Diploma in Islamic Banking

Diploma in Islamic Banking (IBD)

Over the past few decades Islamic banking and finance industry has emerged from nothing to an industry with assets of trillions of dollars under its management. Today some more than 500 Islamic banks and financial institutions are operating in and outside the Muslim World with more than $ 2.2 trillion asset. During last few years the UAE has established itself as the world’s most important Islamic finance center. As the number of financial institutions offering Islamic products is growing, there is increasing demand for trained and skilled workforce in Islamic banking and finance sector at local and regional levels. It is estimated that in future Islamic banks and financial services firms in the UAE will need to hire additional manpower for 8,000 positions, thanks to new products being introduced and the ongoing efforts to make Dubai the capital of the world’s $2 trillion plus Islamic economy.

The Islamic Banking Diploma Program (IBD), first of its kind in the region, was started in 2003 to disseminate knowledge and information about Islamic banking and finance and produce qualified personnel with expertise and skills in Islamic banking products and operations who can meet the requirements of this fast growing industry. The program is designed in line with the international standards of similar courses offered by prestigious institutions in other parts of the world and is constantly being reviewed and updated to meet the industry dynamics. The program is a combination of general education courses, core business courses and core Islamic banking courses and accredited by the Ministry of Higher Education & Scientific Research, UAE.

The program provides a thorough theoretical and practical knowledge of Islamic finance principles and operations and aims to equip the graduates with ability to run Islamic banking operations, develop innovative products and provide solutions for the challenges faced by financial institutions. It provides a good foundation from which students can seek employment or build on their existing careers in Islamic banking and financial sector.

Program Objectives

  • To provide students with the fundamental knowledge of Islamic banking
  • To introduce students to instruments and techniques used in the Islamic banking
  • To train students in Islamic law and finance
  • To train students in Islamic financial market operations
  • To provide students with the fundamental requirements of business education
  • To equip students with the basic requirements of professional certifications

Program Learning Outcomes

The program provides opportunities for students to develop and demonstrate (i) knowledge (ii) skills, and (iii) competencies. On completion of this program graduates will be able to:

  • Acquire the fundamental knowledge of economics, banking, accounting, finance, communication skills, Information Technology, Islamic banking concepts, products and operations.
  • Demonstrate problem solving, analytical thinking, and data analysis and communication skills in Islamic banking products and operations in a broader theoretical and practical framework.
  • Equip themselves with necessary skills and mastery in Islamic banking and financial market operations and operate effectively in a multidisciplinary banking and financial environment.
  • Apply relevant theory, tools and techniques to solve problems in a dynamic global business environment and develop a strong base of knowledge and skills that will serve as a foundation for a career in Islamic banking and finance sector.
  • Identify problems, analyze situations and apply Islamic finance concepts to develop financial products and services.

Program Structure and Duration

The IBD educational program structure is a combination of general education courses, core business courses and core Islamic banking courses. The program is based on credit hours and semester system. The program comprises 60 credit hours and runs five days a week, Sunday to Thursday – morning and/or evening sessions for duration of two years. This is divided into six semesters; four full semesters of 16 weeks each and two summer semesters of 8 weeks each. The summer course two involves “Field Training” at an Islamic bank for non – banker students, or a “Field Project” for banker students having at least three year work experience in the banking sector.

Final Award and Title

Student who successfully complete the program are awarded ‘The Islamic Banking Diploma’ from EIBFS.

Accreditation

The program is accredited by ‘Commission for Academic Accreditation; Ministry of Education UAE. The program is also accredited by the Finance Accreditation Agency (FAA) of Malaysia- supported by Bank Negara Malaysia (Central Bank of Malaysia) and Securities Commission Malaysia;

Admission Requirements

EIBFS opens admission for students twice a year – August (Fall Semester) and January (Spring Semester). Applications are welcome from bankers, in-service candidates, and fresh higher secondary graduates meeting the criteria listed below

  • Admission is granted according to the general policy of the Institute and directives of the Board of Directors.
  • EIBFS welcomes applications from all residents in the UAE though admission preference is given to UAE Nationals.
  • The applicant should hold a High School Certificate with a minimum score of 60%.
  • The applicant must have a valid English language TOEFL score of 173 (CBT) or 61 (iBT) or academic IELTS 5.0 overall or another standardized, internationally recognized test which is approved by the Commission for Academic Accreditation (CAA).
  • EIBFS offers IELTS coaching classes to students who have not met the above requirements and will be allowed to take partial classes in the first year of the Diploma.
  • The applicant must pass a personal interview at the Institute. All applicants should submit a completed application form by June for fall semester and by November for spring semester.

English Language Requirement

The applicant must show evidence of competency in the English language as measured in terms of TOEFL or IELTS score. Current admission requirements are: IELTS (Academic or General) 5.0, or, TOEFL (IBT) 61, or, TOEFL (CBT) 173. EIBFS accepts TOEFL and IELTS test results with a validity of 24 months from the date of test taking.

Required Documents

Students seeking admission are required to submit the following documents:

  • An attested copy of the UAE High School Certificate or its equivalent
  • Original school/college/university transcripts
  • An original copy of IELTS or TOEFL score
  • A photocopy of a valid passport / UAE ID card
  • Five (5) recent (passport size) photographs
  • Registration Fee AED 500 (non-refundable)

Award

Upon successful completion of the program students shall be awarded ‘Islamic Banking Diploma’, accredited by the Ministry of Higher Education and Scientific Research, UAE.

The program provides a thorough theoretical and practical knowledge of Islamic finance principles and operations and aims to equip the graduates with ability to run Islamic banking operations, develop innovative products and provide solutions for the challenges faced by financial institutions. It provides a good foundation from which students can seek employment or build on their existing careers in Islamic banking and financial sector.

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