Professional Diploma in Islamic Economics & Finance

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Islamic economics is based upon principles in accordance with Islamic law (Shari’ah). Fundamentally dissimilar to the conventional systems, Islamic economics and finance concerns itself with social economic justice and human welfare. With respect to conventional banking, seminal texts have often referred to Islamic banking as a more ethical system, therefore making it relevant to discussions about its contribution to conventional system of finance and multiculturalism.

In the aftermath of the financial crisis especially, there is an increasing need among scholars of Economics and those working within the industry to identify and understand what Islamic Economics is about and to debate, in order to construct a comprehensive and integrated economic system.

The Islamic economic and finance sector has experienced significant growth in recent years with an annual growth rate of 10-15%, with over 500 Islamic Financial Institutions worldwide. Islamic finance is expected to be the mainstream finance in the Gulf region, Malaysia, and other part of the world in the next decade.

The programme will evaluate the implementation of Islamic finance according to Islamic Moral economic postulates and assumptions. It aims to develop students’ abilities to understand the regulatory framework for legitimate economic exchange and productive organisation; understand market imperfection from the Islamic Economic perspective. Moreover, the course will also examine the non-market institutions and their role in economic development and securing the welfare of the larger stakeholder.

This course may be suitable for students who:

  • wish to begin a career in Islamic banking and finance, or already working in the industry
  • have an interest in Islamic banking and finance

It may also be of interest to businesses that would like to develop their staff performance in the principles of Islamic Banking and Finance.

Course Level

This programme is approved and credit-rated by the Scottish Qualifications Authority (SQA). It is available on a full-time or part-time basis.

The Professional Diploma is awarded at SCQF level 11

Course Duration

8 months (full-time)

Start dates:

  • January 
  • September

Entry Requirements


Prior knowledge No
Academic requirements A good undergraduate degree (or equivalent)
Work experience Not required, but would be beneficial to your application


Full entry requirements can be found here

Course Information

The programme will improve students understanding of key Islamic economics, finance and banking concepts and practices. Students will learn of the complex structures and principles behind Islamic Banking and in doing so, will gain the necessary skills to engage in practical application. The programme will encourage students to evaluate the origin, concepts, and aims of Islamic economic in the micro and macro level and consider how it can be applied in practice.

Programme Aims

  • Provide an opportunity for students to acquire critical knowledge and training in Islamic economics, finance and banking.
  • Train employers/executives in banking, insurance and commercial sectors who wish to specialise in Islamic economics, finance and banking, with an opportunity to explore Arabic language or Islamic studies.
  • Provide an opportunity for graduates in related disciplines to specialise their knowledge in the area of Islamic economics and finance.


The programme is comprised 5 compulsory units and 1 optional unit

Unit SCQF level Credits
Islamic Economics and Finance 11 12
Islamic Commercial Law 11 12
Applied Islamic Banking and Insurance 11 12
Islamic Accounting and Auditing 11 12
Research Methodology in Social Sciences and Islamic Studies 10 12
Optional unit (from list below) Various

Compulsory units

Islamic Economics and Finance

Enables students to identify and understand the origin, concepts, and aims of Islamic moral economy at micro and macro levels, including Islamic finance as a practical tool of Islamic economics systems. This unit will develop an understanding of the history and evolution of Islamic political economy and Islamic moral economy both from Islamic and neoclassical points of view. The unit will also address systematic understandings of Islamic political economy and its axioms which defines the frame, methodology and institutions. From a broader perspective, this unit will also enable students to understand Islamic financial engineering and liquidity management within the capital market context.

Islamic Commercial Law

The unit is designed to enable students to understand the sources, concepts and principles of Islamic law (Shari’ah), and its application in commercial transactions. This unit will enable students to analyse the main rulings of Islamic commercial law, including the prohibitions of interest, excessive uncertainty, and their rationale. From a broader perspective, it will enable students to comprehend the legal concepts underlying Islamic insurance products.

Applied Islamic Banking and Insurance

Enables students to apply the core concepts of Islamic finance in an Islamic banking and insurance operation, to review and assess the commercial performance of Islamic financial institutions according to underlying Islamic principles, and critically compare the ideal concepts and practical implementation in Islamic and western banking and insurance.

Islamic Accounting and Auditing

Offers a comprehensive understanding of accounting for Islamic financial services, to enable students to analytically apply Islamic accounting principles and the related accounting regulatory framework to the context of business and social transactions in Islamic financial services, and to assess the financial reporting and performance of Islamic financial institutions.

Research Methodology in Social Sciences and Islamic Studies

Strengthen students critical thinking while writing or reading scientific research, to familiarise students with theories and the practical application of research methodology, methods, design and strategy while conducting a research proposal. The unit also includes aspects of methodology of Muslim scholars in searching for the truth by considering the revealed knowledge of the Qur’an and Sunnah, evidence from iltizam and qiyas (logic) or even disputed sources.

Optional units


Unit SCQF level Credits
Arabic as a Foreign Language 5 20
Arabic as a Foreign Language 6 20
Arabic as a Foreign Language 7 20
Arabic as a Foreign Language 8 20
Arabic as a Foreign Language 9 20
Arabic as a Foreign Language 10 20
Introduction to Islamic Studies 9 12
Women and Islam 10 12
Islamic Core Sources and Approaches 10 12
Islamic Ethics 10 12


Teaching will be made up of lectures, seminars and tutorials all taking place in the College. Each unit of the PDiIEF is a 12 credit module and will be taught over 12 weeks, 2 hours a session once per week.  As a guideline, students should dedicate at least 120 hours to cover each module.



The Professional Diploma may enhance your career by developing skills such as critical analysis, networking, team-building, communication skills, problem-solving, negotiation and influencing skills and written and oral presentation skills.

Student Life

The College provides a conducive environment for its learners and staff in terms of facilities. More importantly, the College promotes multiculturalism as encapsulated in its vision and philosophy. The College is also situated near the city centre of Dundee close to the Universities of Dundee and Abertay as well as the Dundee College.

Tuition Fees