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B.Sc. in Islamic Economics, Banking and Finance by IOU (8 Semesters)

About the University


The Islamic Online University (IOU) was launched by Dr. Abu Ameenah Bilal Philips in 2007 as a higher education institution that offers intensive online undergraduate and graduate programs completely tuition-free. Our university is committed to spreading beneficial knowledge that is easily affordable and will benefit not only individual students, but also empower entire communities. The IOU provides an equal opportunity for all students and makes earning a degree a real possibility even for the neediest of students. Students can benefit from tuition-free accredited BA and MA degrees in various fields of study.


Overview of the Degree Program

The Islamic Online University (IOU) presents the world’s first tuition-free Bachelor’s Degree program in Islamic Banking and Economics. This degree opens the door to a possible career in an exciting, expanding and beneficial field, and is a stepping stone for further studies. The basic principle of the degree to educate students about interest free (Riba Free) concepts of Islam. As Allah Says in Quran:

“Allah has permitted trade and has forbidden interest.” (Surah Al-Baqarah 2:275)


In today’s world flooded with interest based transactions, unlawful bank contracts and investments the need for Islamic banking is increasing. Many countries have recently seen a rise in demand for Islamic banking services. Analysts expect that at the current rate of expansion, in the next 8 to 10 years the Islamic banking network in the UAE will overtake the conventional banking system.


While the Middle East still offers growth opportunities there is big potential for growth in countries such as Indonesia, Bangladesh, India, and countries from North Africa and Central Asia which have a substantial Muslim population.


Course Outline/Overview


Semester 1

1 - Aqeedah - 1

2 - Etiquettes of Seeking Knowledge - 1

3 - Fiqh - 1

4 - Islamic Management - 1

5 - Principles of Economics (Macro and Micro)

6 - Principles of Accounting


Semester 2

1 - Fiqh - 2

2 - Islamic Economics - 1

3 - Money and Banking

4 - Financial Management (Prerequisite: Principles of Accounting)

5 - Intro to Islamic Finance

6 - Professional Development


Semester 3

1 - Arabic - 1

2 - Fiqh - 2

3 - Fiqh - 4

4 - Managerial Accounting

5 - Managerial Economics

6 - Islamic Capital Markets(Prerequisite: Financial Management)


Semester 4

1 - Arabic - 1

2 - Hadeeth - 1

3 - Islamic Civilization - 1

4 - Investment and Financial Statement Analysis

5 - Risk Management

6 - International Monetary Economics


Semester 5

1 - Arabic - 2

2 - Hadeeth - 1

3 - Fiqh - 3

4 - Organizational Behavior

5 - Islamic Commercial Law

6 - Accounting for Islamic Financial Institutions


Semester 6

1 - Aqeedah - 1

2 - Fiqh - 1

3 - Tafseer - 1

4 - Economic Planning

5 - Islamic Wealth Management

6 - International Finance


Semester 7

1 - English - 1

2 - Fiqh - 3

3 - Corporate Finance

4 - Statistics and Econometrics

5 - Islamic Financial Markets and Institutions

6 - International Management


Semester 8

1 - Behavioral Finance

2 - Islamic Micro Finance

3 - Cooperative Banking

4 - Thesis



To enroll and further details, please visit Islamic Online University : B.Sc. in Islamic Economics, Banking and Finance (B.Sc. IBE)

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