Associate of Science in Islamic Economics, Banking and Finance (AIBE)

> Course Overview



The International Open University presents Associate of Science in Islamic Banking and Economics. This Associate of Science 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 opportunity for further study.

“Allah has permitted trade and has forbidden interest.” (Qur’an, 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 to 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 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

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

HSC (10+ 2) or equivalent


Teaching, Islamic Banking.

Course Overview

AQD 101Aqeedah 101None
ETH 101Etiquettes of Seeking Knowledge 101None
FQH 101Fiqh 101 None
BSA 101Islamic Management 101None 
ECM 103Principles of Economics (Macro and Micro) None
ECM 104Principles of Accounting None


FQH 201Fiqh 201 None
ECM 101Islamic Economics 101  None
ECM 102Money and Banking  None
ECM 105Financial Management (Prerequisite: Principles of Accounting (ECM 104)) Principles of Management (MGT 104)
ECM 106Intro to Islamic Finance  None
EDU 105Professional Development  None


ARB 101Arabic 101 None
FQH 202Fiqh 202 None
FQH 401Fiqh 401 None
ECM 201Managerial Accounting Principles of Accounting (ECM 104)
ECM 203Managerial Economics None
ECM 204Islamic Capital Markets(Prerequisite: Financial Management (ECM 105))None 


ARB 102Arabic 102 (Prerequisite: Arabic 101) None
HAD 102Hadeeth 102 None
CVN 101Islamic Civilization 101 None
ECM 202Investment and Financial Statement Analysis None
ECM 205Risk Management None
ECM 206International Monetary Economics None



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