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20260412890The Master of Science in Islamic Finance is offered by the Department of Islamic Finance at the Islamic Economics Institute. The program is distinguished by its rigorous Sharia-based foundational framework, positioning Islamic finance within its jurisprudential and ethical context in alignment with the higher objectives of Sharia (Maqasid al-Sharia) concerning wealth acquisition and circulation. It comprehensively addresses financing, investment, and financial intermediation activities—both profit-oriented and non-profit—while fostering the development of financial practices that serve individuals, institutions, and society at large in accordance with Islamic principles and contemporary professional standards.
To become a leading academic and research reference in advancing knowledge and innovation in the Islamic financial services industry, and to contribute effectively to equipping the financial sector with qualified professionals capable of supporting sustainable development and achieving the objectives of Saudi Vision 2030.
To provide distinguished academic and research-based education that enables students to acquire comprehensive Sharia knowledge and contemporary financial expertise, develop applied research skills in Islamic finance, contribute to innovative solutions addressing challenges in the financial sector, and supply the market with qualified professionals who support sustainable development and align with the objectives of Saudi Vision 2030
Last Modified Date: 09/07/2026 - 4:29 PM Saudi Arabia Time
| Course Code | Course | Credits | Prerequisites |
|---|---|---|---|
| ISF 600 | Fundamentals of Islamic Finance | 3 | – |
| Description | 1. The course aims to introduce the foundations, principles, and objectives of Islamic finance in comparison to those of prevailing conventional finance, highlighting the characteristics of Islamic finance and its contractual, ethical, legislative, and behavioral guidelines. Key foundations and principles addressed include: the presumption of permissibility in transactions; the principle that entitlement to profit accompanies liability for risk (*al-kharāj bi-al-ḍamān*); the prohibition of *riba* (usury/interest)—including strict scrutiny of circumvention methods—as well as *gharar* (uncertainty/ambiguity), *qimār* (gambling), and *maysir* (games of chance); and the impact of these principles on the behavior of economic units regarding financing activities. 2. The primary objective of the course is to discuss the general foundations and principles underpinning Islamic finance and to analyze the financial and economic implications of applying these principles to the operations of contemporary financial systems and institutions. | ||
| ISF 601 | Fiqh of Financial Transactions | 3 | – |
| Description | • Understanding the theory of financial contracts and contracts and financial issues arising from the developments and practices of Islamic finance industry and its institutions on the other. • Identification of nominated financial contracts as explained in Islamic jurisprudence, and the derived or complexed financial instruments • Definition of the jurisprudence of Islamic finance practices contemporary financial systems • Developing the conviction of the student of the importance of Sharia rules in Islamic finance contracts in order to ensure that Islamic finance is distinct from other types of financing | ||
| ISF 622 | Entrepreneurial Finance | 3 | – |
| Description | This course addresses various fundamental aspects of business finance by introducing key methods and decisions for financing projects and innovative ideas through traditional, Islamic, and hybrid instruments. Among the instruments to be covered are venture capital and products used to finance micro-finance initiatives. This course aims to explain the concept of business finance and examine the nature, fields, and sectors of business activities. It covers project financing methods—including traditional, Islamic, and hybrid approaches—and analyzes examples of financing institutions in Saudi Arabia, the Arab world, and globally. Additionally, the course reviews regulations and laws governing business finance in the Kingdom and highlights efforts made to realize Vision 2030 objectives regarding enhanced financing for small and medium-sized enterprises (SMEs) and productive families, as well as increasing financing levels for various projects. | ||
| ISF 634 | Saudi Financial System | 3 | ISF 600 -ISF 601 |
| Description | . Understanding the components of the financial system in the Kingdom of Saudi Arabia through its various historical developments. 2. Recognizing the role of institutions and systems active in economic activity, particularly the developments the system is undergoing in light of Saudi Vision 2030 and the National Transformation Program 2020 (specifically, the Financial Sector Development Program’s 2020 implementation plan). 3. Comprehending the practices and operations of Islamic finance institutions and their role in realizing the initiatives of the Financial Sector Development Program. 4. Enhancing students' skills in developing critical thinking and research capabilities regarding financial system issues. | ||
| ISF 627 | Money and Banking | 3 | – |
| ISF 694 | Research Methods | 3 | – |
| Description | This course aims to introduce students to modern scientific principles and foundations of academic research and to provide practical training in them, thereby assisting students in preparing research papers and studies in the field of finance. The course content covers the steps and methodologies of scientific research, as well as techniques for analyzing study sample data and conducting hypothesis testing. 2. Preparing and qualifying students to write their academic theses in accordance with sound scientific standards, while also enabling them to acquire the knowledge and skills necessary for writing academic research in general | ||
| IECN 602 | Advanced Quantitative Analysis | 3 | ISF 600 -ISF 601 |
| Description | Utilizing complex mathematical and statistical models to understand data, control complex systems, or make objective, evidence-based decisions. This involves building predictive models, performing regression analysis, and using software such as Python and R to extract patterns with a level of accuracy that surpasses traditional methods. | ||
| ISF 602 | Risk Management in Islamic Banks | 3 | ISF 600 -ISF 601 |
| Description | The course aims to examine and identify the types and sources of risks in Islamic banks, explore various measurement methods, and review the Sharia-compliant means and tools proposed for managing these risks. It also aims to study the challenges Islamic financial institutions face in implementing international prudential standards. 2. To enable students to understand the risks facing Islamic banks—including their various types, management strategies, and measurement methods—as well as to comprehend the Basel Committee’s international prudential standards regarding banking risk management and the challenges Islamic financial institutions encounter in implementing these standards. | ||
| ISF 607 | Islamic Corporate Finance | 3 | – |
| Description | This course examines key aspects of corporate finance, categorized into three main areas: capital investments, capital financing, and dividends and returns of capital; it also covers practical applications using Excel. 2. Students will acquire skills in corporate financial management and decision-making by identifying the tools used to select investment projects, analyzing methods of corporate capital financing, and implementing dividend policies | ||
| ISF 620 | Islamic financial institutions | 3 | – |
| ISF 621 | Objectives and Principles of Financial Jurisprudence | 3 | – |
| IECN 631 | Financing and Investment in Endowments Awqaf | 3 | – |
| SISF 636 | Personal Financial Planning | 3 | – |
| ISF 605 | AAOIFI Standards | 3 | – |
| Description | This course addresses the standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), highlighting the importance of their implementation within Islamic financial institutions. It examines the practical application of these accounting and auditing standards and their role in the financial reporting of Islamic financial institutions. 2. The course is designed to provide a clear understanding of the accounting and auditing standards applicable to various Islamic financial institutions. It covers how these standards are defined and applied, as well as how supervisory authorities handle them across diverse environments and scenarios, with a strong emphasis on practical implementation. | ||
| ISF 606 | Financial Analysis | 3 | – |
| Description | This course provides a comprehensive and in-depth study of financial analysis. Topics include the objectives of corporate financial analysis (analyzing costs, profitability, solvency, risk, and liquidity), analysis tools (income, market, and cost approaches), and financial valuation in particular. The course also covers practical applications using Excel. 2. Identifying the tools used in the financial analysis of business entities and acquiring skills in analysis and decision-making. | ||
| IECN 632 | Social Enterprise Economy | 3 | – |
| ISF 630 | Islamic Finance and Sharia-Compliant Public Policy | 3 | – |
| ISF 603 | Laws Regulating Islamic Finance | 3 | – |
| ISF 604 | Dev. of Islamic Financial Products | 3 | ISF 600 -ISF 601 |
| Description | The course aims to examine the design and development of Islamic financial products in light of the technical, Sharia, and legal dimensions prevalent in contemporary economies. It also seeks to outline a methodology for product development that ensures the process is grounded in sound Sharia principles while remaining practically applicable. Furthermore, the course aims to cultivate proficiency in the art of structuring and deconstructing named contracts to create financial products that meet clients' financing needs, thereby reinforcing the student's conviction regarding the flexibility of Islamic Sharia and its capacity to address the diverse financing requirements of various economic entities. 2. Analyzing the methodology employed within the Islamic finance industry to design and develop financial products that meet the diverse financing needs of clients. | ||
| ISF 623 | Readings in Islamic Finance | 1 | – |
| ISF 624 | Sharia Supervision and Auditing | 3 | – |
| ISF 626 | Dispute Resolution in Islamic Finance | 3 | – |
| FIN 631 | Investment Analysis | 3 | – |
| ISF 699 | The Academic Thesis | – | – |
| FIN 633 | International Finance | 3 | – |
| SISF 635 | Microfinance | 3 | – |
