Islamic Banking & Finance: Admission 2024, Fees, Syllabus, Entrance Exam, Top Colleges, Career Scope
Akansha BishtContent Writer
Islamic Banking and Finance courses in India are intended to provide students with thorough knowledge and skills in the financial sector, with a particular focus on the influence and impact of Islamic frameworks on economics, banking and finance generally. Islamic banking, also referred to as Islamic finance or Shariah-compliant finance, refers to financial activities that adhere to Shariah (Islamic law).
These courses are offered at various levels including UG, PG, Diploma, and Certification. The admissions are majorly based on the merit system. However, candidates interested in pursuing Islamic Banking and Finance courses must fulfil the eligibility criteria depending on the course level. The minimum condition is to pass Class 12 from any stream with an English subject from a recognised board.
Some popular Islamic Banking and Finance colleges in India include Crescent College, Aligarh Muslim University, University of Calicut, SAFI Institute of Advanced Study, and Rouzathul Uloom Arabic College. The average course fee ranges between INR 3,150 to INR 5.2 Lakh.
Islamic Banking and Finance students can seek employment opportunities in sectors like Information Technology, Education, Banking Finance & Insurance, etc. Some popular job profiles under this specialization include Accountant, Investment Banker, Financial Analyst, Branch Manager, Probationary Officer, etc. The average salary of an Accountant is INR 3.3 LPA in India.
Interested candidates can continue reading the article for more Islamic Banking and Finance course details.
Quick Links relevant to Islamic Banking and Finance courses:
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- Islamic Banking and Finance Course Details: Highlights
- What is the Islamic Banking and Finance Course?
- 2.1 Principles of Islamic Banking and Finance
- Islamic Banking and Finance Eligibility Criteria
- Islamic Banking and Finance Syllabus
- Best Islamic Banking and Finance Colleges in India
- Islamic Banking and Finance Career Scope: Job Profiles, Salary & Top Recruiters
- 6.1 Islamic Banking and Finance Top Recruiters
- Islamic Banking and Finance Course FAQs
Islamic Banking and Finance Course Details: Highlights
The foundation of Islamic Banking lies in the principles of Islam concerning business dealings. The primary religious text of Islam, the Quran, serves as the foundation for Islamic banking practices.
All transactions in Islamic banking must abide by Shariah, the Islamic legal code, based on the Quran's teachings. In Islamic Banking, the regulations that control business dealings are known as fiqh al-muamalat. Here are some key highlights of Islamic Banking and Finance courses for candidates' reference:
| Parameters | Course Details |
|---|---|
| Islamic Banking and Finance Level | UG, PG, Diploma, and Certification |
| Islamic Banking and Finance Course Duration | UG: 3 Years PG: 2 Years Diploma and Certification: 1 Month to 1 Year |
| Islamic Banking and Finance Admission Process | Merit-Based |
| Islamic Banking and Finance Eligibility Criteria | UG: Class 12 from a recognized board PG: A bachelor's degree from a recognized university Diploma and Certification: Class 12 from a recognized board |
| Islamic Banking and Finance Course Fee | Between INR 3,150 to INR 5.2 Lakh |
| Islamic Banking and Finance Top Colleges | Crescent College, Aligarh Muslim University, University of Calicut, SAFI Institute of Advanced Study, and Rouzathul Uloom Arabic College. |
| Islamic Banking and Finance Job Profiles | Accountant, Investment Banker, Financial Analyst, Branch Manager, Probationary Officer, etc. |
| Islamic Banking and Finance Average Salary | INR 3.3 LPA |
| Islamic Banking and Finance Top Recruiters | IDFC FIRST Bank, Bajaj Finserv, IndBank Global Support Services Limited, Tata Consultancy Services, etc. |
Note: The information is sourced from external sites and may vary.
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Q: What is Islamic Banking?
Islamic banking, also referred to as Islamic finance or Shariah-compliant finance, refers to financial activities that adhere to Shariah (Islamic law). Two fundamental principles of Islamic banking are the sharing of profit and loss and the prohibition of the collection and payment of interest by lenders and investors.
Q: How is Islamic banking different from conventional banking?
The major difference between Islamic banking and conventional banking system is that the Islamic banking system prohibits speculation (maisir) and usury or interest (riba). Islamic banking system does not function when it involves any investments for items or substances that are forbidden in the Quran—including alcohol, gambling, pork, etc.
What is the Islamic Banking and Finance Course?
The Islamic Banking and Finance course programs are designed to offer knowledge in the fast-growing global industry of Islamic Banking. They help the students hone their Islamic banking skills which employers seek. They help students learn how to skillfully manage Islamic financial products offered by Islamic banks and financial institutions.
Students are also taught how Shariah Compliance fits into Islamic commercial and investment banking. These courses also introduce students to the core norms, principles, and models of Islamic banking and finance and at the same time help in analyzing the relationship between Islamic and conventional banks and financial institutions.
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Principles of Islamic Banking and Finance
It is popularly believed that the principles of Islamic Banking and Finance have been derived from the Quran and have been in practice since then. Islamic banking has been considered a culturally unique form of ethical investing as any investment that includes items or substances that are prohibited in the Quran such as alcohol, gambling, and pork is also prohibited. Listed below are the principles of Islamic Banking and Finance:
- Charging or paying interest on the loan amount
- Investment in business that involves prohibited activities or items
- Gambling or Speculation
- Risk and uncertainty
Topics helpful for Islamic Banking and Finance courses:
Q: What are the growth prospects of Islamic Banking and Finance industry?
Islamic Banking is a growing industry filled with potential and brimming with opportunities for personal and professional growth. The following are some salient features that suggest room for growth:
- Global Expansion: Islamic banking and finance is moving beyond its traditional markets in the Middle East and Southeast Asia and is gaining ground in Western countries like the UK and the USA.
- Regulatory Acceptance: To make Islamic finance more accessible and to promote its expansion, several international financial centres have modified their regulatory frameworks to accept it.
- Growing Demand: There is an increasing need for financial services that adhere to Sharia law. This market will grow as more buyers look for morally and socially conscious investment options.
Q: Which skillsets are required to pursue Islamic Banking and Finance?
The students must possess skills such as good communication skills, adaptability, problem-solving, numeracy skills, investigative nature, tenacity, integrity, attention to detail, etc. to pursue Islamic Banking and Finance courses.
Islamic Banking and Finance Eligibility Criteria
Islamic Banking and Finance courses in India are offered at various levels, hence, the eligibility criteria also vary depending on the course level and individual institution providing the program. Here is the basic idea of the eligibility requirement every candidate has to fulfil:
| Course Level | Eligibility Criteria |
|---|---|
| Undergraduate/Diploma/Certification |
|
| Postgraduate |
|
Note: The information is sourced from external sites and may vary.
Links relevant to Islamic Banking and Finance courses:
Q: What are the eligibility criteria for Islamic Banking courses in India?
Islamic Banking & Finance courses in India are available at various levels like UG, PG, Diploma and Certification. So, the eligibility criteria for these courses also vary depending on the level and individual college's requirements. However, the minimum condition you'll need to fulfil is to pass Class 12 from any stream with English subjects from a recognized board.
Q: Can I pursue Islamic Banking & Finance course without having Commerce subjects in Class 12?
Yes, you can pursue a variety of Islamic Banking & Finance courses without having Commerce subjects in your Class 12. The only subject mandatory for any Islamic Banking course is English. However, you won't be eligible to enrol for BCom in Islamic Banking & Finance, as it comes specifically under the Commerce stream.
Islamic Banking and Finance Syllabus
The Islamic Banking and Finance syllabus can vary depending on the course level and the college providing the course. However, the majority of the subjects taught in this course are the same. Interested candidates can check the table below for the Certificate in Islamic Economics, Banking and Finance (CIBE) syllabus for reference:
| Certificate in Islamic Economics, Banking and Finance (CIBE) Semester I |
|
|---|---|
| Aqeedah 101 | Etiquettes of Seeking Knowledge |
| Fiqh 101 | Islamic Management |
| Principles of Economics (Macro and Micro) | Principles of Accounting |
| Certificate in Islamic Economics, Banking and Finance (CIBE) Semester II | |
| Fiqh 201 | Islamic Economics |
| Money and Banking | Financial Management (Prerequisite: Principles of Accounting |
| Principles of Management | Intro to Islamic Finance |
| Professional Development | - |
Note: The information is sourced from external sites and may vary.
Quick Links relevant to Islamic Banking and Finance courses:
Q: What are the fundamentals of Islamic Banking and Finance?
Islamic banking, also referred to as Islamic finance or Shariah-compliant finance, refers to financial activities that adhere to Shariah (Islamic law). Two fundamental principles of Islamic banking are the sharing of profit and loss and the prohibition of the collection and payment of interest by lenders and investors.
Q: What are the principles of Islamic Banking and Finance?
Here are the major principles of Islamic Banking & finance:
- Profit and Loss Sharing: It is one of the key principles of Islamic finance, where the partners will share their profit and loss according to the part they play in the business. There will be no guarantee on the rate of the returns that the Muslims will play the part of a partner and not a creditor.
- Shared Risk: In economic transactions, risk sharing is promoted by Islamic banking. When two or more parties share the risk, which is based on the principles of Islamic banking, the burden of the risk will be divided and reduced among the parties.
- Gharar: According to Islamic finance principles, Muslims are not allowed to participate in transactions that are ambiguous or uncertain (Gharar).
- Gambling: In Islam, the acquisition of wealth through evil means or participation in Maysir (gambling) is prohibited. It will protect Muslims from conventional insurance products because that is a type of gambling.
No Investment in Prohibited Industries: Industries that are harmful to society or pose a threat to social responsibilities are prohibited by Islam, so in Islamic banking. These industries include Pornography, Prostitution, Alcohol, Pork, and Drug.
Best Islamic Banking and Finance Colleges in India
Colleges offering Islamic banking & finance courses in India are very few. These colleges offer Islamic banking & finance courses at various levels. Candidates can check the table below to find some popular Islamic banking & finance college options:
| Best Islamic banking & finance Colleges | Tuition Fee |
|---|---|
| Crescent College | INR 5.2 Lakh |
| Aligarh Muslim University | - |
| BSE Institute Limited, Chennai | INR 8,000 |
| Calicut University | - |
| SAFI Institute of Advanced Study | INR 54,000 |
| Rouzathul Uloom Arabic College | INR 3,150 |
| Ansar Arabic College | INR 3,150 |
| A.V Abdurahman Haji Arts and Science College | - |
| Sunniya Arabic College | INR 3,150 |
| Hi-Tech Arts and Science College | INR 54,000 |
| Anvarul Islam Arabic College, Kuniyil | INR 3,150 |
| KTM College of Advanced Studies | INR 3,150 |
Note: The information is sourced from the official/counselling body and may vary.
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Banking, Finance & Insurance Applications open. Apply Now
Q: Is there any college offering Islamic Finance course for free in India?
No, there's no college offering Islamic Finance courses free in India. However, the average course fee ranges from INR 3,150 and goes up to INR 5.2 Lakh. So, you can explore some affordable college options that fit the best for you.
Popular Private Islamic Banking & Finance Colleges in India
Banking, Finance & Insurance Applications open. Apply Now
Islamic Banking and Finance Career Scope: Job Profiles, Salary & Top Recruiters
Islamic Banking and Finance offer myriad roles for a variety of skill sets, from relationship management to compliance, from risk management to investment planning. Here are some prominent career options:
| Job Profiles | Job Description | Average Salary |
|---|---|---|
| Islamic Banker | Their role involves developing Sharia-compliant products and monitoring the bank’s operations to ensure they align with Islamic law guidelines. | INR 4.5 LPA |
| Relationship Manager | Handling clients’ queries related to Islamic banking products and providing appropriate solutions falls under a Relationship Manager's purview. | INR 5 LPA |
| Islamic Finance Lawyer | They ensure the bank's operations are following Islamic Finance laws and global banking standards. Additionally, they provide legal advice on new products and services. | INR 5.5 LPA |
| Sharia Auditor | They ensure operations of Islamic banks align with Islamic jurisprudence. |
INR 4.6 LPA |
| Branch Manager | Their role includes managing resources and staff, developing and attaining sales goals, delivering customer service, and growing the location's revenues. | INR 9 LPA |
| Probationary Officer | Their role includes ringing up transactions, unloading goods, applying for pricing information, accepting discounts, receiving payments, and making necessary adjustments. | INR 7.6 LPA |
Note: The salary information is sourced from Ambitionbox.com.
Islamic Banking and Finance Top Recruiters
Islamic Banking and Finance students are hired by various banking, insurance, and finance companies. Graduates are often recruited by IT, education, NGO, etc., sectors as well. Here are some of the top Islamic Banking and Finance recruiting companies in India candidates can seek employment from:
| Islamic Banking and Finance Top Recruiters | ||
|---|---|---|
| HDFC Bank | Bajaj Finance | ICICI Bank |
| Aditya Birla Finance Limited | Morgan Stanley | Axis Bank |
| American Express | Citigroup | Muthoot Finance |
| Tata Consultancy Services | IndBank Global Support Services Limited | IDFC FIRST Bank |
Note: The information is sourced from external sites and may vary.
Q: What job opportunities are available after pursuing Islamic Banking and Finance course?
Students can opt for jobs such as Accountant, Branch Manager, Bank Clerk, Probationary Officer, Investment Banker, Financial Consultant, etc. in various Islamic banking and financial institutions after pursuing the Islamic Banking and Finance course.
Q: How do Islamic Banks make money?
To earn money without the typical practice of charging interest, Islamic banks use equity participation systems, which are similar to profit sharing. Equity participation means if a bank lends money to a business, the business will pay back the loan without interest and instead give the bank a share in its profits. If the business defaults or doesn't earn a profit, then the bank also doesn't get paid.
Islamic Banking and Finance Course FAQs
Candidates can refer to this section for Islamic Banking and Finance course FAQs.
Q: What is Riba in Islamic Banking and Finance?
Riba is an Arabic word for interest paid on loan money or usury. The word riba, literally means excess or addition. Islamic Banking and Finance does not work on riba as it is prohibited under Islamic law.
Q: What are the core principles of Islamic Banking and Finance?
The core principles of Islamic Banking and Finance include not paying or charging interest, not investing in a business that involves prohibited goods and activities according to the Quran, and risk or uncertainty and speculation.
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Anything you would want to ask experts?Answered a month ago
Yes, you can pursue a variety of Islamic Banking & Finance courses without having Commerce subjects in your Class 12. The only subject mandatory for any Islamic Banking course is English. However, you won't be eligible to enrol for BCom in Islamic Banking & Finance, as it comes specifically under th
A
Contributor-Level 10
Answered a month ago
Islamic Banking & Finance courses in India are available at various levels like UG, PG, Diploma and Certification. So, the eligibility criteria for these courses also vary depending on the level and individual college's requirements. However, the minimum condition you'll need to fulfil is to pass Cl
A
Contributor-Level 10
Answered a month ago
No, there's no college offering Islamic Finance courses free in India. However, the average course fee ranges from INR 3,150 and goes up to INR 5.2 Lakh. So, you can explore some affordable college options that fit the best for you.
A
Contributor-Level 10
Answered a month ago
Here are the major principles of Islamic Banking & finance:
- Profit and Loss Sharing: It is one of the key principles of Islamic finance, where the partners will share their profit and loss according to the part they play in the business. There will be no guarantee on the rate of the returns that the
A
Contributor-Level 10
Answered a month ago
Islamic banking, also referred to as Islamic finance or Shariah-compliant finance, refers to financial activities that adhere to Shariah (Islamic law). Two fundamental principles of Islamic banking are the sharing of profit and loss and the prohibition of the collection and payment of interest by le
A
Contributor-Level 10
Answered a month ago
To earn money without the typical practice of charging interest, Islamic banks use equity participation systems, which are similar to profit sharing. Equity participation means if a bank lends money to a business, the business will pay back the loan without interest and instead give the bank a share
A
Contributor-Level 10
Answered a month ago
The core principles of Islamic Banking and Finance include not paying or charging interest, not investing in a business that involves prohibited goods and activities according to the Quran, and risk or uncertainty and speculation.
A
Contributor-Level 10
Answered a month ago
The major difference between Islamic banking and conventional banking system is that the Islamic banking system prohibits speculation (maisir) and usury or interest (riba). Islamic banking system does not function when it involves any investments for items or substances that are forbidden in the Qur
A
Contributor-Level 10
Answered a month ago
Students can opt for jobs such as Accountant, Branch Manager, Bank Clerk, Probationary Officer, Investment Banker, Financial Consultant, etc. in various Islamic banking and financial institutions after pursuing the Islamic Banking and Finance course.
A
Contributor-Level 10
Answered a month ago
The students must possess skills such as good communication skills, adaptability, problem-solving, numeracy skills, investigative nature, tenacity, integrity, attention to detail, etc. to pursue Islamic Banking and Finance courses.
A
Contributor-Level 10
Answered a month ago
Islamic Banking is a growing industry filled with potential and brimming with opportunities for personal and professional growth. The following are some salient features that suggest room for growth:
- Global Expansion: Islamic banking and finance is moving beyond its traditional markets in the Middle
A
Contributor-Level 10
Answered a month ago
Islamic banking, also referred to as Islamic finance or Shariah-compliant finance, refers to financial activities that adhere to Shariah (Islamic law). Two fundamental principles of Islamic banking are the sharing of profit and loss and the prohibition of the collection and payment of interest by le
A
Contributor-Level 10
Answered a month ago
Riba is an Arabic word for interest paid on loan money or usury. The word riba, literally means excess or addition. Islamic Banking and Finance does not work on riba as it is prohibited under Islamic law.
A
Contributor-Level 10
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Can I pursue Islamic Banking & Finance course without having Commerce subjects in Class 12?