MS in Islamic Banking & Finance

The Islamic finance industry has seen a rapid local and international growth in the past decade, with over 2000 Islamic banking branches employing graduates and executives all over Pakistan. The market size of Islamic banking assets is currently 11.4% of the total banking assets of Pakistan, and is expected to reach 20% by 2020. Hence, there is an increasing demand of professionals who have expertise in Islamic Banking and Finance. Every year, approximately 2500 additional trained Islamic banking executives are needed to support this growth.

The Institute of Business Administration (IBA) has launched MS Islamic Banking and Finance from Spring 2017. The program has been designed for fresh students, experienced industry practitioners and Shariah scholars. It will meet the growing needs of the Islamic finance industry by providing theoretical and applied knowledge of Islamic finance, Islamic jurisprudence, banking and economics. Graduates of the program will have very promising career prospects in academia and in the local and international Islamic finance industry.

International students are highly encouraged to apply.


Candidates must have a minimum of 16 years of education/ equivalent degree in any discipline from a local or foreign institute recognized by the HEC, with a minimum CGPA of 2.5 out of 4.0, or 60% marks in their last degree. All equivalency claims shall be evaluated by the HEC.

Experience is not mandatory for this program.

Candidates awaiting their final results can also apply. In such cases, conditional admissions may be awarded, pending submission of required results before commencement of classes in August 2018.

Admission Criteria:

Admissions to all programs at IBA are awarded purely on merit, and there are no reserved seats for any category. Candidates will be evaluated on their academic merit and performance in an Aptitude Test, to be held on 22nd July 2018, at the IBA, Karachi. Applications are to be submitted online on the IBA website. The Aptitude test is a written test of English and Mathematics.

To be exempted from the Test, international or local candidates should have a minimum score of 650 in the Quantitative section of GRE General, 160 in Quantitative section of Revised GRE General, or 600 score in GMAT.

Requirements for MS Islamic Banking and Finance:

This is a two-year program. The maximum duration allowed is five years.

Course requirements are given as:

MS Core and Elective Courses: 48 Credit Hours (16 Courses)

MS Research Thesis: 9 Credit Hours

Required Courses for MS Islamic Banking and Finance
    Course Credit Hours
A Core Courses 12 36
B Elective Courses 4 12
C Thesis 1 9
  Total Credit Hours 17 57

Fee Structure:

Following is the Fee Structure for the MS IBF program for the year 2018-2019:

Fee Strucutre

The detailed fee structure can be viewed at:

Financial Assistance:

The tuition fee per course is PKR 34,000/- Full time students take four courses per semester.

Scholarships are available for Pakistani students, as per the discretion of IBA, for the most deserving candidates based on academic merit. Qard-e-Hassana assistance from Ihsan Trust is also available.

Up to 5 scholarships are available for international students.

Courses and Semester-wise sequence of MS Islamic Banking and Finance program:

Semester 1 Short Semester (Optional) Semester 2 Semester 3 Short Semester (Optional) Semester 4
Four Core courses 1 or 2 Electives Four Courses Four Courses 1 or 2 Electives Finish the Electives Research Thesis
12 Credit hours 3-6 credit hours 12 Credit hours 12 Credit hours 3-6 credit hours 9-15 Credit hours

Core courses for the MS Islamic Banking and Finance include the following:

Core Courses
1 Islamic Jurisprudence
2 Islamic Banking
3 Islamic Insurance (Takaful)
4 Accounting for Islamic Finance
5 Islamic Capital Markets
6 Shariah Audit and Compliance
7 Islamic Economics
8 Financial Management
9 Research Methodology in Economics and Finance
10 Business Economics
11 Corporate Finance
12 Financial Econometrics

Students have to opt for 4 Elective courses for the MS program. Possible Elective courses for the MS Islamic Banking and Finance include:

Islamic Law of contracts Investment Banking and Structuring Financial Requirements
Islamic Partnership Corporate and Securities Law Islamic Treasury operations
Islamic Wealth Planning and Management Islamic Entrepreneurship
Islamic Portfolio Management International Finance
Financial Services Marketing Advanced Econometrics
Shariah Issues in Islamic Finance Ethics and Corporate Governance
Commercial Law and Legal Documentation for Islamic Financial Services Risk Management for Islamic Financial Institutions

The updated schedule can be viewed at the IBA website:

*Online application submissions will start from the 11th of May, 2018 on the IBA Admissions Page which can be visited at the following link:
The deadline to Submit the Application is 18th July 2018. The Admission Test will be conducted on Sunday, 22nd July 2018.