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Islamic Banking and Finance


School - Salford Business School

Subject area - International Finance, Accounting and Economics

Start Date(s): September; January; March; June; November; July


MSc (one year full-time or two years part-time)
PgDip (eight months full-time or two years part-time)
PgCert (four months full-time, one year part-time)


Part-time - £1,425 per 30 credit module

UK - £8,550

International - £14,400

In Brief:

  • Gain the essential skills required to work in Islamic banking, one of the fastest-growing sectors in the financial world
  • Strengthen your knowledge with modules focused on banking, finance and Islamic banking
  • Put management theory into real practice with an exciting Business Innovation Project
  • Part-time study option
  • Overseas study available
  • Work/industrial placement opportunity
  • International students can apply

Course Summary

You will gain the necessary skills and knowledge required to work in this growing and sophisticated banking and finance sector.

On completion of your programme you will be able to effectively perform relevant banking and finance tasks, including specific requirements of Islamic banking, financial products and services.

You will also learn to be effective, working independently and as part of a team, while critically evaluating and developing good practice in the planning and management of general, commercial and Islamic banking and financial products and services.

Awards and Accreditation

Course Details

The programme is block delivered and there are six entry points per year. Students will take the modules below in a sequence dependent on their start date.

This course has been designed to provide you with necessary skills and in-depth knowledge required to work in this growing and sophisticated Islamic banking and finance sector. Specifically the course will:

  • Provide a rigorous, academically challenging and vocationally relevant programme of postgraduate study, and provide graduates with the appropriate advanced level skills and knowledge which will enable them to contribute to the needs of the growing and sophisticated Islamic banking and finance sector.
  • Enable graduates to apply general banking requirements and the specific requirements in providing Islamic Banking and Finance products and services.
  • Equip graduates with advanced level skills and understanding necessary to effectively and efficiently perform tasks relevant to the organisation or organisations involved with Islamic banking and finance services.
  • Develop the intellectual ability to work effectively in teams and independently, to evaluate critically, think creatively and communicate effectively with respect to issues in general, commercial and Islamic banking and finance; and to recognize good practice in the analysis, planning and management of general, commercial and Islamic banking and finance products and services.
  • Develop an advanced level understanding of research methods and an effective capability of applying advanced Islamic banking and finance concepts and techniques to a wide range of general, commercial and Islamic banking and finance problems.

On successful completion of the course students will be able to:

  • Develop knowledge and critical understanding of essential components of Islamic finance theory and associated current research, and develop the capability of applying both general and Islamic financial concepts and principles to the analysis of corporate circumstances;
  • Develop the capability of critical evaluation of the impact of market behaviour on bank performance and organisational behaviour with reference to Islamic bank products and services.
  • Synthesise and critically evaluate recent and current literature on a wide range of MSc Investment and Finance theories and issues in order to develop and apply conceptual frameworks.
  • Develop and apply a strategy for the collection, analysis, critical evaluation and interpretation of data.
  • Work with others in making effective strategic and operational decisions related to the management of an enterprise in a globally competitive, diverse and dynamic environment.

Semester 1

You will examine exchange, inflation, interest rates and other factors which impact on the performance of firms and assess the significance of decision-making in a global context. You will also evaluate the principles and practices that guide the financial management of multinational enterprise. This module also places an emphasis on the differences between multinational and domestic financial management.
You will develop a comprehensive understanding of the principles of financial management within organisations including the interpretation of accounts, corporate governance, investment strategies and issues of risk and return.

Semester 2

You will gain a detailed understanding of the scope and significance of the basic principles which underpin Islamic economic laws and financial activities, including Islamic banking systems and the concepts of ethics, justice and fairness as guiding principles in the operation of Islamic transactions.

You will also undertake a critical analysis of Islamic financial instruments and their roles in promoting efficiency in the Islamic financial markets, and the application of critical frameworks which distinguish between permissible Islamic products and services, and conventional banking products and services.

You will learn how to employ critical thinking and review to domestic and international regulatory frameworks for financial and non-financial companies. You will also develop an understanding of the economics of regulation and the problems of compliance.

Semester 3

Business Innovation Project (BIP)

Flexible Final Study Options

Salford Business School has one of the most flexible suites of postgraduate taught courses in the UK. For the final third of your studies you can choose from 4 differing pathways, all of which are designed to accommodate your career aspirations and enhance your professional practice: 

  • Dissertation – traditional 3 month research pathway.
  • Live Project – 3 month group project activity researching a commercial project.
  • Internship – 3 month opportunity to develop your skills working in partnership with an organisation.
  • Placement – 6 month paid work experience implementing a commercial project.
This traditional route involves a substantive piece of research, which can examine contemporary or historical challenges in business, economic or management contexts. The dissertation can be undertaken within a company, a sponsoring organisation, or investigate an area which is of interest to you.  Study is undertaken in the UK, or sometimes overseas – some international students may possibly return to their country to work on an industrial research project.        
  • 3 month research project culminating in a 12-15,000 word dissertation
  • Topics can be undertaken in a number of areas:            
    • personal interest in a topic area which supports your career aspirations;
    • an academic’s research area which explores challenging developments in the supervisor’s  area of expertise;
    • in partnership with a company or sponsoring company;
    • an entrepreneurial opportunity, particularly suitable if you wish to research your own  business opportunity.
This is a group project (teams of 2 to 5 students) examining an organisational problem or opportunity. Students work on sizeable commercial projects, which are broken down by the team. Live projects reflect commercial realities of delivering complex commercial projects through the combined efforts of a committed team.        
  • 3 month commercial research project.
  • Group presentation and executive report, coupled with an individual 8-10,000 word report.
This involves working on a company project. The majority of internships are voluntary positions, which support work experience with a company in a particular sector. A number of projects exist for suitable students, in many cases students are supported in finding and securing internships with the support of the School’s Employability Hub.        
  • 1 to 3 month commercial project, undertaken full or part-time with the host company.
  • Internships are often voluntary positions providing interesting project experience; some positions are paid – potentially up to 86 UNITE Projects are available in 2013-14.
  • 30-40 minute commercial presentation and 10,000 word professional dissertation.
Placements are paid positions working on implementing a commercial project. Placements provide valuable experience for student to demonstrate their commercial capabilities. Placements are limited and are competitive.        
  • 4 to 6 month work based project undertaken at the organisation's premises;
  • Assessment consists of portfolio of work, visitor assessment, presentation and interim report, culminating in a work-related dissertation of 10,000 words;
  • Placements can be undertaken in the UK or overseas;
  • Students can undertake placements with their sponsor or employing organisation;
  • For international students placements are 6 months maximum due to visa restrictions;
  • For Home/EU students, placements can possibly be extended to 12 months;
  • The salary range for placements range from £14,320 to £25,000 pro rata – the average is £19,555 pro rata.

Part-time study

If you are on the part-time course, you will be able to register for individual modules as part of CPD. The following example shows how the course could be taken on a part-time basis over two years:

Year 1 - Semester 1

  • Accounting and Finance

Year 1 - Semester 2

  • Risk, Regulation and Compliance

Year 1 - Semester 3

International Financial Management

Year 2 - Semester 1

  • Islamic Financial Market, Instruments and Products

Year 2 - Semesters 2 & 3

  • Business Innovation Project

Entry Requirements

Normally a minimum 2:2 honours degree or equivalent or successful completion of the Graduate Certificate International Management.  

A wide range of professional qualifications are also accepted either in partial or complete fulfilment of entry requirements.  

Where a student has gained a recognised Honours degree but does not meet the normal entry qualification requirement, they may still be considered for entry if they can demonstrate relevant work experience of a minimum two years duration post study and acceptable level of responsibility.

In the case of non-graduates please look at APEL.

Accreditation of Prior Learning (APL)

We welcome applications from students who may not have formal/traditional entry criteria but who have relevant experience or the ability to pursue the course successfully.

The Accreditation of Prior Learning (APL) process could help you to make your work and life experience count. The APL process can be used for entry onto courses or to give you exemptions from parts of your course.

Two forms of APL may be used for entry: the Accreditation of Prior Certificated Learning (APCL) or the Accreditation of Prior Experiential Learning (APEL).

AP(E)L requirements and contact:
In exceptional cases work experience may be accepted as a substitute for formal qualifications. Appropriately experienced applicants will be considered in line with the University's Accreditation of Prior Learning (or experiential learning) procedure (APL/APEL).

English Language Requirements

Normally IELTS 6.5 with no individual element below 5.5, or equivalent recognised Secure English Language Test, (SELT).  

If the English language qualification is slightly below this level candidates may be able to take one of the many English courses available in the University. Please search for English in Course Finder.

Suitable For

This course is ideal for graduates who want to establish a career in finance or banking while gaining a detailed understanding of the scope and significance of the key principles of Islamic economic laws and financial activities.

Applicant profile

You may come from the fields of economics, finance, accounting, mathematics or business studies, or have relevant work experience. We are also interested in scholars from wider social sciences who want to build a new set of skills and knowledge in this culturally-diverse sector. We are specifically looking for students who want to develop an understanding and career in this emerging banking sector, the corporate sector or financial industries.

Fees 2018-19

Type of StudyFee
Part-time£1,425 per 30 credit module
Full-time International£14,400

Additional costs

You should also consider further costs which may include books, stationery, printing, binding and general subsistence on trips and visits.

Scholarships and Bursaries

For more information please see our funding section


The course is delivered in four blocks of three day intensive study periods, followed by independent study and online support through the University’s virtual learning environment, Blackboard. Each module is taken and assessed over a six week block. Teaching is delivered through a combination of lectures, seminars and tutorials, using a wide range of learning activities.


Over the duration of your course a range of assessment techniques will be used.

Types of assessment include:

  • Essays
  • Assignments
  • Exams
  • Multiple choice tests
  • Online tests
  • Group reports
  • Portfolio work

The weighting between exams and coursework varies between modules and years, but exams still play a major role.


On completion of the course you will be well-prepared to find opportunities with banking and finance organisations which are developing their Islamic banking capabilities.

This is a relatively new and emerging banking industry in the West, characterised by the necessity for in-depth knowledge of banking, along with a detailed knowledge of the complexities of banking in the Islamic financial sector.

This course is an ideal choice if you are interested in a career in financial institutions, management consulting, or government bodies. You will have an excellent opportunity to secure a rewarding role in Islamic banking and finance in business or consulting. It also prepares you for academic research in Islamic banking and finance.

On completing the course you will be qualified to pursue a career with Islamic financial Institutions and regulatory agencies, and also with multinational investment banks as experts in their fields. Modern employers pay a high premium for graduates with expertise in this growing field, and you stand to significantly enhance your earnings in this high-demand sector.

Our graduates have gone on to join leading Islamic banking institutions in both the UK and internationally in regions including the Gulf States. There are also opportunities to join consultancy and service providers, insurance firms, and the academic community.

Potential job roles include:

  • Product and Services Development Manager
  • Islamic Banking Advisor
  • Islamic Banking Finance Manager
  • Dealer – Islamic Banking
  • Islamic Banking Relationship Manager

Links with Industry

Our course team maintains excellent relations with local, national and international organisations, commentators and employers.

Our teaching is industry-led, inspired by contemporary practice and developed in partnership with business leaders. Our academics are experts in their field and work closely with industry to ensure that our courses reflect the needs of business and provide our students with that extra edge when it comes to securing a job.

Our part-time students are drawn from a wide range of public, private and third sector organisations, allowing you to enjoy highly valuable networking opportunities.

Salford Business School also operates a guest lecture course which allows you the chance to mix with professionals from industry, make connections, set up placements and conduct research.

Further Study

Find out more information about research opportunities here.


Salford Business School is located at the heart of the University’s Peel campus in the newly refurbished Lady Hale Building, and the Chapman Building, offering state-of-the-art facilities for the Business School’s student learning community and just minutes from Manchester city centre. Chapman is a stylish modern space with six lecture theatres equipped with the very latest technology and large screen displays, a series of communal learning and breakout spaces, plus a Fairtrade café with panoramic views across the campus.

Lady Hale is the home to all dedicated business school student support including the school office, an employability hub, a base for the Business School society, and several open study spaces.

All University of Salford students also have access to the MediaCityUK campus including its study facilities.  MediaCityUK is home to major BBC and ITV departments and over 80 businesses across the creative and digital sectors.  It is recognised as one of the most innovative developments in Britain and is a vibrant place in which to live, work, socialise and study.

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