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What is MIFP?


MIFP is the acronym for Masters in Islamic Finance Practice. It is an accredited programme by the Malaysian Qualifications Agency (MQA). MIFP aims to produce finance professionals with expertise in Islamic Finance.

It can be pursued either as full-time programme with normal class engagement, or through online study where students with Internet access are able to learn from anywhere around the globe. The papers offered are developed and taught by a teaching faculty comprising renowned international and local scholars in the areas of Shariah and finance as well as Islamic financial services industry experts.

Applicants for MIFP are required to have one of the following:

  • A Bachelor’s degree or an equivalent qualification or a professional qualification from institutions recognised by INCEIF or the Government of Malaysia with a minimum CGPA of 2.50; or

  • Sijil Tinggi Pelajaran Malaysia (STPM) OR EQUIVALENT (such as A LEVEL, matriculation, etc) who is at least 35 years old and have at least five (5) years of relevant working experience;

  • Candidates with Diploma from recognized institutions by INCEIF who is below 35 years old may apply by producing the Accreditation of Prior Experiential Learning (APEL) certificate from Malaysian Qualification Agency (MQA).

Applicants are also required to be competent in English. They must have one of the following:

  • Test of English as Foreign Language (TOEFL) with a score of 550

  • International English Language Testing System (IELTS) level 6

  • MUET Band 4

There is a RM70 processing fee for Malaysians and a USD30 processing fee for international students. Once an application is submitted, INCEIF will update the applicant on the status of the application through email.

Difference between MIFP and MSc


MIFP is a professional degree. The programme has strong theoretical underpinnings, with its primary purpose to offer knowledge for application in professional practice. MSc in Islamic Finance is an academic degree. The programme consists of advanced studies in an academic discipline, rather than specific applications of knowledge to professional practices.

Language used for INCEIF's programmes


English is used for communications and teaching of the programmes.

Duration to complete MIFP


Mode of Study
Options
Face to face Full time Min 1 year, Max 2 years
Face to face Part time Min 1 1/2, Max 4 years
Online Full time Min 1 year, Max 2 years
Online Part time Min 3 years, Max 6 years

Minimum Papers


Semester
Face to face
Online
FULL TIME PART TIME FULL TIME PART TIME
Long Semester Max 6 Max 3 Max 6Max 2
Min 4 Min 2 Min 3Min 1
Short Semester Max 3 Max 2 Max 3Max 1
Min 2 Min 1 Min 2Min 0

Elective papers to be complete


A student is required to complete 1 out of 4 elective papers

Upon registration


Students will receive a study guide and a password to access the Learning Management System (LMS) that enables the management and delivery of learning content and resources to students.

The LMS usually performs student registration, delivers and tracks e-learning courses and content, monitors students’ progress, records test scores, and helps facilitate virtual live classes and resource allocation such as venue, rooms, textbooks, academic timetable, examination schedules and instructors.

Upon Registration


Upon registration and payment of the fees, students will be assigned a password that will allow him/ her to access the e-University or the Learning Management System (LMS).

This gives students full access to the course plan, the papers and all related materials. The course plan gives students a detailed week-by-week outline of the topics to be covered. Students will also get their assignments with the due dates and the examination dates.

Registration deadline for the final examination


Students must register 2 months before the examination date.

Final examination outside Kuala Lumpur


INCEIF will appoint a representative to supervise the examinations in the city closest to where the student lives.

Scholarships for MIFP


A limited number of scholarships, fee revisions and partial financial aid are available for high caliber candidates. Candidates are assessed on income, number of dependents, purchasing power parity, academic performance and the potential for future contributions to the Islamic finance industry. Interested students should complete the Financial Assistance form.

EPF withdraw


Yes. To apply for withdrawal under this scheme, the student should request for the “Letter for EPF withdrawal” from INCEIF by emailing admission@inceif.org

Accommodation & living costs


Living costs in Kuala Lumpur can vary considerably depending on the lifestyle, the area and type of accommodation. On average we would recommend that a single person allows approximately RM1,000-RM1,500 per month for living expenses; this figure is inclusive of accommodation costs on a sharing basis. The living costs for married students and those with dependants will be higher.

Rented accommodation in Kuala Lumpur is easy to find. However the quality and location will determine the price. The rent would be around RM600-RM1000 per month for a one-bedroom flat. We advise students to arrive in Kuala Lumpur at least two weeks before the programme starts to allow time to find accommodation. The Student Services Department will assist the student to find suitable accommodation, including possible roommates.

  • Bank Negara Malaysia
  • Finance Accreditation Agency (FAA)
  • International Shari’ah Research Academy for Islamic Finance
  • Securities Commission Malaysia (SC)
  • Shariah Advisory Council
  • Chartered Institute of Islamic Finance Professionals
  • Malaysia International Islamic Financial Centre (MIFC)
  • Islamic Banking and Finance Institute Malaysia