Overview

The International Open University presents its Associate of Science in Islamic Banking and Economics. This Associate of Science degree aims to enhance existing knowledge in banking and economics from an Islamic perspective. The qualification will enable you to enter the field of Islamic banking, improve job prospects for those already in this field, and provide opportunities for further studies.

“Allah has permitted trade and has forbidden interest.” (Surah al-Baqarah (2):275)

Conventional banking is filled with interest-based transactions, unlawful bank contracts, and investments. Many countries have recently seen a rise in demand for Islamic banking services as Muslims are slowly waking up turning back to Allah. It is also a very appealing option for non-Muslims who are not satisfied with the Western banking system.

Analysts expect that at the current rate of expansion, in the next 8 to 10 years the Islamic banking network in the United Arab Emirates (UAE) will overtake the conventional banking system.

Job opportunities within the Islamic banking field are also on the rise. While the Middle East still offers growth opportunities there is big potential for growth in countries such as Indonesia, Bangladesh, India, and countries from North Africa and Central Asia which have a substantial Muslim population.

Program Objective

To enhance existing knowledge in banking and economics from an Islamic perspective.

Admission Eligibility Criteria

High School Certificate (10+ 2) or equivalent

Careers

Teaching, Islamic Banking.

Semesters