Original Question: I’m interested in pursuing a Degree in Islamic Banking and Finance in Singapore. But couldn’t find one. Can you suggest ?
Answer:
In Singapore, the education ecosystem for Islamic Finance is mostly based on certifications, short courses, professional qualifications, and community-oriented programmes, rather than standalone undergraduate and postgraduate degrees exclusively in Islamic Banking and Finance.
While Singapore does not currently offer a degree dedicated in Islamic Finance, it is important to note that Islamic Finance is fundamentally the application of muamalat (Islamic commercial law) principles within modern finance. As such, a strong foundation either in finance or Shariah-related disciplines can serve as an effective pathway into the industry.
IFSG generally recommends the following approaches:
- Pursue a general degree in Finance, Economic, Business, Accounting, Law or a related field from any university in Singapore, and supplement it with Islamic Finance certifications or courses (such as CSAA by AAOIFI, INCEIF’s professional certificate, and other specialised Islamic finance programmes)
- Alternatively, pursue formal studies in Shariah, Fiqh, or Usul-Fiqh and subsequently complement this foundation with finance and Islamic finance studies. Many practitioners and Shariah advisors in the Islamic finance industry come from either a finance background strengthened by Shariah studies, or a Shariah background strengthened by finance qualifications.
- For those seeking a more specialised academic pathway, consider internationally recognized degrees in Islamic Banking and Finance offered by reputable institutions overseas (for example in Malaysia, UK, and Middle East), where Islamic Finance education is more established and comprehensive.
For students who are primarily interested in understanding Islamic finance rather than pursuing it professionally, foundational muamalat programmes may be sufficient. Learning the principles of contracts, riba, gharar, risk-sharing and contemporary financial applications often provides a practical understanding of Islamic finance without necessarily requiring a specialised degree.
Additionally, it is also beneficial for students of Islamic finance to develop a grounding in recognised school of fiqh (mazhab) and acquire some exposure to Usul Fiqh. While fiqh provides the rulings and application derived by earlier scholars, Usul Fiqh helps one understand the methodologies of legal reasoning, textual interpretation and analogy (qiyas) that are often required when addressing contemporary financial issues and new products.
Based on the above, IFSG concludes that prospective students should pursue a bachelor’s or master’s degree in a related field in Singapore and augment their learning with Islamic Finance courses, diplomas, and professional qualifications – many of which are available in Singapore or via online platforms, and for those with sufficient resources, pursuing overseas studies may provide deeper, first-hand academic exposure to Islamic finance.
A detailed discussion on Islamic finance education pathways in Singapore is available in IFSG’s full guide here: https://islamicfinance.sg/complete-guide-to-islamic-finance-education-in-singapore-ifsg/
