About the Program

The global Islamic finance industry according to some estimates is well over $3 trillion, and Pakistan is at the forefront of this growth, with its Islamic banking sector leading the way in innovation and market penetration. Therefore, the Islamic finance sector in Pakistan is undergoing a significant transformation, driven by recent directives from Federal Shariat Court and from the State Bank of Pakistan (SBP) and the escalating demand for Shariah-compliant banking services. In June 2024, the SBP issued comprehensive guidelines to facilitate the conversion of conventional banks into Islamic banks, outlining parameters such as vision and strategy, governance structure, and business conversion milestones.

This strategic move aligns with Pakistan's ambitious goal of achieving a fully Islamic banking system by 2027. As of March 2024, Islamic banking assets have reached PKR 9,235 billion, accounting for 20% of the country's total banking assets.

The rapid expansion of Islamic banking has led to a substantial demand for qualified professionals in the field. Industry experts estimate that approximately 4,000 additional skilled Islamic banking executives are needed annually to support this growth. Moreover, the transition to Shariah-compliant finance will require retraining about 150,000 banking professionals.

In response to this pressing need, the Institute of Business Administration (IBA) launched the MS Islamic Banking and Finance program in Spring 2017. This program is meticulously designed for fresh graduates, experienced industry practitioners, and Shariah scholars, providing a comprehensive understanding of Islamic finance, jurisprudence, banking, and economics. Graduates of the program will have very promising career prospects in academia and in the local and international Islamic finance industry. International students are highly encouraged to apply.