Islamic Economics and Finance Programme Information

About the Program

The theoretical and practical aspects of Islamic economics and finance reveal how economic activities can be carried out within the framework of Islamic principles. Within this framework, Islamic economics envisages a stable economic structure based on real-economic activities which aims to avoid extreme uncertainty and risk as well as unequal distribution of income and wealth, against the current economic system that produces crises by causing problems such as excessive financialization and unequal wealth and income distribution.

The Department of Islamic Economics and Finance, founded in 2016, offers students a four-year curriculum that includes courses on the theoretical background of Islamic economics, the rules and principles of Islamic commercial law, and Islamic finance practices, as well as conventional economics and finance courses during their undergraduate studies. In this framework, while learning the field with courses such as Islamic Commercial Law, Quran and Economic Principles, Islamic Economic Thought, Fundamentals of Islamic Economics, Islamic Economic History, Islamic Finance and Banking, Capital Markets and Islamic Insurance; it is also aimed for students to gain knowledge about economic theory and current economic issues through the courses such as, Introduction to Economics, Principles of Accounting, Business Finance, Statistics, Econometrics, Economic Growth and Development.

In addition, students can learn languages such as Turkish, Arabic, Spanish, Russian and Chinese. They can also focus on relevant sub-disciplines of their major or register to the courses from other departments in the Faculty of Business and Management Sciences with the opportunity of 21 elective courses in the 8-semester program.
 

Our Vision: To become an international department focused on expanding and advancing the boundaries of economics and finance in both theory and practice, with the aim of contributing to the development of the participation finance sector, particularly within the context of Türkiye.

Our Mission: To contribute to the fields of economics and finance by educating broad-minded individuals who are equipped with a strong sense of social responsibility, advanced research and problem-solving skills, and international competencies. Our graduates from the Faculty of Business and Management Sciences will be ready for employment in their fields, especially in the participation finance sector. In addition to upholding ethical principles, they will be open to interdisciplinary approaches. We are committed to serving society within a framework of multi-dimensional quality standards.

The Opportunities for Students:

·         Learning a foreign language (Free),

·         Minor (Scholarship during the normal education period of the major program),

·         Double Major (Scholarship during the regular education period of the Double Major program),

·         International student exchange programs (1 or 2 semesters),

Carrier Opportunities

Graduates of Islamic Economics and Finance can work in public and private sector organizations as graduates of the Faculty of Business and Management Sciences. Students who will graduate from this program can also find the opportunity to work in the institutions of the academic world related to the field. These institutions include both national and international universities and research organizations. Currently, the two universities in Turkey in 13 undergraduate and graduate university level Islamic economics and finance programs are available.

Another field where our students can be employed is private sector companies and organizations. They can find job opportunities in domestic and international companies that operate in various sectors in that operate on the basis of Islamic principles, as well in participation banks, takāful companies, savings-based financing companies and participation portfolio management companies. Currently, six branches of participation banks in Turkey and continues its activities in 1207 with market share of 6.3%. In addition, the share of participation insurance companies in the insurance sector has reached 4.3%. More than 30 companies operate in the growing savings-based financing sector.

In addition, regulatory government agencies, where sector-related regulations are enforced, are potential employment opportunities. In recent years, they can find employment opportunities in the relevant public institutions, whereas they can be employed in international Islamic economics and finance institutions.

The most frequently used Instructional Methods of the educational programs of Istanbul Sabahattin Zaim University are given below.

• Expression
• Question-Answer
• Discussion
• Exercise and Practice
• Presentation
• Guided Practice
• Role Playing
• Group Study
• Simulation
• Brain Storming
• Six Hat
• Case Study
• Experiment - Test / Lab/ Workshop / Field Practice
• Self study
• Problem Solving
• Project Based Learning (Including Field Work)

The most frequently used Evaluation Methods of the educational programs of Istanbul Sabahattin Zaim University are given below.

• Testing (Essay / Tests: True-Falls, multiple-choice, short answer, matching)
• Oral Exam
• Homework
• Project / Design
• Portfolio
• Performance Assignment ( Lab / Workshop / Field Work / Seminar / Presentation / Completion Study / Thesis

Islamic Economics and Finance program is a Bachelor Degree of Science program, which satisfies the Overarching Framework of European Qualifications Framework of HE(QF-EHEA) with 240 ECTS credits, the minimum requirements of 6th level Turkish Higher Education Qualifications Framework (TYYÇ, NQF-HETR) and the European Qualifications Framework for Lifelong Learning (EQF-LLL).

• Admission of national students to the ISLAMIC ECONOMICS AND FINANCE (IN ENGLISH) programme is allowed through the nationally centralised Student Selection Examination (ÖSS) conducted by the Student Selection and Placement Centre (OSYM). For further information please visit General Admission Requirements and Registration Procedures in the menu items of the Information on the Institution and The Student Selection & Placement Centre (OSYM).
• Admission of foreign students to the programme can be done upon an evaluation of the application of students directiy to the university. For further and detailed information please visit General Admission Requirements and Registration Procedures in the menu items of the Information on the Institution.

The degree is awarded to students who successfully completes a minimum of 240 ECTS from the course units of the programme with a  grade point average (GPA) of at least 2.00 out of 4.00.

Recognition of Prior Learning

Procedures to recognise prior learning (RPL), including non-formal and informal learning, is in an early stage of development in Turkey and there is no a comprehensive and enabling legislative framework at the national level in place yet. However, within the institutional autonomy respected there are some implementations at the institutional level for allocating credits towards exemption from some programme requirements on the basis of RPL. This is particularly a wide spread exercise implemented in cases that students, having a certain level of knowledge, skills and competencies in relation to fields such as foreign languages and computer use, prior to admission to the university, are subjected to an examination and if they are found successful to a certain degree required by the programme they have been admitted to, they are exempted from the relevant course units of the course programme. RPL is also practiced for students who wish to transfer their studies to the equal or an upper levels at an another institution including those from abroad in the same or similar fields. In such cases, students, having received some course units in a previous programme they had studied and having been successful, may be  exempted from the same or similar course units of the programmes they are admitted to upon the approval the adaptation committees of the programmes.

Such procedures of recognition are also used comprehensively in practice at our university. The general arrangements for the recognition ofsuch implementations are outlined in the relevant section of our Education and Examination Regulations, Rules & Regulations for Graduate Programmes and that of Regulations for Lateral Transfer of Students.

The students who will graduate from this program can have an opportunity to make an academic career in the related fields at universities and research centers for both national and international level. Secondly, they can find job opportunities in the participation banks in Turkey, which are the outstanding institutions in the field of Islamic Finance. Currently, there are six participation banks in Turkey, as they have 1068 branches throughout the country. Also, the other institutions which operate in the field, especially TKBB (Participation Banks Association of Turkey), indicate that there is a need for qualified labor force for the Islamic finance sector in Turkey. In addition to participation banks, there are regulatory bodies which executes the regulations regarding the sector such as BDDK (Banking Regulation and Supervision Agency ), Central Bank of Republic of Turkey, TMSF (Savings Deposit Insurance Fund of Turkey ), Undersecretariat of Treasury are the potential opportunities for employment. Thirdly, the international Islamic economics and finance associations and institutions such as Islamic Development Bank, IRTI (Islamic Research and Training Institute), AAOIFI, IFSB, INCEIF can be the potential employment opportunities. Lastly, due to the reason that graduates can have a grasp of the theory and practice of the economics, they can be employed in Borsa Istanbul and several international firms.

The students graduating from this program may apply to second cycle programs.