banking program meets international standards of quality and rigor.
  • Employers worldwide often prefer graduates from accredited programs as they know the education received is of a high standard.
  • Additionally, accredited programs provide students with a competitive edge in the global job market, increasing their chances of securing roles in multinational companies and enhancing their career prospects across various industries and countries.
  • Yes, the Master of Islamic Banking program is designed to meet current industry standards. The curriculum is regularly updated to align with the latest trends and demands in global business practices, ensuring that students gain relevant skills and knowledge.
  • This ensures that graduates are well-prepared to handle real-world challenges in global markets and are equipped with the competencies sought by employers worldwide.
  • Yes, accreditation from MQA and Malaysia Ministry of Higher Education strongly supports further education and certifications.
  • Graduates from accredited programs are more likely to be accepted into advanced academic pursuits like Ph.D. or Doctorate in Business Administration (DBA) programs, as these accreditations assure academic rigor and quality.
  • The accreditation for the Master of Islamic Banking by the Malaysian Qualifications Agency (MQA) is typically reviewed and updated every 3 to 5 years.
  • This regular review ensures that the program maintains high academic standards and stays current with industry developments and best practices.
  • The MQA periodically assesses the curriculum, teaching methods, and overall quality of the program to ensure it continues to meet national and international educational standards.
  • This helps to keep the program relevant, ensuring that students are equipped with up-to-date skills and knowledge for the global business environment.
Career Prospects

 1. Islamic Banking and Finance Professionals

  • Islamic Bank Manager: As an Islamic bank manager, you will oversee the operations of a bank that offers Sharia-compliant products such as mudarabah (profit-sharing), murabaha (cost-plus financing), and ijara (leasing). Your role will include ensuring that the bank adheres to Sharia principles while meeting business goals.
  • Islamic Finance Analyst: Analysts in Islamic finance assess and evaluate investment opportunities and financial products to ensure compliance with Sharia principles. You will play a key role in supporting the bank’s investment strategies and advising on risk management from a Sharia-compliant perspective.
  • Relationship Manager (Islamic Banking): Relationship managers are responsible for managing the bank’s relationships with clients, understanding their financial needs, and offering them Sharia-compliant financial products. This role requires knowledge of both banking and Islamic principles to effectively communicate the benefits of Islamic financial solutions.

 

2. Sharia Compliance and Auditing

  • Sharia Auditor: Sharia auditors are responsible for reviewing and assessing financial transactions and operations within Islamic financial institutions to ensure compliance with Islamic law. This role involves conducting audits and providing recommendations to align the institution’s activities with Sharia principles.
  • Sharia Compliance Officer: In this role, you will ensure that the bank or financial institution adheres to Sharia law in all its operations. You’ll collaborate with legal teams, compliance departments, and Sharia scholars to develop and implement policies that ensure compliance with Islamic principles.
  • Sharia Advisory Consultant: Sharia advisory consultants provide expert guidance to financial institutions, ensuring their products and services comply with Islamic law. This role requires a deep understanding of both finance and Sharia law, and you may also work with Islamic scholars to interpret complex Sharia rulings. 

 

3. Investment Banking and Asset Management

  • Sukuk (Islamic Bonds) Specialist: Sukuk are Islamic financial certificates that comply with Sharia law, often used as an alternative to conventional bonds. As a Sukuk specialist, you will structure and manage sukuk issuances, helping clients raise capital in a Sharia-compliant manner.
  • Islamic Investment Banker: Investment bankers specializing in Islamic finance help clients with mergers, acquisitions, and other financial transactions while ensuring adherence to Sharia principles. This includes offering alternative financial products such as profit-and-loss sharing instruments and equity-based financing.
  • Asset Manager (Islamic Finance): Islamic asset managers oversee investment portfolios that comply with Sharia law. They manage funds, ensuring investments are made in halal (permissible) industries and meet the ethical standards set by Sharia law.

 

4. Islamic Insurance (Takaful)

  • Takaful Manager: Takaful is an Islamic insurance concept where members contribute funds to a pool that is used to support participants facing financial loss. As a Takaful manager, you’ll oversee operations, develop products, and ensure that all insurance activities comply with Sharia law.
  • Takaful Underwriter: Underwriters in the takaful industry assess risks and determine the terms and conditions of Sharia-compliant insurance policies. You will work closely with customers to provide ethical insurance solutions in accordance with Islamic principles.

 

5. Legal and Regulatory Roles

  • Islamic Finance Lawyer: Lawyers specializing in Islamic finance play a crucial role in drafting and reviewing contracts to ensure compliance with Sharia law. They may work for law firms, financial institutions, or regulatory bodies, offering legal counsel on Islamic financial transactions, sukuk, and corporate governance.
  • Regulatory Officer in Islamic Finance: Regulatory officers ensure that Islamic financial institutions comply with the regulations set by central banks or financial regulators. This role involves shaping policies and frameworks that support the growth and development of Islamic finance.

 

6. Central Banks and Regulatory Authorities

  • Sharia Banking Specialist in Central Banks: Central banks and monetary authorities often require experts in Islamic banking to create and enforce regulations for Sharia-compliant financial institutions. In this role, you will work on creating policies that foster the development of Islamic banking while ensuring compliance with Islamic law.
  • Regulatory Policy Advisor: As a regulatory policy advisor, you will work with governments or financial regulators to develop frameworks and policies that support Islamic finance. This role involves advising on regulations that balance the needs of the banking sector with adherence to Sharia principles.

 

7. Islamic Microfinance

  • Islamic Microfinance Officer: Islamic microfinance offers Sharia-compliant financial products to underserved populations, particularly in developing countries. In this role, you’ll provide financial services to individuals and small businesses, focusing on ethical and interest-free lending practices.
  • Microfinance Manager (Islamic Finance): As a manager in Islamic microfinance, you will oversee the development of financial products aimed at helping low-income clients. Your role will involve structuring micro-loans, managing risk, and ensuring that the financial services provided comply with Sharia law.

 

8. Entrepreneurship and Islamic FinTech

  • Islamic FinTech Entrepreneur: The fintech space offers a growing opportunity for Islamic finance. As an entrepreneur, you can develop innovative Sharia-compliant digital financial products, such as Islamic crowdfunding platforms, halal payment systems, or peer-to-peer lending services.
  • Sharia-Compliant Payment Solutions Developer: Professionals in this area focus on developing digital payment solutions that adhere to Islamic finance principles, ensuring they are interest-free and support ethical transactions.

 

9. Education and Academia

  • Islamic Finance Lecturer/Professor: If you are interested in an academic career, a Master’s in Islamic Banking provides the foundation to teach Islamic finance, banking principles, and Sharia law at universities or business schools. You may also conduct research in areas like the growth of Islamic banking, its impact on global markets, or new innovations in Sharia-compliant financial products.
  • Islamic Finance Researcher: Researchers in Islamic finance focus on contributing to the body of knowledge on Islamic banking, Sharia-compliant financial products, and ethical investing. This role may involve publishing papers, attending conferences, and collaborating with financial institutions on Islamic finance projects.

 

10. Corporate Finance and Treasury

  • Treasury Manager (Islamic Finance): In this role, you’ll manage the liquidity and funding needs of Islamic financial institutions. You’ll be responsible for ensuring that the bank’s treasury activities are aligned with Sharia principles, using interest-free financial instruments and profit-sharing models.
  • Corporate Finance Specialist (Islamic Finance): Corporate finance specialists in Islamic finance work with businesses to develop financing solutions that comply with Sharia law. This includes profit-sharing arrangements, equity financing, and ethical investments.

 

  • Malaysia: Starting salaries range from MYR 60,000 to MYR 100,000 per annum, depending on experience and industry.
  • International: Salaries vary widely; research specific regions for accurate figures.
Tuition Fee and Scholarship

For details about the tuition fees, kindly email admission@lincoln.edu.my or imd@lincoln.edu.my or finance@lincoln.edu.my

For details about our scholarship schemes, kindly email admission@lincoln.edu.my or imd@lincoln.edu.my or finance@lincoln.edu.my

Yes, for details, kindly email admission@lincoln.edu.my or imd@lincoln.edu.my or finance@lincoln.edu.my

Alumni Network

Yes, as a graduate of Master of Islamic Banking program, you will have lifelong access to our global alumni network, which includes thousands of professionals across various industries and regions. The alumni network offers invaluable resources for networking, career opportunities, and continuous learning, and we host regular alumni events and reunions to help you stay connected.

Our Master of Islamic Banking program has produced many distinguished alumni who have gone on to lead and innovate in their fields. For example, some of them have become CEOs of global firms, and some working as partner in major consulting firms. We also have alumni who have become successful entrepreneurs, launching startups such in the fintech industry. Some of them have joined prestigious universities in Canada, New Zealand, or Germany for further studies. Our alumni continue to make significant impacts in various sectors worldwide.

Our graduates pursue careers across a wide range of industries, including finance & banking, consulting, technology, healthcare, manufacturing, consumer goods, and non-profit sectors. Many graduates also find opportunities in emerging fields such as sustainability, artificial intelligence, and digital transformation. The diverse skill set provided by the Master of Islamic Banking prepares students to succeed in both traditional and rapidly evolving industries.

Yes, there are numerous ways for alumni to stay engaged with the Master of Islamic Banking program. Alumni are invited to participate in networking events, mentorship programs, guest lectures, and alumni reunions. We also encourage alumni to contribute to the growth of the program by serving on advisory boards, offering internships, and recruiting new graduates for their organizations. Additionally, our alumni have lifetime access to career services and continued learning opportunities through workshops and webinars.

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