The Education of Islamic Economics and Finance Worldwide

The Emergence of Islamic economics in the field of practice which is shown by the surfacing of Islamic finance especially Islamic Banks, Takaful, Islamic Fund Management, Islamic Capital Market has created the exclusive demand on the education of such fields. From the marketing viewpoint, the lack of expertise increases the demand on such education since there has the special treatment education which integrates special knowledge that built the building of Islamic economics and finance such as Islamic commercial Law, the history of Islamic civilization with particular reference to its economic characteristics, and the contemporary economics and finance.


The surfacing of educational programmes in level of diploma, under and postgraduate on Islamic economics and finance seems to be a mushroom in the rain that expands to not only the muslim countries but also the westerns. The types of these educations vary based on its purposes. However, generally, there are three types of generic curriculums, which are focused on law approach, focused on economics approach, focused on finance and banking approach. The first and the latter are the most offered by these institutions. The rational is that the development of Islamic economics is heavily dominated by the Islamic banking and finance.


In case of United Kingdom, there are many higher educational institutions, which offer the programme such as Durham Islamic Finance Programme (DIFP) Durham University, ICMA Reading University, Loughborough University, Markfield Institute of Higher Education (MIHE) behind the Islamic foundation, Finance and Law with Islamic Finance Newcastle University. The programme also offered in Germany such as Ecole de Management Strasbourg, United States such as in Harvard Law School, Rice University, and so on.

In South East Asia region, the countries which are very serious about developing the programme of Islamic economics and finance are Malaysia and Indonesia. Malaysia has been established the programme seriously since the inception of the project of Islamization of Knowledge (IoK) by establishing the International Islamic University Malaysia which was supported by the Organization Islamic Conference (OIC) about thirty years ago. In the 2005, Bank Negara of Malaysia established the International Center for Education of Islamic Finance (INCEIF) as the official educational institution behind the financial authorities to foster the Islamic finance programme in the international level. The other one is Indonesia, which is trying to make sure its market of the high demand of Islamic economic and market. There are a lot of universities in Indonesia that offer the programme such as Indonesia University behind the Middle East Studies Programme, Islamic Finance Programme Trisakti University, Syariah Management Programme Padjajaran University, Faculty of Economics Airlangga University, State Islamic Universities, Bandung Islamic University, Tazkia Higher Educational Institution (STIE Tazkia), SEBI, and so on.

Important to note that each programme is unique in its curriculum and methodology of learning. For Example the Chartered of Islamic Finance Programme (CIFP) of INCEIF, the programme which is equivalent with master degree based on the accreditation of Malaysian Education Rating Agencies combines the various programme approaches namely building knowledge, building skills, and building competency and experience. The last approach will be conducted in the various Islamic financial institutions approved by INCEIF. Another example that's beneficial to look is the Master of Investment Banking and Islamic Finance ICMA Reading University. This programme is designed to meet the high demand of investment in the financial instruments which accordance with Islamic tenets. ICMA which is supported by International Capital Market Association mainly focuses its programme into investment since the core curriculum is provided to support it.

As a result the programme of Islamic economics and finance will be definitely different each others since the different purposes of its various curriculums.

Yudi AF