What is the importance of Islamic economics and finance?

The importance of Islamic economics and finance has increased globally. These improvements are not only in Islamic countries but also in western countries. This affects the theoretical studies and practical implementations in this field. While capitalism ignores all value judgments and envisioning a uniform world, the Islamic economics tries to offer a moral and liveable world by making certain sets of values as a part of the economy. The desire of the society to carry out its commercial transactions in a halal (permissible) way led to the emergence of Islamic finance and banking, which are a part of the Islamic economy. In Turkey, this new industry has an impact upon the operation of central bank, participating banks and related state departments in a positive way. To meet public demand of having Sharia compliant instruments, these parties involve in offering products in line with the Islamic rules and regulations. Apart from Islamic economics and finance, the development also affects the conventional economics and finance industry offering Islamic products through their windows. From this perspective, the importance of this field, which addresses every segment of society, is growing and drawing attention day by day.

What students should gain from the program?

Ankara Social Sciences University (ASBU) offers a Master Program in Islamic Economics and Finance (IEF), in which students can acquire knowledge about Islamic economics, Islamic finance, Islamic law contracts, Islamic insurance (Takaful), risk management in Islamic financial institutions, and other related topics, for more details click curriculum.

We do not just provide knowledge, but also we conduct related theoretical and practical researches, projects and events in ASBU International Application and Research Centre for Islamic Economics and Finance (ULIFAM/ICIEF), so that students can adopt the application of their knowledge. In this way, we encourage our students to acquire both knowledge and its application.

What is the mission of the program?

Our mission is to have a leading role in creation and management of knowledge in Islamic economics and finance industry by providing excellence in teaching, research and thought leadership. ASBU IEF target is to be one of the leading knowledge authority on Islamic economics and finance which will create and maintain the reputation of the institution.

ASBU IEF endeavours to keep close ties with the practitioners from banking and finance so that to ensure the dissemination of knowledge among all the parties of economy. During the academic year, our department and ULIFAM / ICIEF organize conferences, symposiums, workshops and intellectual talks to guide practitioners how theoretical framework of Islamic banking and finance evolve in the literature. In addition, academics have an opportunity to follow the industry closely through practitioners and benefit from their experiences and challenges.

This effort produces qualified students for the industry. Having close ties with the industry help the employment of our students in the practical environment. We are committed to graduate highly qualified students who meet the need for human resources in the Islamic economic and financial industry. The bright future of our student inspire us to train the leaders of future.

What is the vision of the program?

The program aims to contribute towards the development of Islamic economics and finance industry. It is to create a specific economic and financial environment which takes into consideration of moral and social responsibility.

What is the medium of instruction?

The medium of instruction in ASBU Islamic Economics and Finance Master’s Degree Program is English. The students are also encouraged to learn Arabic as a second language.