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Post Graduate Diploma in Islamic Banking and Insurance

The Post Graduate Diploma of IIBI is  equivalent to Level 7 of  the National Qualifications Framework of England, Wales and Northern Ireland of the United Kingdom.
The course is aimed at providing a deeper understanding of both Islamic banking and Islamic insurance (takaful) and is intended for graduates. The course discusses the concepts of Islamic finance and prohibitions in-depth and also the application of these concepts in the real world of finance. The prohibitions have broad implications in structuring contracts dealing with financial transactions including investments in line with the rules and processes laid down by the Shari'ah and are equally applicable to contracts of insurance. Students will also develop analytical skills and discuss the causes of failures of financial regulation and policies. The course comprises of 39 lessons structured around eight modules. On completion of the course students will be awarded the Post Graduate Diploma in Islamic Banking and Insurance by IIBI.

At the end of the course you will be able to:
  • Understand the fundamental concepts of Islamic economics
  • Know the importance of Divine Guidance in Islam for the development of an interest-free economy to promote socio-economic justice in society
  • Describe the principles underlying Islamic commercial contracts
  • Know their applications as investment modes (Musharakah, Mudarabah)
  • Know their applications as financing modes (Ijarah, Murabaha, Salam, Istisna'a) and as supporting Shari'ah contract (Wakalah, Kafalah, Hawalah, Jua'lah, Tawarruq and others).
  • Explain the key operations of Islamic banks and the scope for co-operation between conventional and Islamic financial institutions
  • Examine the Islamic financial markets, scope and instruments including the operations of venture capital, investment funds, units trusts and sukuk in accordance with Islamic principles
  • Discuss the governance and transparency issues in Islamic financial institutions
  • Understand the role of supervision and regulation with particular emphasis on the role of the Religious Supervisory Board, Shari'ah compliance audit, accounting and taxation issues
  • Describe the procedure to convert interest-based banking institutions to interest-free Islamic banking ones and the practical steps required for establishing an Islamic bank.
  • Explain Takaful and its rationale as an alternative to conventional insurance and describe basic elements and operating models for undertaking takaful business and Re-takaful (Reinsurance)
The course is open for all individuals across the world. The minimum criterion for doing any course is good knowledge of English. The post-graduate level will be valuable for those already holding a professional qualification (including a qualification in accounting, finance, or related professions) who is employed in banks or other firms in the financial sector. The Post Graduate Diploma is also suitable for graduates of any discipline with no previous knowledge of finance and who, for professional or personal reasons; wish to secure a stand-alone qualification in Islamic banking and insurance. It is also ideal for those who wish to undertake post-graduate work and whose first degree is in an unrelated field.
Entry Requirement
Applicants will need to have completed their graduation (equivalent of UK university bachelor degree) from a recognised university and have a good working knowledge of the English language.
Applicant should be at least 18 years old at the time of submitting the application.
Applicants who do not have a university degree but have a minimum of three years work experience in a senior level position in the field of banking or insurance may be accepted on to the course. The decision of the Institute will be final.

Provided applicants meet the Entry Requirement, they must first complete and send the Application Form. On receipt, the form will be reviewed and when approved, the applicant will be advised how to proceed further in order to start the course

Markfield Institute of Higher Education, UK     

The Markfield Institute of Higher Education (MIHE) in U.K. will admit holders of IIBI Post Graduate Diploma in Islamic Banking and Insurance to the MA Degree in Islamic Banking, Finance and Management (MAIBFM) awarded by the Newman University, Birmingham, United Kingdom.

 Candidates will have to take the following modules (105 credits in total) to complete their Masters programme:

 · Dissertation (60 credits)

 · Foundation of Islamic Economics (15 credits)

 · International Management (15 credits)

 · Research Methodology (15 credits)


For more information please call +44 153024492 or email:


To view full syllabus ...... click here
  • IIBI can only allow exemptions on the basis of qualifications awarded by recognised institutions, including institutions with whom IIBI has an arrangement.
  • IIBI is not able to confirm your eligibility for exemptions until you have fully registered as a IIBI student.
  • You must send official proof of any relevant qualifications which are held, or are currently being studied for, with your registration form, in order for us to assess your eligibility and confirm any entitlement for exemptions.
  • Academic transcripts should also be submitted for any qualification upon which you wish to claim exemption.
  • Any documentation which is not in English must be officially translated before submission.
  • Students may be required to pay an exemption fee for each exemption allowed.
The course is based on the “distance learning” method convenient for home study and correspondence by e-mail. One module at a time will be sent and the next module will only be sent after the previous module has been assessed by the assigned tutor… here
Assessment and Exams
There are questions provided at the end of each lesson. The answers to the questions provided are required to be submitted to the assigned tutor (usually by e-mail) for evaluation (copied to IIBI) … more... click here
The course should be completed in 12 months. An average of 20 hours a week is recommended for study and undertaking assignments.
The course fee is £1,350.00

The fee covers the cost of registration, course material, and tutor support; there are no other costs or hidden charges.

The course fee may vary according to the country where the applicant is residing. An applicant may be permitted a reduction in the amount of fee payable on the Institute's classification of developing countries. The Institute's decision is final in all cases. The applicable course fee and other relevant information will be advised on receipt of the completed application form and after it has been accepted

Payment of Course Fee

The course fee is normally payable in one lump sum and there is no financial assistance or scholarship available from the Institute.

Payment may be made online by PayPal, credit card, bank draft or bank transfer. Full details and the procedure for making payment will only be advised to you after your application is accepted by the Institute.

Course Fee Changes
If you have been accepted for enrolment onto a course and have not made payment of the fee during the specified time advised to you in the acceptance letter/email, then you will have to to pay the prevailing fee on the date of payment if you wish to still take up that course.
If you change your mind after enrolment and do wish to proceed with the course you must advise IIBI to cancel your enrolment within 14 days of the date of the enrolment confirmation sent to you. For this to apply, a request must be received by IIBI within the 14 day period, either by email, post, fax or delivered in person with ‘Cancellation of Enrolment' and your 'Registration Number' on the subject line and advising the reason for not wishing to proceed with the course.

Note: If course materials have already been sent to the student; these must be returned before the refund is paid.
The course fee paid will be refunded in full less an administration charge (plus bank charges) for cancellation requests received within the 14 days period and you have not accessed any lessons. Refunds will be applied to the original credit card or by the original form of payment.
I f you have commenced your course, no refunds will be given. IIBI cannot accept responsibility for changes to work commitments or personal circumstances within this 14 days cancellation period.
In a situation where a student wishes to change their enrolment, and as a measure of goodwill, IIBI will allow the following options. A student may only take up one of these options once if the student has not yet submitted any assignments. The request must be made in writing (not by telephone), within a period of 30 days following enrolment for special consideration and explaining why the student wants to change the enrolment.
  • Transfer to another course. The request must be made in writing (not by telephone), explaining why the student wants to change the enrolment. An administration fee of £50 will apply.
  • Transfer their enrolment to a friend, relative or colleague who they have found, and who agrees to take over the enrolment. An administration fee of £75.
Cancellation by IIBI
IIBI reserve the right to cancel courses when absolutely necessary. In the event that IIBI cancels a course, the limit of liability will be the return of fees already paid by the student or offer a transfer of enrolment to another course, without fees or refunding the difference less an administration charge
Students who find themselves unable to complete the course within the allotted time may request for an extension (or continuous extensions) in order to complete the course. Student should submit a request to the Institute before completion date of the course. Extension of time is solely at the discretion of the Institute. Exceptional circumstances will be considered.
Course Extension Fee
The course extension fee includes an administration charge and will depend on the extension of time.
Extension Period
F ee
Total Amount
to be paid
3 Months
6 Months
9 Months
Transferring to another course
If you would like to transfer your course fee to a different course that may be offered by the Institute, you are able to do so without penalty after notifying us within 14 days of receipt of the course starter set, a transfer fee will apply. Study materials sent to you for the course on which you were already enrolled will need to be first returned to the Institute.
How to Apply
Candidates who apply directly to Institute through the online application system will receive the quickest possible response for their application.

The Institute operates on a rolling admissions basis. This means that candidates apply for, and are admitted to, our programmes all year round.

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