About GS-Muamalat


Paradigm Shift for Ethical Transformation

In an era of global transformation, the demands placed upon business leaders to provide ethical leadership and insights, for the betterment of the global society, has become imperative.

Formally established in 2010, the Graduate School of Muamalat (GS-Muamalat) is positioned under the umbrella of Faculty of Economics and Muamalat (FEM). GS-Muamalat is innovative, engaged and has a deep international and Islamic orientation with aims to create ethical global leaders who uphold all human values based on Shariah (Islamic Law).  

The academia of Graduate School of Muamalat, are not only exceptional educators but active researchers involved in leading investigations within business and government. We are recognised as a leader in a number of key global industry initiatives crucial to the future of Islamic business education. GS-Muamalat acknowledges the strategic importance of partnerships with high quality domestic, regional and overseas institutions and organisations and thereby consolidating the internationalisation of our curricula, students and staff.

The School offers PhD and master programs in the areas of Economics, Management, Accounting, Islamic Finance, Islamic Banking, Takaful and Shariah Audit. The full range of program offerings integrate contemporary knowledge and practices with Islamic foundations, and are conducted by prominent faculty members and complemented by invited practitioners. Each carefully designed to cater for the career aspirations and backgrounds of the graduate student.

List of programs: 

      1. Master of Economics and Muamalat Administration

      2. Master of Muamalat Administration

      3. Master of Muamalat Administration (Halal Product)

      4. Master of Islamic Finance

      5. Master of Islamic Banking

      6. Master of Accounting and Shariah Audit

      7. PhD in Economics and Muamalat Administration

Before candidates can embark on their exciting educational journey in their chosen degree, it is compulsory for those who do not possess knowledge about Islamic business or conventional business and management to undergo a foundation programme that seeks to address this issue. This is essential so that candidates are better prepared to cope with university level study.

      Master of Economics and Muamalat Administration

  • Applicable only for candidates who would like to pursue a master program by research, this programme offers an intellectually stimulating environment for research, coupled with a rigorous training in qualitative and quantitative research methodologies, excellent dedicated doctoral facilities, and a reputation for high quality research in the various field of Muamalat.

      Master of Muamalat Administration (MMA)

  • The Master in Muamalat Administration is designed for graduate students interested in progressing their career in Islamic management but who wish to study a broad range of topics and not to be restricted to one specific functional area. Throughout the course of study, there is an emphasis upon leadership and strategic change and implementation, within an Islamic perspective.
  • This program provides graduates with a strong foundation in the concepts, principles and techniques of modern business management through the convergence of religious ethics and business management knowledge.

      Master of Muamalat Administration (Halal Product) (MMA HP)

  • With a growing Muslim consumer market force, close to 3 billion across the globe, annual trade in Halal products and services is a multi-trillion dollar industry. To addess this, GS-Muamalat has structured a Mater programme targeted towards increasing the number of knowledgeable competent personnel in sharia compliance, industry and science to service companies invested in the Halal industry.
  • Graduates will have developed knowledge on various aspects of business and management of halal products (food and nonfood products and services) and gained critical understanding of essential components of Islamic principles and its application.

      Master of Islamic Finance (MIF)

  • Our cutting edge program will train graduates to develop critical understanding of vital components of Islamic finance theory and associated current research, and develop the capability of applying both general and Islamic financial concepts and principles to the analysis of corporate circumstances
  • Master of Islamic Finance is for students wishing to have their course tailored from an Islamic financial and accounting perspective. All MIF students commence with a generic common core but in the coming semester students will then specialise by studying relevant financial, accounting and investment issues from a managerial perspective.

      Master of Islamic Banking (MIB)

  • This course has been designed to provide students with necessary skills and in-depth knowledge required to work in this growing and sophisticated Islamic banking sector. It offers a comprehensive curriculum encompassing both classic and more recent areas of the principal functions of Islamic banking. Students will cover basic fundamentals such as the differences between Islamic and traditional banks, as well as how bank accounts work under Sharia principles.
  • The core units equip students with an in-depth understanding of the structures and functioning of financial institutions, and issues related to Islamic banking in a contemporary, globalised economy. As well as providing the necessary knowledge of bank management, risk management and risk assessment, the Islamic Banking specialisation offers intermediate corporate finance, equipping graduates with a qualification that is modern, in-depth and competitive but grounded in Shariah laws.

    Master of Accounting and Shariah Audit

  • The Islamic banking industry in Malaysia has emerged in the global banking system and continues to show strong growth for the past years. Demand for graduates able to conduct Shariah audit arose mainly to ensure that the activities and operations of an IFI are in adherence to Shariah thereby enhancing IFIs integrity.
  • Our latest offering, Master in Accounting and Shariah Audit is a ground breaking program and first in the world, aligned to cater to demands by Muslim governments and institutions that want ethical graduates able to audit companies and ensure that their operations are in accordance to Islamic jurisprudence and commercial law

PhD in Economics and Muamalat Administration

Since our first intake in 2008 we have enrolled until today an average of 20 PhD students a year. For 2015, we will have two modes of PhD research. This is in meeting with the national needs and the demand of potential experience candidates who want to pursue higher levels of knowledge acquisition but faced with various constraints. A PhD candidate can choose to undertake a philosophical or applied research (the latter being the new mode).   

  • Philosophical research: this is for candidates who wish to pursue or continue a career as an academician or researcher where the objective is to contribute, add, discover and enrich the existing body of knowledge. The deliverable is the thesis from which an appraisal has been made to verify the knowledge contribution. This is a common PhD research mode in many universities and candidates chose the university based on the availability and capability of expertise in the area that they are interested in.    
  • Applied research:this is new but similar to some universities who label this as “Industry PhD”. Potential candidates should opt for this if they intend to be a consultant or skilful at playing the role of an advisor and decision maker. The research undertaken must be applied in nature identified by the employer of the PhD candidate and the series of problems have to be current and important to the organisation. The candidate has to solve one significant problem within one semester, present it to the employer and be given a pass rating if the suggestion is accepted. The report will be in the form of a case analysis. He then proceeds to the next problem in the next semester. A candidate has to solve 5 different problems (example in management, finance, marketing, operations, and strategic) in 6 semesters. He will be required to collate and bind the 5 cases, with an additional introductory and concluding chapter to make up the thesis. Candidates will meet with the supervisors once a month at their respective premises (location to rotate amongst candidates) to engage in additional knowledge enrichment discussions and are done in groups of 3-5 (candidates).
    • Potential candidate must be employed as the problem to be solved has come from the organisation,
    • Employer is to give consent for the problems identified to be solved, (MOU signed with Ministry of Education if funding is to be sought from the Ministry’s My Brain-15”).
    • Candidate’s supervisor may change every semester to be compatible with the problems identified.
    • One popular book (eg. best seller) a month will be discussed for the first two months while the third is for the candidate to prepare for the problem analysis, solving and presentation.  



Graduates of the Maters programme will be equipped with the ability to:

  • lead and engage in team problem solving tasks across disciplines through effective managerial and communicative abilities in a competitive environment
  • provide quality services with ethical and professional values to the stakeholders of the business-related industries
  • perform the above, through integrating knowledge of Islamic principles incorporating the revealed (Naqli) and researched (Aqli) knowledge.

Graduates of the PhD programme who undertook the philosophical research mode will be equipped to become a researcher and an academician. For those who undertook the applied research option are trained to be consultants and decision makers. 

     Graduate School of Muamalat (GSM)
     Faculty of Economics and Muamalat,
     Universiti Sains Islam Malaysia (USIM)
     71800 Bandar Baru Nilai, N.Sembilan, Malaysia
     Tel : +606-797 8662/8663   Fax : +606-798 6302/6308  
     E-mail : This email address is being protected from spambots. You need JavaScript enabled to view it.
mailto e-mail contact