2017 ENTRY

The programme and the lecturers have

completely changed my perspective on
Islamic Finance. From what I thought
was a mere religious endorsement with
commercial interests, I now understand
the real paradigm behind Islamic
Finance in that it is actually meant to
reach beyond the monetary bottomline,
protecting and serving the societys
holistic interest.

Nabilah Mohamad
MSc Islamic Finance and Management
2015-2016
DURHAM UNIVERSITY BUSINESS SCHOOL 03

CONTENTS
1.
Welcome
PAGE 04

2.
Masters Programmes
PAGE 05

3.
2017 Timetable
PAGE 06

4.
How to apply
PAGE 08

5.
Life in Durham
PAGE 09

6.
Career Development Programme
PAGE 10

7.
Durham PhD
Durham PhD with Integrated Studies
PAGE 12

8.
Summer School
PAGE 14

For further information

PAGE 16
DURHAM UNIVERSITY BUSINESS SCHOOL

Durham has been a centre for

research and education in Islamic
economics, Islamic finance and
banking and Islamic management
WELCOME for around 30 years and enjoys
a well-established international
As an alternative banking and financing instrument and reputation in these areas.
institution, Islamic banking and finance has demonstrated
significant developments and unprecedented success all
over the world since its inception in mid-1970s. With the
increased internationalisation and enhanced international
recognition in the post-2008 crisis, Islamic financial We were the highest ranked
institutions are now operating in more than 75 countries
worldwide, working also with international brands, with business school in the UK offering
assets over US$2 trillion. Islamic finance has become
an important influence on the worlds financial stage Islamic Finance programmes.
with London and Luxembourg in the Western hemisphere
(Financial Times European Business School Ranking 2015)
competing with Kuala Lumpur and Dubai to remain
centres for Islamic financing activity.

In responding to such success and sophistication,

international reports indicate that large numbers of
individuals equipped with necessary Islamic economics
Durham University is
and finance related knowledge and skills are needed. ranked 31st in the World for
Durham Islamic Finance Programmes aim to provide
such knowledge, skills and expertise, with the objective its reputation with employers.
of helping our students and researchers to be in an
advantageous position upon entering and working in the (QS World University Rankings 2015/16)
Islamic finance and banking sector, as well as relevant
academic teaching and research institutions.

Research-led, our programmes in Islamic finance provide

OUR
postgraduate research, education and training in relevant
specialised areas of Islamic finance and banking, Islamic
economics, Islamic accounting and Islamic management,

PROGRAMMES
and in their relevant conventional counterparts by
emphasising theoretical, conceptual and practical
knowledge as well as professional skills.

As we constantly respond to global developments in

Islamic finance and build on our high quality reputation,
we see our progress in the provision of education and Research-led and shaped by the world-class reputation
cutting-edge research going from strength to strength. of Durham in the field our portfolio includes:

I look forward to welcoming you. MSc Islamic Finance

Professor Mehmet Asutay MSc Islamic Finance and Management

Director, Durham Centre for Islamic
Economics and Finance PhD by Research

Integrated PhD (one year taught, plus research years 2-4)

Durham Islamic Finance Summer School

Visiting Research Programme

 05

MASTERS NATIONALITIES

PROGRAMMES INDONESIA
56%
MALAYSIA
NETHERLANDS
6%
QATAR
19% 6%
Delivered in Durham, our intensive one-year full-time MSc
programmes in Islamic Finance are designed to provide GERMANY AZERBAIJANI
rigorous training at the frontier of research, giving you 6% REPUBLIC 6%
the opportunity to develop the advanced analytical and
technical skills that are highly sought after by global
employers. Programmes include:
CLASS OF 2015/16
MSc Islamic Finance
AVERAGE AGE 26 GENDER 56% male
MSc Islamic Finance and Management AGE RANGE 22-32 44% female

MSc Islamic Finance, a specialised taught programme,

involves quantitative methods in the analysis of Islamic
and conventional finance by making reference to their
technical particularities.
The first of its kind at a global level, MSc Islamic Finance
and Management is a cross-disciplinary specialised
programme, aiming to provide management-related
knowledge and skills to students who, at the same time,
specialise in Islamic Finance. Compared to the MSc Islamic
Finance, this programme requires a lesser amount of
quantitative material, knowledge and skills.
MODULES
You study eight taught modules seven core modules and
one elective module and complete a dissertation. Core
modules and examples of past electives are detailed overleaf.
For module descriptions visit:
www.durham.ac.uk/business/masters-islamic-finance

DISSERTATION/BUSINESS PROJECT
In the third term, you will complete a 12,000 word
dissertation which could be a specific project with an
organisation. Supervised by a faculty member with relevant
experience, you will investigate in greater detail a subject that
you have already studied as part of your programme. A major
piece of independent work, the dissertation will enable you
to exercise critical judgement and illustrate how economic
analysis has relevance to financial decision taking.

My one year in Durham exploring the theoretical and practical

aspects of Islamic finance was amazing. It not only contributed to
developing my knowledge, but also opened my mind to the Islamic
way of thinking. It has helped me to prepare for my future career in
Islamic finance. Enjoy and benefit from all the resources on offer.

Dwinda A Hangonowati
MSc Islamic Finance 2015-2016
DURHAM UNIVERSITY BUSINESS SCHOOL

4.

JULY
MAR

AUG
NOV

MAY

NOV
DEC

APR

JUN

DEC
OCT

FEB

SEP

OCT
JAN

JAN
TERM 1 TERM 1
Modules Exams

TERM 2
Modules

GRADUATION
TERM 3
Dissertation / Business Project

ONE WEEK
International Study
Tour (optional)

ADDING TO
YOUR EXPERIENCE
INTERNATIONAL OPPORTUNITIES GUEST SPEAKERS
International Study Tour As part of your programme, you have the
opportunity to enjoy presentations by
We organise an optional International
academics and practitioners within your
Study Tour to a European destination,
chosen area of interest. Past speakers
typically Switzerland. This intensive
have included leading academics and
programme takes place over several
professional financiers and bankers,
days, normally in March/April, and offers
providing an ideal opportunity to gain
you a great opportunity to get an inside
practical knowledge and progressive
perspective on international business,
insight in Islamic finance related areas.
and to network with key staff within
organisations.

International Conferences

We organise and sponsor international

conferences on Islamic economics
and finance in collaboration with other
leading global academic institutions
such as the Islamic Research and
Training Institute (IRTI) of the Islamic
Development Bank; International Shariah
Research Academy (ISRA), Malaysia;
Kyoto University, Japan; and the Gulf
Research Centre at Cambridge University.
For more information visit:
www.durham.ac.uk/dcief/events
 07

KEY:
ISLAMIC ISLAMIC FINANCE
MODULES
FINANCE AND MANAGEMENT

Core modules of study

Advanced Financial Theory

Behavioural Finance and Economics Elective modules

(Typical modules offered in previous years).
Corporate Finance

Corporate Governance

Decision Making and Business Modelling

Derivative Markets

Econometrics Methods

Financial Management

Financial Modelling
and Business Forecasting

Global Business

Global Marketing

International Finance

International Finance Asset Management

Islamic Accounting

Islamic Banking and Finance

Islamic Capital Markets

Islamic Law and Financial Transactions

Islamic Management

Islamic Political Economy As a student with an Islamic studies

background, studying Durhams
Multinational Finance MSc Islamic Finance has enabled
me to overcome the complexity of
Organisational Behaviour having different fields surrounding
Islamic finance, such as conventional
Portfolio Management
finance, accounting, and economics,
Risk Management Issues in through the materials provided and
Islamic Finance the support of the academics. My
learning experience in Durham, along
Strategic Marketing Management with meeting various professional
colleagues, has become one of my best
Strategy memories.
Strategy Simulation and System Thinking Hamad S. Al-Sayed
MSc Islamic Finance and Management 2015-2016
Dissertation

Dissertation and Research Methods

DURHAM UNIVERSITY BUSINESS SCHOOL

HOW TO
INTERNATIONAL STUDENTS
If your first language is not English, you will need evidence of

APPLY
competence in written and spoken English (IELTS overall score of
6.5 with no element under 6.0 or TOEFL IBT 92 with no element
under 23; or Pearsons PTE Academic test, total score 62 with no
element below 56).

ENTRY REQUIREMENTS If your scores fall slightly short, or if you would like to advance your
English skills, you may be able to attend a pre-sessional English
For MSc Islamic Finance and MSc Islamic Finance and
language course at Durham University English Language Centre.
Management, you will need a UK first or upper second
class honours degree or international equivalent. For To learn more visit:
MSc Islamic Finance you will also need evidence of www.durham.ac.uk/englishlanguage.centre
strong grades in mathematical and statistical modules
in years 2, 3 or 4.

FEES AND FINANCE

For current fees of our MSc Islamic Finance and MSc Islamic Finance
and Management programmes, visit:
www.durham.ac.uk/business/programmes/masters

Scholarship funding may be available.

For more information visit:
www.durham.ac.uk/business/masters/scholarships

MAKING YOUR APPLICATION

We strongly advise you to apply as soon as possible, particularly if you
need university accommodation.

Learn more about our application details and apply online at:
www.durham.ac.uk/business/masters-islamic-finance

MEET US
For details of how to meet us at an open day or international
recruitment fair, please visit:
www.durham.ac.uk/business/meet-us
 09

LIFE IN
DURHAM
ACCOMMODATION
We offer good quality, reasonably priced accommodation at Durham
University. Alternatively, if you prefer, we can help you find local
private accommodation to suit your needs. Well provide you with
more specific details on application. In the meantime,
visit: www.durham.ac.uk/postgraduate/accommodation

COLLEGES AND SOCIETIES

All full-time postgraduates become a member of one of our colleges
or societies. As well as offering a wide range of social and cultural
activities, the colleges provide support and a sense of belonging
during your time in Durham.
For more information visit: www.durham.ac.uk/colleges

PRAYER FACILITIES
The University has a large and active Islamic Society and offers a
range of services to support Islamic students, including a dedicated
Muslim Prayer Room on Old Elvet in the centre of Durham City.
This room is used weekly, throughout the year, for Friday prayers as
well as festivals and celebrations. To use the Prayer Room, and to
contact other Muslim students at the University, please visit:
www.duisoc.com

GLOBAL ALUMNI NETWORK

When you enrol, you join our alumni association. The network
serves around 18,000 graduates in over 150 countries. It facilitates
friendship and business connections, and sits at the heart of the
Durham Experience. Our online alumni community offers members
a range of benefits:
 Continuous skills sharpening through webinars and careers
workshops
Access to our online career resources, video library and eBooks
Network building via our global events, including continuous
professional development, social and networking opportunities
through various speaker events
Access to our journals and business database.

Contact our dedicated alumni team for more information:

email business.alumni@durham.ac.uk
or visit www.durham.ac.uk/business/alumni
DURHAM UNIVERSITY BUSINESS SCHOOL

CAREER
DEVELOPMENT You will be given information about the Career Development

PROGRAMME
Programme during your first few weeks at Durham, including
access to your personalised online Career Development portal.
Our service provides the opportunity to:

Hear from top employers

BEGIN YOUR GLOBAL CAREER HERE Network with businesses
Our Career Development Programme has been designed
Develop interpersonal skills
to help you develop the skills necessary for a global
career. Durham University Business School has its own Create a CV that stands out
dedicated Masters Careers team and provides a full
Gain access to the latest jobs in your sector
range of careers services. This bespoke programme
and geographical region
complements the events, workshops and fairs that are
organised by the central University Careers Employability Understand international business etiquette.
and Enterprise Centre.
 11

90% Of our students

found employment
within 3 months.
(Graduate Destinations survey
- January 2016 Graduates)

A FLAVOUR OF WHAT TO EXPECT

The Career Development Weekend
This weekend will provide insight and
enable the development of essential
career management skills. Covering
a wide range of topics, the event will
support career planning, facilitate
skills development and enhance your
knowledge of the full recruitment
cycle. The weekend will be actively
focused on identifying, preparing and
securing employment opportunities
throughout your studies.

Individual Career Appointments

Career appointments with our
Masters Careers Consultants give you
the opportunity to develop your CV,
improve your job search strategy and
prepare for interviews. The team can
also offer practice interviews and
assessment centre exercises to help
you with your preparation.
Connecting with Business
There are opportunities throughout
the year to engage with organisations
and alumni to further enhance
your knowledge and skills, such as
our Opportunities in Series, skills
workshops, recruiter presentations
and fairs. Recruiter events in the
past have included presentations and
workshops delivered by employers
such as Unilever, EY, Deloitte,
HSBC and IBM.
THE CAREER DEVELOPMENT PROGRAMME WILL
GIVE YOU THE OPPORTUNITY TO:
Develop the career skills demanded by
international recruiters through interactive
workshops tailored to your programme of study
Benefit from tailored, individual career
consultations to support you in achieving your
career aspirations
Engage with international recruiters, from a
range of sectors, in simulated interviews and
assessment centres, presentations and events.
What makes Durham really different is that this is a place
where you can meet prominent experts and have access to
core sources of knowledge from a world leading university. I
have been involved in this field since 2008, yet Durham has
provided striking new insight, allowing me to take a significant
part in the development of Islamic Economics and Finance in
my home country.

Muhamad R Rizaldy
MSc Islamic Finance and Management 2015-2016
DURHAM UNIVERSITY BUSINESS SCHOOL

7.
THE DURHAM PHD AND
THE DURHAM PHD WITH
INTEGRATED STUDIES
Studying at PhD level is a challenging and
stimulating experience. You will be part of
a vibrant, lively and welcoming research-
led community. Whether studying full-
time over three years or part-time over six
years, by choosing Durham, you will have
the opportunity to develop your analytical,
conceptual and critical thinking skills in
Islamic finance and economics-related subject
areas, to the highest level.

Durham University Business School is the

ideal place to gain your qualification in Islamic
Finance. Our expertise, innovative approach
and academic rigour ensure relevance for
todays and tomorrows business world.
Durham Doctoral Training Centre for Islamic
Finance provides a dynamic approach to
developing cutting edge research in Islamic
finance, banking, accounting, economics and
management with all their complexities and
sophistications, as evidenced by the large
numbers of PhD studies conducted at the
Centre. We offer supervision of PhD research
in specialised areas of these disciplines.
PhD research students in Islamic Finance are
encouraged to attend Islamic Finance related
modules on the Masters programmes, as well
as attend research methodology and skills
related courses.
People usually think of education as an investment that pays back after
We offer an Integrated Studies route (full- acquiring the degree. In my case, I was rewarded immediately once I added
time only over three years) for potential PhD PhD Candidate at Durham University to my CV. Being a PhD candidate at
students who do not have qualifications Durham University is very demanding, however, results are achieved relative
and knowledge in Islamic finance. In your to the effort applied. During my time at Durham I experienced friendly
first year you will have the opportunity to and knowledgeable supervisors, and a great learning environment with an
study advanced research training, including internationally diverse group of colleagues.
a number of Islamic finance and research
Naser Alziydat
methodology modules, before pursuing your
Former PhD Student,
PhD in years 2-4 within your area of interest. Consultant in Islamic finance, Australia

HOW TO APPLY
For the Phd full/part-time route we have two
intakes per year: October and January. For the
PhD with Integrated Studies route we have
one intake per year, in October.
Learn more about our intake dates and
application deadlines at: www.durham.ac.uk/
business/programmes/phd/applying
Successful application is based on your
ability to meet the entry requirements, your
research proposal and the Schools capacity
to provide relevant supervision for your
research.
It is important your general research interests
match those of at least one member of our
academic staff. For information on the range
of expertise and experience of our academic
faculty and details of their research interests,
please visit: www.durham.ac.uk/dcief/staff
We have a strong
international reputation
for research
79% of our research is
assessed as internationally
excellent or world leading.
(REF 2014).
13
ENTRY REQUIREMENTS below 6.5), TOEFL IBT 100, with no
element under 25, or Pearson Test of
PhD Full/Part-time English overall score 70+ (no element
below 62). Please note that these
For UK students: a Masters degree,
can be no more than 2 years old at
normally with a mark of at least 65%
the month the programme starts,
in your Masters dissertation.
e.g. for a programme commencing
For non-UK students: a degree that is in October 2017 the IELTS or PTE
equivalent to a UK Masters. You also test must have been taken in or after
need to have completed and passed October 2015. Please also note that
(at a level equivalent to at least 65%) TOEFL IBT is no longer accepted
a dissertation module. as an English qualification for visa
purposes.
PhD with Integrated Studies
FEES AND FINANCE
Applicants will need a UK upper
second class honours degree or For current fees of our PhD
international equivalent. by Research programme visit:
www.durham.ac.uk/business/
ENGLISH LANGUAGE programmes/phd/finance
REQUIREMENTS Scholarship funding may be available.
If English is not your first language For more information visit: www.durham.
you will need IELTS 7.0 (no element ac.uk/business/programmes/phd/
scholarships
As a professional in Islamic Finance, I wanted to expand my knowledge.
Studying at Durham has been a career changing experience for me, providing
a unique opportunity to interact, share, and collaborate with a group of highly
specialised professors and students from diverse backgrounds, countries, and
cultures. I developed academically and personally and I can honestly say that
studying at Durham was among the best experiences in my career.
Dr Wael Eid
Former PhD in Islamic Finance
Head of the Department of Risk Management, SEDCO, Jeddah, Saudi Arabia
DURHAM UNIVERSITY BUSINESS SCHOOL

8.
SUMMER A RANGE OF TOPICS

SCHOOL Here is an overview of the types of

subjects typically covered at the
Summer School by eminent speakers
Islamic Fund Management,
Screening and Social Responsibility

in the field: Islamic Moral Economy

The Durham Islamic Finance Summer
School enables you to take advantage of
our expertise in Islamic Finance.
The intensive five-day programme,
organised annually, provides an opportunity
for you to enhance and develop your
knowledge and professional skills to help
place you in an advantageous position
for entering and working in the Islamic
financial sector. Having the sessions and
specialised workshops delivered by leading
professionals in the sector, you will have
access to real-life examples of Islamic
finance in practice. It will also provide you
with extensive networking opportunities
and is intended for:
financiers, bankers, professional
researchers and academic researchers
those intending to work in, and new
entrants to, the Islamic financial sector
those already working in the sector who
wish to improve their academic and
practical knowledge and experience
academics and postgraduate students
anyone wishing to learn more about this
emerging industry.
Islamic Wealth
Management Workshop
Islamic Asset
Management Workshop
Structuring Shariah Compliant
Investment Funds Workshop
Sukuk Workshop
Islamic Financial Product
Development Workshop
Asset and Liability Management
in Islamic Banks
Corporate Governance in Islamic
Banks and Financial Institutions
Islamic Financing Instruments
ACCOMMODATION
Rooms are allocated at a residential
College, a short walk from the venue.
Alternatively, local hotels are available.
Foundation of Islamic Finance
Islamic Finance and
Sustainable Development
Islamic Trade Financing
Liquidity Management Challenges
Product Development in
Islamic Banks
Risk Management Practices and
Challenges in Islamic Banks
Shariah Screening and
Islamic Mutual Funds
Shariah Compliant Private
Equity Funds
Takaful and Re-Takaful.
INFORMATION AND REGISTRATION
Visit www.durham.ac.uk/ifsummerschool
or refer to the back cover of this brochure
for full contact details.

VISITING RESEARCH PROGRAMME

Durham Centre for Islamic Economics and Finance has become a centre of
international activity including workshops, conferences and seminars. It is also
a centre for excellence in research, hosting a number of visiting academics from
different parts of the world, for a period from one month to one year, to conduct their
research by collaborating with our specialised staff members. This leads to joint
publications and also helps the visiting academic to develop his/her research portfolio,
alongside benefiting from various academic and training programmes held by our
centre, Durham University Business School and The Faculty of Social Sciences and
Health at Durham University. Recently, we have had academics from Algeria, France,
Indonesia, Ireland, Kazakhstan, Malaysia, Pakistan, Saudi Arabia, Tunisia and Turkey.

Further information can be found at: www.durham.ac.uk/dcief/visiting-academics

 15

I have participated in many intensive

courses around the world and I consider
Durham among the best, generally
speaking, and it could be the best
when it comes to Islamic Finance.

Dr. Mahmoud Mohieldin

Senior Vice President for the 2030 Development
Agenda, United Nations Relations, and Partnerships
The World Bank Group
Durham University Business School
Mill Hill Lane, Durham DH1 3LB, UK

MASTERS PROGRAMMES
T +44 (0) 191 334 5439
F +44 (0) 191 334 5201
E pgadmissions.economics@durham.ac.uk

ISLAMIC FINANCE PHD PROGRAMME

T +44 (0) 191 334 5404
F +44 (0) 191 334 5201
E research.admissions@durham.ac.uk

ISLAMIC FINANCE SUMMER SCHOOL

T +44 (0) 191 334 5066
F +44 (0) 191 334 5201
E if.dtc@durham.ac.uk

@DUBusSchool

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This University publication is intended as a general guide to
the University of Durhams courses and facilities and forms no
part of any contract between you and the University except as
provided below. The publication is prepared in advance of the
academic year to which they relate. The University makes every
effort to ensure that the information contained here is accurate.
Although reasonable steps are taken by the University to provide
the courses and services described, the University cannot
guarantee the provision of any course or facility. Any course
may be altered or withdrawn owing to circumstances beyond the
University of Durhams reasonable control. Such circumstances
include (but are not limited to) industrial action, lack of
demand, departure of key personnel, change in Government
policy, withdrawal or reduction of funding, change of Law. The
University will take such steps as are available to it to minimise
the effect of any alteration or withdrawal of a course. Such steps
may include the offer of a place on an alternative course. Please
note that the Universitys website is the most up to date source
of information regarding courses and facilities and we strongly
recommend that you always visit the website before making any
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Copyright Durham University 2016. All rights reserved.

WARM/08/15/270