• For Entry: January | September
  • Duration: 12 months
  • School: Business
  • Study Mode: Full Time

Improve your global employability by studying for a Master's degree in Islamic Finance in Dundee

TEF Gold - Teaching Excellence Framework

‌The University of Dundee in collaboration with Al-Maktoum College offers three different master's courses in Islamic finance to help you enhance, change and expand your career.‌

  • MSc Islamic Finance
  • MSc Islamic Banking and Finance
  • MSc Islamic Banking, Finance, and International Business

Our strength in conventional finance and international business, combined with Al-Maktoum College’s Islamic finance and political economics expertise makes for three comprehensive, theoretical and applied MSc degrees.

Our programmes will provide you with the necessary knowledge, technical and analytical skills required to undertake work within the global financial system. Each programme contains eight conventional and Islamic finance modules and a short, focused financial-based business report

In collaboration with Al-Maktoum College, all three MSc programmes are designed for students who have completed an undergraduate degree and are now looking to specialise their studies within the financial sector. They are suitable for those who have come from a background in finance and business but also for those who are new to the subject area.

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Contact the programme director

Want to discuss the programme, application process or life in Dundee? You can email Professor Bill Russell or  Skype Bill on uodbillrussell If he's online just call, otherwise send him a message indicating when you would like to chat.

Which pathway is right for you?

All pathways share a common foundation; they are based on the key concepts of conventional finance and have a clear understanding of Islamic finance and political economy.

If you undertake the MSc in Islamic Finance you will examine the nature of Shari’ah compliant capital markets and the contemporary application of Islamic commercial law as well as selecting additional modules to strengthen your authority in conventional and Islamic finance.

The MSc Islamic Banking and Finance will help you develop an advanced understanding of risks associated with Islamic financial products and institutions and evaluate Shari’ah compliant risk management instruments. You will explore the theoretical aspects of Islamic banking and insurance systems and look at their contemporary application as well as choosing additional modules to strengthen your authority in conventional and Islamic finance.

The MSc Islamic Banking, Finance and International Business will allow you to explore the major tendencies characterising the global economy and the economic concepts of competition for businesses. You’ll also learn about the risks inherent in Islamic financial products and institutions and explore Islamic banking and insurance systems.

Teaching Excellence Framework (TEF)

The University of Dundee has been given a Gold award – the highest possible rating – in the 2017 Teaching Excellence Framework (TEF).

Read more about the Teaching Excellence Framework

TEF Gold - Teaching Excellence Framework

How you will be taught

Teaching methods include lectures, workshops, group-work and student presentations. All modules provide opportunities for you to acquire and practice applicable skills (for example problem solving, case study analysis, group working).

How you will be assessed

All modules are assessed through a combination of coursework and final assessment held at the end of each Semester with a resit opportunity shortly thereafter. Coursework may account for as much as 40-50% of the overall degree.

What you will study

MSc Islamic Finance

Compulsory modules

You will examine the fundamental concepts of international trade, finance and investment. It introduces the tools and techniques for asset pricing and capital budgeting, provides an overview of financial risk assessment and balance of payments and analyses the operation of the foreign exchange market and the determination of exchange rates. Topics you will cover include compounding, discounting and discounted cash flow analysis, the valuation of stocks and bonds in financial markets, the measurement of risk and the role of risk in asset pricing and financial decision-making, the balance of payments and the influence of macroeconomic factors on trade, the operation of currency markets and theories of exchange rate determination.

The module examines the nature of Shari’ah compliant capital markets, their structure and products and provides an advanced practical analysis of the applied models and working mechanisms of Islamic capital markets.  A critical understanding of screening methodologies of the assets and issues of Shari’ah compliancy is developed along with a critical appreciation of the role of Islamic capital markets in economic development of Muslim countries.

This element will give you the confidence to produce an international finance report. As advised by employers, it is short and helps you write concisely and provide clear and focused analysis of a topic or issue in a way that will influence and guide managers and decision makers.

Defines Islamic economics so as to construct a comprehensive and integrated economic system (Political Economy Understanding). This will allow you to get a clear understanding of Islamic economic methodology through a critical appraisal of key theories in existing literature (Methodological Approach). It will also allow the critical evaluation and implementation of Islamic finance according to Islamic Moral economy postulates and assumptions and allow you to understand market imperfection from the perspective of Islamic economics.

The module develops an understanding of the concepts and principles of Islamic law and their application in commercial transactions.  This provides you with an advanced understanding of the various contracts in Islamic commercial law and their contemporary applications.  This allows the critical evaluation of contemporary Islamic financial products from the perspective of Islamic commercial law.

Plus one from

BU52016 - Quantitative Methods

The module provides you with an intuitive grasp of the theoretical concepts and basic skills required to estimate and interpret economic models. In particular, it will allow you to apply statistical techniques to problems in finance by (i) translating theoretical models into an empirically implementable form; (ii) analysing statistical data; and (iii) interpreting econometric results. The module also provides you with an overview of the empirical methods used by financial academics and professionals in the analysis of financial asset prices.


* Requires prior knowledge of econometrics.

The module introduces you to a variety of statistical methods useful for decision making and to provide students with the quantitative skills required to use data and information to inform decisions in business and finance. The module provides an introduction to probability theory, estimation and statistical inference and regression analysis. On completion of the module you will be able to apply standard methods of statistical analysis, interpret the results of stochastic models and discuss these models’ more general applications.

Credits

Stage 5 (SCQF level 11), 20 credits

This module is taught intensively in the second part of the semester after Applied Business Statistics. You are provided with the quantitative skills required to forecast future values of business and financial data. This module enables you to use a variety of forecasting procedures and to assess their reliability. You will compare forecasting methods and discuss their uses and limitations.

And choose three of the following modules

 

Designed to introduce students to the structure and functioning of the banking and financial services industry. In particular, the

module will examine the key and emergent issues in banking, including the role of central banks and regulation, and the risks that banks face. The module will also introduce students to different banking systems across the globe.

This module provides you with an extensive, detailed and critical knowledge and understanding of contemporary issues in the banking industry and financial markets. You will understand the role of banks as financial intermediaries; the role of banks in the international money; credit and bond markets; the impact of international factors on banks; the regulatory environment in which banks operate; the risks faced by banks and how to mitigate these risks, and the latest trends in innovation and technology in banking.

Credits

Stage 5 (SCQF level 11) 20 credits

This module will develop your understanding of the behaviour of financial agents and the workings of global financial markets within the framework of modern finance theory. Topics include the time value of money and discounted cash flow analysis; theories of the yield curve and bond valuation; risk-return trade-off and mean-variance portfolio theory; Capital Asset Pricing Model and the Efficient Market Hypothesis; alternative approaches to stock valuation and financial ratio analysis; influence of corporate dividend policy and capital structure on stock pricing; functions of futures exchanges and the valuation of financial and commodity futures and the properties and valuation of option contracts.

The module will broaden your knowledge and understanding of the quantitative theory of financial risk, and how that risk can be managed by financial derivatives; develop critical reasoning skills in the context of financial derivatives and financial risk management; equip you with the practical skills to apply most appropriate financial derivatives to managing and hedging the financial markets volatility. When you finish the module you will be able to explain (i) the sources of financial markets risk, (ii) the key characteristics of various derivative products; (iii) the use of these products as risk management tools and understand the implications of hedging via risk-neutral replication and construct hedge portfolios, and understand pricing and hedging principles of a range of derivatives.

This module enables you to evaluate and manage the risks involved in international business in order to make sound financing and investment decisions. You will develop a knowledge and understanding of foreign exchange and eurocurrency markets; models of foreign exchange rate determination and financial products that manage currency risk; models of interest rate determination and financial products that manage interest rate risk; the practical uses of international capital markets for managing risk; the international economic and political environment in which multinational companies operate; the risks of foreign direct and foreign portfolio investment; practical perspectives of risk, and techniques for assessing the risk of capital and financial investments.

The module aims to provide a detailed understanding of how to analyse and estimate the efficiency of banks and the competitive structure of banking markets. The module covers issues relating to the financial statement of banks, including ratio analysis and the risk assessment of banking ratios. The module also aims to equip students with the knowledge and skills required to model banking efficiency using parametric and non-parametric techniques.

Credits
 
Stage 5 (SCQF level 11), 20 credits

You will be introduced to the main financial issues confronting developing countries. In particular you will examine current issues in emerging market finance as well as the suitability of mainstream finance theory for emerging financial markets. You will acquire the knowledge and understanding of how emerging stock markets have evolved; international portfolio diversification; the efficiency of emerging capital markets; predicting financial crises; stock market interdependence and stock market listing behaviour.

The module provides students with an advanced understanding of risks associated with Islamic financial products and institutions and allows them to develop critical reasoning of issues arising in managing different risks at the institutional and regulatory levels in relation to compliancy with Islamic value system.  You will critically examine the role of different stakeholders in managing different risks at the institutional and regulatory levels and evaluate Shari’ah compliant risk management instruments and systems to mitigate risks in Islamic finance.

 

The module provides students with an advanced understanding of the theoretical aspects of the Islamic banking and insurance systems leading to a nuanced understanding of the contemporary application of Islamic banking and insurance.  Students will critically examine the institutional frameworks, governance systems and regulation of Islamic banking and insurance and allow them to evaluate the main controversies and challenges facing Islamic banking and insurance.

 

MSc Islamic Banking and Finance

Compulsory modules:

You will examine the fundamental concepts of international trade, finance and investment. It introduces the tools and techniques for asset pricing and capital budgeting, provides an overview of financial risk assessment and balance of payments and analyses the operation of the foreign exchange market and the determination of exchange rates. Topics you will cover include compounding, discounting and discounted cash flow analysis, the valuation of stocks and bonds in financial markets, the measurement of risk and the role of risk in asset pricing and financial decision-making, the balance of payments and the influence of macroeconomic factors on trade, the operation of currency markets and theories of exchange rate determination.

This element will give you the confidence to produce an international finance report. As advised by employers, it is short and helps you write concisely and provide clear and focused analysis of a topic or issue in a way that will influence and guide managers and decision makers.

Defines Islamic economics so as to construct a comprehensive and integrated economic system (Political Economy Understanding). This will allow you to get a clear understanding of Islamic economic methodology through a critical appraisal of key theories in existing literature (Methodological Approach). It will also allow the critical evaluation and implementation of Islamic finance according to Islamic Moral economy postulates and assumptions and allow you to understand market imperfection from the perspective of Islamic economics.

The module provides students with an advanced understanding of risks associated with Islamic financial products and institutions and allows them to develop critical reasoning of issues arising in managing different risks at the institutional and regulatory levels in relation to compliancy with Islamic value system.  You will critically examine the role of different stakeholders in managing different risks at the institutional and regulatory levels and evaluate Shari’ah compliant risk management instruments and systems to mitigate risks in Islamic finance.

 

The module provides students with an advanced understanding of the theoretical aspects of the Islamic banking and insurance systems leading to a nuanced understanding of the contemporary application of Islamic banking and insurance.  Students will critically examine the institutional frameworks, governance systems and regulation of Islamic banking and insurance and allow them to evaluate the main controversies and challenges facing Islamic banking and insurance.

 

And choose one of the following modules

BU52016 - Quantitative Methods

The module provides you with an intuitive grasp of the theoretical concepts and basic skills required to estimate and interpret economic models. In particular, it will allow you to apply statistical techniques to problems in finance by (i) translating theoretical models into an empirically implementable form; (ii) analysing statistical data; and (iii) interpreting econometric results. The module also provides you with an overview of the empirical methods used by financial academics and professionals in the analysis of financial asset prices.


* Requires prior knowledge of econometrics.

The module introduces you to a variety of statistical methods useful for decision making and to provide students with the quantitative skills required to use data and information to inform decisions in business and finance. The module provides an introduction to probability theory, estimation and statistical inference and regression analysis. On completion of the module you will be able to apply standard methods of statistical analysis, interpret the results of stochastic models and discuss these models’ more general applications.

Credits

Stage 5 (SCQF level 11), 20 credits

This module is taught intensively in the second part of the semester after Applied Business Statistics. You are provided with the quantitative skills required to forecast future values of business and financial data. This module enables you to use a variety of forecasting procedures and to assess their reliability. You will compare forecasting methods and discuss their uses and limitations.

Plus three from

Designed to introduce students to the structure and functioning of the banking and financial services industry. In particular, the

module will examine the key and emergent issues in banking, including the role of central banks and regulation, and the risks that banks face. The module will also introduce students to different banking systems across the globe.

This module provides you with an extensive, detailed and critical knowledge and understanding of contemporary issues in the banking industry and financial markets. You will understand the role of banks as financial intermediaries; the role of banks in the international money; credit and bond markets; the impact of international factors on banks; the regulatory environment in which banks operate; the risks faced by banks and how to mitigate these risks, and the latest trends in innovation and technology in banking.

Credits

Stage 5 (SCQF level 11) 20 credits

The module examines the nature of Shari’ah compliant capital markets, their structure and products and provides an advanced practical analysis of the applied models and working mechanisms of Islamic capital markets.  A critical understanding of screening methodologies of the assets and issues of Shari’ah compliancy is developed along with a critical appreciation of the role of Islamic capital markets in economic development of Muslim countries.

The module aims to provide a detailed understanding of how to analyse and estimate the efficiency of banks and the competitive structure of banking markets. The module covers issues relating to the financial statement of banks, including ratio analysis and the risk assessment of banking ratios. The module also aims to equip students with the knowledge and skills required to model banking efficiency using parametric and non-parametric techniques.

Credits
 
Stage 5 (SCQF level 11), 20 credits

The module develops an understanding of the concepts and principles of Islamic law and their application in commercial transactions.  This provides you with an advanced understanding of the various contracts in Islamic commercial law and their contemporary applications.  This allows the critical evaluation of contemporary Islamic financial products from the perspective of Islamic commercial law.

MSc Islamic Banking, Finance and International Business

Compulsory modules:

This enables students to understand the effects of trade, labour and investment policies on firms' decisions. 

You will examine the fundamental concepts of international trade, finance and investment. It introduces the tools and techniques for asset pricing and capital budgeting, provides an overview of financial risk assessment and balance of payments and analyses the operation of the foreign exchange market and the determination of exchange rates. Topics you will cover include compounding, discounting and discounted cash flow analysis, the valuation of stocks and bonds in financial markets, the measurement of risk and the role of risk in asset pricing and financial decision-making, the balance of payments and the influence of macroeconomic factors on trade, the operation of currency markets and theories of exchange rate determination.

Strategic Decisions for Business will provide knowledge of the strategic issues that businesses face when operating in global markets.

This element will give you the confidence to produce an international finance report. As advised by employers, it is short and helps you write concisely and provide clear and focused analysis of a topic or issue in a way that will influence and guide managers and decision makers.

Defines Islamic economics so as to construct a comprehensive and integrated economic system (Political Economy Understanding). This will allow you to get a clear understanding of Islamic economic methodology through a critical appraisal of key theories in existing literature (Methodological Approach). It will also allow the critical evaluation and implementation of Islamic finance according to Islamic Moral economy postulates and assumptions and allow you to understand market imperfection from the perspective of Islamic economics.

The module provides students with an advanced understanding of risks associated with Islamic financial products and institutions and allows them to develop critical reasoning of issues arising in managing different risks at the institutional and regulatory levels in relation to compliancy with Islamic value system.  You will critically examine the role of different stakeholders in managing different risks at the institutional and regulatory levels and evaluate Shari’ah compliant risk management instruments and systems to mitigate risks in Islamic finance.

 

The module provides students with an advanced understanding of the theoretical aspects of the Islamic banking and insurance systems leading to a nuanced understanding of the contemporary application of Islamic banking and insurance.  Students will critically examine the institutional frameworks, governance systems and regulation of Islamic banking and insurance and allow them to evaluate the main controversies and challenges facing Islamic banking and insurance.

 

Plus two from

The module examines the nature of Shari’ah compliant capital markets, their structure and products and provides an advanced practical analysis of the applied models and working mechanisms of Islamic capital markets.  A critical understanding of screening methodologies of the assets and issues of Shari’ah compliancy is developed along with a critical appreciation of the role of Islamic capital markets in economic development of Muslim countries.

The module introduces you to a variety of statistical methods useful for decision making and to provide students with the quantitative skills required to use data and information to inform decisions in business and finance. The module provides an introduction to probability theory, estimation and statistical inference and regression analysis. On completion of the module you will be able to apply standard methods of statistical analysis, interpret the results of stochastic models and discuss these models’ more general applications.

Credits

Stage 5 (SCQF level 11), 20 credits

The module develops an understanding of the concepts and principles of Islamic law and their application in commercial transactions.  This provides you with an advanced understanding of the various contracts in Islamic commercial law and their contemporary applications.  This allows the critical evaluation of contemporary Islamic financial products from the perspective of Islamic commercial law.

At Dundee our master’s courses prepare you for a successful career, wherever in the world and in whatever sector you plan to work. Employers expect their postgraduate recruits to have advanced technical and communication skills, to be confident team-workers, independent researchers, good project-managers and to be at the leading edge of their specialism. University of Dundee Business School in collaboration with Al-Maktoum College has designed these degree courses to respond to these demands.

The MSc Islamic Finance course will give you the skills and understanding to work in a variety of conventional and Islamic businesses such as banks, insurance companies, financial service companies and trading brokers. You may also want to apply for roles in the finance arms of industries and commercial firms outside of the finance sector.

You will be able to use of the University’s careers service and learn to confidently present yourself to the world’s top employers.

Generally a good (at least a second class Honours degree or equivalent) first degree in any subject which has enabled the applicant to develop analytical and quantitative skills. If you are concerned that your qualifications do not meet our normal expectation you may apply, but you should include a short personal statement concerning your general interest in your own education, work experience and prior relevant learning. Places are limited and early application is advised even for well-qualified candidates.

 EU and International qualifications


English Language Requirement

IELTS Overall 6.0
Listening 5.5
Reading 5.5
Writing 5.5
Speaking 5.5

 Equivalent grades from other test providers

 

English Language Programmes

We offer Pre-Sessional and Foundation Programme(s) throughout the year. These are designed to prepare you for university study in the UK when you have not yet met the language requirements for direct entry onto a degree programme.

 Discover our English Language Programmes

The fees you pay will depend on your fee status. Your fee status is determined by us using the information you provide on your application.

 Find out more about fee status

Fee statusFees for students starting 2019-20
Scottish and EU students £6,950 per year of study
See our scholarships for UK/EU applicants
Rest of UK students £6,950 per year of study
See our scholarships for UK/EU applicants
International students (non-EU) £16,450 per year of study
See our scholarships for international applicants
Fee statusFees for students starting 2020-21
Scottish and EU students £7,650 per year of study
See our scholarships for UK/EU applicants
Rest of UK students £7,650 per year of study
See our scholarships for UK/EU applicants
International students (non-EU) £18,150 per year of study
See our scholarships for International applicants

Tuition fees for Overseas (non-EU) students will increase by no more than 5% per year for the length of your course.

Additional costs

You may incur additional costs in the course of your education at the University over and above tuition fees in an academic year.

Examples of additional costs:

One off costOngoing costIncidental cost
Graduation feeStudio feeField trips

*these are examples only and are not exhaustive.

Additional costs:

  • may be mandatory or optional expenses
  • may be one off, ongoing or incidental charges and certain costs may be payable annually for each year of your programme of study
  • vary depending on your programme of study
  • are payable by you and are non-refundable and non-transferable

Unfortunately, failure to pay additional costs may result in limitations on your student experience.

For additional costs specific to your course please speak to our Enquiry Team.

You apply for this course through our Direct Application System, which is free of charge. You can find out more information about making your application when you click Apply Now below

  Degree Course code
Apply nowIslamic Finance MScP060048
Apply nowIslamic Banking and Finance MScP060048
Apply nowIslamic Banking, Finance, and International Business MScP060048

Course Contact

Yin Zhang
School of Business
y.x.zhang@dundee.ac.uk
+44 (0)1382 384373