Islamic Banking & Finance

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 & 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.

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.

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.

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.

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.

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.

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.

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.