Shahroz Afzal
With the advent of digitization, the banking and finance sector has experienced a lot of changes. As a result, new fields and concepts have been introduced for an improved consumer experience. One such field is Islamic finance, which is rapidly becoming a popular alternative to conventional banking. Furthermore, with the emergence of fintech companies and startups offering innovative financial services and products, there has never been a better time to pursue an academic degree in Islamic finance. If you are interested in pursuing a PhD program or simply looking for some of the best programs across different fields of study and specializations, read on. In this article, we will discuss the top universities that offer a variety of different PhD programs in Islamic Finance and Banking. Moreover, we will highlight some key factors to consider when choosing any given program as well as other useful details that can help you make an informed decision.
Why the Demand for Islamic Finance Graduates is Growing?
Islamic finance is a branch of economics that deals with the financial regulations and practices of the Islamic world. This covers a large number of topics, including banking, insurance, investment, asset management, interest, and currency. It is also worth noting that Islamic economics has its roots in the Quran and Hadith, which is the part of the Islamic religious text. Therefore, the practice of Islamic banking is based on the religious teachings. In recent years, there has been an exponential increase in the demand for Islamic finance graduates due to the rise in the need for experts in this field. This is due to the fact that Islamic banking is becoming an increasingly important part of the global economy. It is also expected that the demand for Islamic finance experts will continue to grow as the industry continues to evolve and transform.
PhD in Islamic Finance by AIMS UK:
AIMS is a UK-based educational institution that offers a range of degrees in a number of different fields of study. One such field of study is Islamic Finance. This course is offered through the School of Advanced Studies in Edinburgh, Scotland. Therefore, if you are interested in pursuing a PhD in Islamic finance and economy, this is the best university to choose. The AIMS Education UK PhD in Islamic Finance has two main objectives. The first one is to enable candidates to understand the complex nature of Islamic finance through a course of study that includes both theory and practice. The course also examines how Islamic finance complements other financial techniques and practices. The second objective is to help candidates to become experts in the field of Islamic finance. This can be achieved through a combination of research, teaching, and consultancy activities in advanced areas, such as wakalah, mudarabah, sukuk, wadiah, etc. Moreover, candidates are encouraged to produce high-quality research papers and publish them in peer-reviewed journals. Therefore, the AIMS Education’ PhD in Islamic Finance is a great option for future scholars who are interested in pursuing a career in Islamic finance.
PhD in Islamic Banking and Finance by LUMS:
If you are looking for a top-ranked and reputed university that offers PhD programs in Islamic finance and banking, LUMS is one of the best options available. This is a public university in Pakistan that was established in 1974. At present, it is the only private university in the country authorized to offer degrees in banking and finance. The Islamic Banking and Finance program offered at LUMS is a three-years full-time program. This is a fully residential program, which means you will stay on the university campus. Therefore, you will have access to a wide range of social services, including counseling, health care, and tuition fees. The program at LUMS is designed to provide a comprehensive understanding of the Islamic financial system. In addition to this, candidates are also expected to learn how Islamic financial concepts can be utilized in developing countries. The program also covers such topics as the regulatory framework of Islamic banking, banking services, investment funds, and banking operations.
PhD in Islamic Finance by INCEIF:
The Islamic Finance and Economics Institute (INCEIF) is an academic institution that offers a number of different PhD programs. One of these is the PhD in Islamic Finance. This program is a three-years full-time program that is offered through the School of Economics and Business Administration. The main objective of the INCEIF PhD in Islamic Finance program is to enable candidates to pursue an academic career in Islamic finance. This process starts with two semesters dedicated to training and consultancy. The remaining three years are spent on research and studies. Furthermore, candidates are expected to undergo a rigorous application process and are required to pass some stringent admission criteria, including a research proposal and a dissertation. After receiving a provisional acceptance letter, candidates are expected to successfully complete all their courses and research.
Key differences between PhD programs in Islamic Finance and Banking
Specialization:
While both fields focus on financial services, an Islamic finance scholar must adhere to Shariah religious laws. On the other hand, an equity finance scholar may specialize in one specific type of investment.
Research Areas:
While banking scholars focus on the development of new financial products and services, Islamic finance scholars focus on the evaluation of existing products.
Industry Connections:
While banking scholars work in private financial institutions, Islamic finance scholars are employed in government or private Islamic financial institutions.
Job Outlook:
While equity finance scholars are likely to experience growth in the near future, Islamic finance scholars are expected to experience a decline in demand.
Regulatory Environment:
While both banking and financial industry experience regulation and oversight, Islamic finance scholars are expected to operate within the framework of Shariah law.
Funding:
While both banks and finance companies receive funding through equity, Islamic finance scholars are entitled to receive funding from the Shariah.
Working Conditions:
While both finance companies and banks offer high-paying jobs with regular 9-5 schedules, Islamic finance scholars have an advantage in terms of flexibility and autonomy.
Advancement:
While both banks and finance companies offer career advancement, Islamic finance scholars have an edge in terms of possibilities for advancement.
