Professional Ph.D. in Islamic Finance & Banking

The Professional PhD in Islamic Finance and Banking is designed for Candidates with prior studies in Economics or Finance that wish to enter directly into the research phase of the PhD program. Over the years, Islamic finance has grown at a rapid pace globally, and now the market has raised over $ 3.5 trillion. The Islamic banking sector is increasing in importance because of its unique products, standardisation and sustainability. Financial Justice is a fundamental requirement for the work of Islamic finance products. Traditional financing typically focuses on profits through interest payments and makes the beneficiary fully responsible for any risk. On the other hand, Islamic finance offers the risk of being involved in net profit / loss in a proportionate way between the lender and the beneficiary. Candidates at Monarch within the PhD in Islamic Finance and Banking are to examine the increasingly important role of the industry and the unique nature of Islamic Finance and Banking and how it can be contrasted and compared to more traditionally western systems. Research on social justice approaches through the application of Islamic Finance and Banking is a key area of concern.

  • Professional Research Orientation
  • Dissertation Based
  • Immediate Entry To The Research Phase of the PhD

The Professional Ph.D. in Islamic Finance & Banking has been created at Monarch to bring greater focus on an increasingly important area of study. In recent years the field of Islamic Finance has come to the attention of international market and academics for its focus on social equity and justice as a primary ingredient to its design. The field of study is expanding and requires sharp minds to compare and contrast the field to western systems and to illustarte the important aspects and attributes that make it unique. Areas of study include: Alternative Banking Models, the Performance and Efficiency of Islamic Banks, Economics Policy and Analysis of Islamic Banking and Finance, Regulatory and Governance, Islamic Wealth Management, Investment Banking, Takaful and Re-Takaful, Islamic Capital Market, Islamic Micro-Credit and Micro-Financing, and Corporate and Shari’ah Governance for Islamic Banking and Finance.

Dr. Abbas – Professor of Islamic Finance & Banking


Monarch Business School is the first distance-learning business school to achieve triple accreditation by the International Standards Association (9001, 14001, 18001). Monarch Business School is a member of EFMD-The Premiere European Accreditaiton Agency, ACBSP-the Association For Collegiate Business Schools & Programs, CEEMAN-The Central and Eastern European Management Association and ACUNS-The Academic Council of the United Nations System. See our accreditation page.

Program Structure

The program is structured to have the candidate immediately involved in researching their domain of interest. Candidates in this program have completed course work at a Bachelor and Master level in Economics or Finance and thus are prepared to enter directly in to the research phase of the PhD. In preparation for this, candidates complete a Critical thinking module, Mixed-Research Skills module as well as Research Skills modules in preparation to design a full research proposal that provides the necessary understanding for the professional research process to come during the dissertation phase. You may download the program schematic here.


The program is broken down into specific modules. The candidates moves through the modules successfully completing the program.

  • Critical Thinking (Link)
  • Mixed Research Methods (Link)
  • Research Skills Module (Link)
  • Research Proposal Module (Link)
  • Dissertation Part A (Link)
  • Dissertation Part B (Link)
  • Defense Preparation (Link)

Program Progression

The program progression focuses on the student immediately entering the research phase of the program as soon as the program is started. This has the Candidate focused on their specific domain of interest within the field of Economics from the outset of the program. At Monarch, the PhD Candidate begins their research without any distraction in repetitive coursework from the lower levels. You may download the program schematic here.

The program has a rolling admission and be started at any time.

  • Standard Duration = 3 Years
  • Candidates may extend the program up to 6 years, extension fees apply at the same rate.
The program is completed online using the Monarch Learning Management System. During the program the Candidate must attend at least one workshop on site at the school in order to design their research. The dissertation must be defended at the school at the end of the program.

Program Open To

  • Graduates from accredited Bachelor & Master programs in Economics and/or Finance with +5 Years Management Experience;
  • Candidates with a Professional designation related to Economic and/or Finance and +5 years managerial experience may be admitted to the program on the discretion of the Dean.

Tuition is levied on a quarterly basis in advance. All candidates may terminate a program upon 3 months written notice to the administration.

Please View The Tuition Page By Clicking Here

Aurelia Ravet-Narayan, Doctor of Philosophy in Business ResearchI am a PhD graduate from France. Usually, before entering a PhD program one is asked to provide an academic proposal with the application, even if one doesn’t have any previous academic writing experience. This process can be challenging for a graduate from business or management science. At Monarch, you are guided from the beginning and the school assists you in creating your research proposal. You start the program by learning and understanding what research methodology is all about. Once this learning is integrated, you clarify and delineate the scope of your subject. Then you are equipped to start the research journey. I am very satisfied with the program because it is streamlined. The guidance from supervisors was clear and support from them is provided in a timely manner. You can also count on the support of your fellow students as a spirit of camaraderie reigns at the workshops. The Monarch experience is and will remain a tremendous step in my life.
Dr. Aurelia Ravet-Narayan – Doctor of Philosophy in Governance Graduate


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