Islamic Banking & Finance: Admission 2024, Entrance Exams, Top Colleges, Fees, Syllabus, Salary, and Scope

Updated on Nov 22, 2022 12:09 IST
Jasmine Dang Arora

Jasmine Dang AroraDeputy Manager-Content

Islamic Banking and Finance is the kind of banking and financial activity which complies with Sharia law or Islamic law. The activity deals with the practical application through the development of Islamic economics. Islamic banking is the kind of banking system which refers to investments that are in accordance with the Sharia which prohibits paying any fee for renting money. The Sharia forbids riba or usury or commonly known as interest paid on loans of money.

What is Islamic Banking and Finance Course?

The Islamic Banking and Finance course is a programme which is designed to offer knowledge in the fast-growing global industry of Islamic Banking. The course is designed to help the students hone their Islamic banking skills which employers seek. It helps the students to skillfully manage Islamic financial products offered by Islamic banks and financial institutions. Students are taught how Shariah Compliance fits into Islamic commercial and investment banking.

The course also introduces the students to the core norms, principles, and models of Islamic banking and finance and at the same time helps in analyzing the relationship between Islamic and conventional banks and financial institutions.

Principles of Islamic Banking and Finance

It is popularly believed that the principles of Islamic Banking and Finance have been derived from Quran and have been in practice since then. Islamic banking has been considered a culturally unique form of ethical investing as any investment which includes items or substances which are prohibited in the Quran such as alcohol, gambling, and pork are also prohibited. Listed below are the principles of Islamic Banking and Finance:

  • Charging or paying interest on the loan amount
  • Investment in business that involve prohibited activities or items
  • Gambling or Speculation
  • Risk and uncertainty

Eligibility Criteria for Islamic Banking and Finance

The Islamic Banking and Finance eligibility criteria are as follows:

  • The basic eligibility criteria for Islamic Banking and Finance course is that the student must have completed his/her graduation from a recognised university with a minimum of 50% aggregate.
  • Candidates in the final year of graduation can also apply.

Entrance Exams for Admission to Islamic Banking and Finance

Some of the popular entrance examinations for admissions to Islamic Banking and Finance course in various colleges include:

Skillsets Required for Islamic Banking and Finance Course

The students who wish to pursue Islamic Banking and Finance course must have the following skills:

Islamic Banking and Finance Skillsets

Patience

Ability to work under pressure

Investigative nature

Tenacity

Outstanding communication skills

Attention to detail

Problem-solving

Integrity

Numeracy skills

Responsible

Willingness to travel

Interest in Islamic Law

Syllabus in Islamic Banking and Finance 

The Islamic Banking and Finance syllabus may vary from one college to another. However, the majority of the subjects taught in this course are the same. Check out the table below to know some of the important Islamic Banking and Finance subjects:

Islamic Banking and Finance Subjects

Principles and Practice of Islamic Financing

Islamic Economics

Conventional Economics

Fiqh – Islamic financial Jurisprudence

Islamic Economics- key Principles

Capitalism, Socialism, Communism and Islamic Economic System

Islamic Contract and Valid Sales Agreement

Conventional Banking System- An Overview

Islamic Banking and Islamic Financial Modes

Islamic Stock and Share Market

Takaful- Islamic Insurance

Islamic Micro Finance

Shariah Board, Audit and Compliance

Banking and Finance in the West- Fatawa & Application

Monetary Policy in Islamic Perspective

Islamic Financial Institutions- Historical Background, Present Status, Future Strategy

Public Finance in Islam

Islamic Fund Management and Securities Market

Islamic Credit Cards

Cryptocurrency, NFT and Islamic Rulings (I & II)

Top Islamic Banking and Finance Colleges in India

Check out the table below to know some of the top Islamic Banking and Finance colleges in India:

Name of the College

Calicut University

Aligarh Muslim University (AMU)

BS Abdur Rahman Crescent Institute of Science and Technology

Integral University

JBIMS

Indian School of Business and Finance

Christ University

IMI Delhi

Jamia Milia Islamia

Islamic Banking and Finance: Jobs and Salary

In this field, one can start as an intern or accountant and can rise up to the level of CFO. Given below are some of the top job roles available in Islamic Banking and Finance:

Job Profile

Average Salary in India (in INR)

Accountant

2.6 LPA

Bank Clerk

2.9 LPA

Probationary Officer (PO)

7 LPA

Branch Manager

7 LPA

Investment Banker

9 LPA

Financial Analyst

4 LPA

Financial Consultant

6.63 LPA

*The above salary date is taken from payscale.com

FAQs Related to Islamic Banking and Finance

Q: What is Islamic Banking and Finance?

A: Islamic Banking and Finance is the kind of banking and financial activity which complies with the Sharia law or Islamic law. The activity deals with the practical application through the development of the Islamic economics.

Q: What is the eligibility criteria for Islamic Banking and Finance?

A: The basic eligibility criteria for Islamic Banking and Finance is that the aspirant must have passed graduation with a minimum of 50% aggregate from a recognised university or institute.

Q: What are the core principles of Islamic Banking and Finance?

A: The core principles of Islamic Banking and Finance include not paying or charging interest, not investing in business which involve prohibited goods and activities according to the Quran, risk or uncertainty and speculation.

Q: What is the basis of Islamic Banking and Finance?

A: The Islamic Banking and Finance is based on the Shariah laws and it is grounded in the tenets of Islamic faiths preached by the Quran.

Q: How is Islamic banking different from conventional banking?

A: 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.

Q: Which are the job opportunities available after pursuing Islamic Banking and Finance course?

A: 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: What is the average salary of Financial Consultant in India?

A: The average salary of a Financial Consultant in India is INR 6.63 LPA.

Q: Which colleges in India offer Islamic Banking and Finance courses?

A: Some of the colleges such as Aligarh Muslim University, BS Abdur Rahman Crescent Institute of Science and Technology, Jamia Milia Islamia, IMI Delhi, JBIMS, etc. offer Islamic Banking and Finance courses in India.

Q: Which skillsets are required to pursue Islamic Banking and Finance?

A: 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.

Q: What is riba?

A: 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 the Islamic law.

Popular Islamic Banking & Finance Colleges in India

Following are the most popular Islamic Banking & Finance Colleges in India. Learn more about these Islamic Banking & Finance colleges (Courses, Reviews, Answers & more) by downloading the Brochure.
1 Course
24.2 L
24 LPA
1.54 L - 4.28 L
2.4 - 4.1 LPA
Ranked #3 Private University in India. Placement with Fortune 500 Companies
4 Courses
1.01 L - 14 L
9 - 11.59 LPA
4 Courses
540 - 27.5 K
8.62 LPA
2 Courses
2 L - 13.72 L
10.5 LPA
3.2 L - 10 L
3.75 - 7.25 LPA

Banking, Finance & Insurance Applications open. Apply Now

Popular Private Islamic Banking & Finance Colleges in India

12 L
10.9 L - 16 L
13.3 LPA
1.88 L

Banking, Finance & Insurance Applications open. Apply Now

6 Courses
1 L - 9.5 L
4.5
Highest Package: 15 LPA Average Package: 9 LPA. Top Recruiters: Accenture, TCS, IBM
1.75 L - 18 L
3.9

Most Popular Courses

Following are the most popular Islamic Banking & Finance courses, based on alumni reviews. Explore these reviews to choose the best course in Islamic Banking & Finance.

Popular Islamic Banking & Finance UG Courses

Following are the most popular Islamic Banking & Finance UG Courses . You can explore the top Colleges offering these UG Courses by clicking the links below.

UG Courses

Popular Islamic Banking & Finance PG Courses

Following are the most popular Islamic Banking & Finance PG Courses . You can explore the top Colleges offering these PG Courses by clicking the links below.

PG Courses

Popular Exams

Following are the top exams for Islamic Banking & Finance. Students interested in pursuing a career on Islamic Banking & Finance, generally take these important exams.You can also download the exam guide to get more insights.

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