The PhD in Islamic Business and Finance is a holistic degree with no functional specialization. This is to encourage interdisciplinary research and provide a more open sphere for the academic thinking and rigor. However, within the research project a candidate may choose to either go for a basic research or applied research. A basic research is interpreted as theory or knowledge advancement research and it more suits to candidates who want to pursue career in academia and scholarly authorship. The focus within basic research methods is on developing the candidate’s analytical and critical reading, thinking, and writing skills to make them able to challenge the current discourse of Islamic Business and Finance and develop original, contemporary, and alternative perspectives on the problems.

The applied research is interpreted as a research in which the candidate would need to create a verifiable impact on the current practice of Islamic Business and Finance. For this research a candidate will need to spend a sufficient amount of time within an organization or field to create the impact through his or her research within Islamic business and finance. This research would more suit to the motivated and experienced practitioners who are looking to complement & develop their practical knowledge with research, analytical, and critical thinking skills to the highest level to lead the globally emerging Islamic financial institutions (e.g., Islamic Banks and Takaful organizations). By completing this PhD, individuals will bring an unparalleled combination of independent thinking and business knowledge to their organization.

Program Objectives

PhD Islamic Business and Finance is primarily aimed to develop scholarship among students so that they can:

  • Advance the theory of Islamic Business and Finance
  • Conduct rigorous basic and applied research on Islamic Business and Finance that have a developmental impact for the market and society.

Eligibility for Admission

MS/M.Phil (with thesis) degree or 18 years of  education in a subject relevant to the field of study with consistently good academic record and a minimum of 60% marks in the annual system or CGPA of 3.0 out of 4.00 in the semester system. 60% marks in GAT subject Test/ Institute’s own test or any other test required by the HEC. Registrations are offered in the PhD programs throughout the year.

Students who have done MS without thesis may be considered for admission in the PhD program, if he/ she has published a research paper in HEC recognized journal as a principal author.

Structure of the Program

Student admitted to the PhD program will be required to complete eighteen (18) credit hours of course work and thirty six (36) credit hours of research work culminating in a thesis. A number of non-credit research seminars will be a part of the program to significantly improve the research capacity of the scholars. The minimum period for completion of PhD program will be three (3) years, whereas the maximum period shall be eight (8) years.
Those students who have carried out course work at another institute/university and have completed the course work of equivalent standard/ credit may opt for exemption.
The scheme of the courses and the semester wise breakup of the PhD program are given below.

  1. Course Work            18 Credit Hours
  2. Thesis                     36 Credit Hours
  3. Total Credit               54 Credit Hours

Semester 1 (Year 1)

DIBF 810 Seminar on Basic and Applied Research Techniques 3
DIBF  820 Islamic Economics, Business, and Finance 3
DIBF  830 Elective 1 3

Semester 2 (Year 1)

DIBF 840 Contemporary issues In Islamic Business and Finance 3
DIBF 850 Elective II 3
DIBF 860 Independent Research Study 3

Year 2 and 3

DIBF  870 Research Dissertation 36


Elective Courses

  • Islamic Political Economy
  • Shariah Law of Business and Financial Contracts
  • Development of Islamic Financial Institutions and Products