B.Sc. in Islamic Economics, Banking and Finance (B.Sc. IBE)

> Course Overview



The International Open University presents its Bachelor’s Degree program in Islamic Banking and Economics. This degree opens the door to a possible career in an exciting, expanding and beneficial field, and is a stepping stone towards further studies.

“Allah has permitted trade and has forbidden interest.” (Qur’an (2):275)

In today’s world flooded with interest-based transactions, unlawful bank contracts, and investments, the need for Islamic banking is increasing. Many countries have recently seen a rise in demand for Islamic banking services. 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. According to a study by A.T. Kearney, one of the world’s largest management consulting firms, “up to 30,000 new Islamic banking jobs will be required in the Gulf States within the next decade.”

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 understand and differentiate between lawful and unlawful transactions.

Admission Eligibility Criteria

HSC (10+ 2) or equivalent


Teaching, Islamic Banking Administrative, Islamic Banking Advisory, Islamic Economist, Islamic Financial Planner, Islamic Finance Analyst

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
ARB 201Arabic 201 None
HAD 101Hadeeth 101None 
FQH 302Fiqh 302 None
BSA 102Organizational Behaviour None
ECM 301Islamic Commercial Law None
ECM 305Accounting for Islamic Financial InstitutionsPrinciples of Accounting (ECM 104) 
AQD 102Aqeedah 102 None
FQH 102Fiqh 102 None
TAF 101Tafseer 101 None
ECM 404Economic Planning None
ECM 303Islamic Wealth Management None
FIN 403International Finance None
ENG 101English 101 None
FQH 301Fiqh 301 None
ECM 401Corporate Finance None
MTH 102Statistics and Econometrics None
ECM 302Islamic Financial Markets and Institutions None
MGT 107International Management None
ECM 406Behavioral Finance None
ECM 306Islamic micro finance None
ECM 405Cooperative Banking None
THS 401Thesis

 - Statistics and Econometrics (MTH 102)

- Completion of 42 courses


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