Introduction

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 academic thinking and rigor. However, within the research project a candidate may choose to either go for a basic research or applied research. Basic research is interpreted as theory or knowledge advancement research and it more suits candidates who want to pursue a 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 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 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.

Program Eligibility

MS/MPhil or equivalent degrees in relevant field of studies with a minimum CGPA of 3.00 out of 4.00 in the semester system or First Division in the annual system in the most recent degree obtained from Pakistani or foreign universities.

The applicants shall be required to submit a Statement of Purpose, which shall form an integral part of the application.

All applicants to PhD programs shall be required to take one of the following admission entrance tests:

  1. Minimum 60% marks in The Graduate Record Examination (GRE) test administered by the Education Testing Service;
  2. Minimum 60% marks in a graduate admission test administered by the Education Testing Council;
  3. Minimum 60% marks in NTS GAT-General
  4. Minimum 60% marks in the Institute’s own test.

 

Registrations are offered in the PhD programs throughout the year.

PhD Scheme of Studies-I

Program Structure

The students admitted to the PhD program with 18 years of relevant requisite qualification will be required to complete a minimum twenty-four (24) credit hours of coursework and thirty-six (36) credit hours of research work culminating in a thesis. A number of non-credit research seminars will be 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 will be eight (8) years.

PhD Scheme of Study and Eligibility Criteria

A. Course work:  24 Credit Hours
B. Thesis:  36 Credit Hours
Total Credit Hours for PhD Program (A+B): 60 Credit Hours

Semester wise breakup of courses will be based on the following model-scheme of studies:

Semester 1

No. of courses

Credit hour per course

Total Credit Hours for the semester

4

3

12

Semester 2

No. of courses

Credit hour per course

Total Credit Hours for the semester

4

3

12

Year Two & Three

S.No

Course Code

Course Title

Credit Hours

1

xxx

Research Dissertation

36

PhD Scheme of Studies-II

Program Structure

A student admitted to the PhD program with 16 years of requisite qualification will be required to complete a minimum forty-eight (48) credit hours and thirty-six (36) credit hours of research work culminating in a thesis. A number of non-credit research seminars will be 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) Program Structure years, whereas the maximum period shall be eight (8) years.

The scheme of the courses and the semester wise breakup of the PhD program are given below.

A. Course work:  48 Credit Hours
B. Thesis:  36 Credit Hours

Total Credit Hours for PhD Program (A+B): 84 Credit Hours

Note: The Institute may withhold PhD Scheme of Studies-II, if HEC retracts the same.

Semester wise breakup of courses will be based on the following model-scheme of studies:

Semester 1

No. Of Courses

Credit Hour Per Course

Total Credit Hours For The Semester

4

3

12

Semester 2

No. Of Courses

Credit Hour Per Course

Total Credit Hours For The Semester

4

3

12

If a student successfully completes the full set of requirements for the award of an MS/MPhil (or equivalent) degree during the course of their PhD studies, the Institute may award the applicable degree to such students upon completion of the relevant requirements. Such students will complete further 06 credit hour course work or thesis dissertation.

Special Semester for Exit with MS/MPhil degree

No. Of Courses

Credit Hour Per Course

Total Credit Hours For The Semester

2

3

6

OR

1 (Thesis dissertation)

6

6

Note: This special semester will only be completed by those students who want to exit with an MS/MPhil degree upon the completion of relevant requirements.

Semester 3

No. Of Courses

Credit Hour Per Course

Total Credit Hours For The Semester

4

3

12

Semester 4

No. Of Courses

Credit Hour Per Course

Total Credit Hours For The Semester

4

3

12

Year Three & Four

S.No

Course Code

Course Title

Credit Hours

1

Xxx

Research Dissertation

36

Core Courses

Code

Course Title

Credit

Hours

IBF 805
Islamic Economics, Business and Finance

Three (03)

IBF 905
Contemporary Issues in Islamic Business and

Finance

Three (03)

RES 911
Critical Review of Literature
Three (03)
RES 851
Seminar on Basic and Applied Research Techniques

Three (03)

RES 980
Independent Research Study

Three (03)

RES 890
Seminar on Theology, Normative Economics and Management
Three (03)

Electives

Code

Course Title

Credit Hours
IBF 811
Shariah Law of Business and Financial Contracts
Three (03)
IBF 910
Islamic Political Economy
Three (03)
IBF 915
Development of Islamic Financial Institutions
Three (03)