While most conventional banking and finance systems thrive on capitalist ideals, Islamic finance prohibits the taking or receiving interest at exorbitant rates and investment in non-ethical businesses such as alcohol, pork-related products, gambling, and so forth.
In this partnership of trust, risk is shared between at least two parties.
Concepts of Islamic Finance have been around since the origination of Islam itself. It was in the 1970s when the Islamic Development Bank promoted this as an acceptable financial practice according to Islam.
Have honors in at least FIVE subjects including Bahasa Melayu and any combination of the following subject at SPM level:
- Bahasa Arab Tinggi / Communicative Arabic / Islamic Studies / tassawur Islamic / Islamic Law / Educational Al -Quran and Al – Sunnah
- Mathematics / Additional Mathematics
- Accounts / Economics / Commerce / Science
This programme aims to evaluate critically and analytically all the theories and principles of Islamic and/or Syariah knowledge and its relationship with the current development of Islamic financial system worldwide.
This programme will expose students to recent developments in the Islamic financial system as well as an understanding of the importance and relationship with the conventional financial markets, laws, regulation of social, political and economy of the Islamic financial management.
This includes the banking and finance sector, takaful, fund management and other issues related to the accounting system in Islam.
Try cultivating these characteristics if you want to survive in the finance industry:
These personality type codes serve ONLY as a guideline and can be taken with a pinch of salt. Always consult with your school counsellor or ask our experts for further guidance!
You should also realize that ANY type can be successful in ANY major or career.
Myers-Briggs: ISTJ, ESTP, INTJ, ENTJ
Find your Myers-Briggs personality type here.
Holland Vocational Code: CSI
Find where you belong in the RIASEC model here.
Islamic finance is not a sector but an approach. In actual fact an Islamic finance role can cover a range of sectors within financial services, including retail banking, corporate banking, private banking, investment banking, insurance and asset management.
Major companies active in Malaysia’s Islamic Finance industry include:
- Bank Negara Malaysia
- Malaysia International Islamic Financial Centre (MIFC)
- Islamic Investment Malaysia
The work environment in Islamic Finance may not differ wildly compared to the traditional Finance world.
Junior Executive: RM 2,000 – RM 3,000
Senior Manager: RM 8,000 – RM 13,000
Students often seek a career in Islamic finance without realising that there is no such thing as a generic “job in Islamic finance” just as there is no such thing as a generic conventional finance job.
Financial services firms (whether conventional or Islamic) tend to employ specialists.
Most future jobs in Islamic finance will be located where most of the Muslims are, in Muslim majority countries with Malaysia leading the way.
Malaysia as the world’s largest Islamic finance centre is reportedly facing a massive shortfall of qualified professionals. Around 40,000 people will be needed to fill the roles by 2020 in Malaysia, according to the central bank.
Global demand for experts in Islamic Finance is estimated at 50,000 per year. However, only about 1,000 graduates of this course is produced a year.
USEFUL LINKS TO ORGANISATIONS
Institutions offering this course
- Fees : RM 47,280Intake : April, August & November