The EUCLID / MBAIF (MBA in Islamic Finance) is a distance, non-resident study program.

Its goal is to prepare graduate-level professionals for high-level positions in the vast and fast-growing realm of Islamic Finance, Banking, Economics and Insurance.

Enrollment open to Muslims and non-Muslims alike.

Program Objectives

This Master’s degree program does not assumes a strong background in business and economics.

However, it does assume the following:

– an ability to study and master calculus and foundational tools of quantitative (mathematical) finance

– an ability to read, understand and memorize large amounts of material since the reading assignments are significant

– interest and respect for Islamic Finance and the underlying principles of Islam.

This MBA is a dual-purpose program which offers a core MBA foundation with a large concentration in Islamic Finance.

EUCLID’s MBA in Islamic Finance offers an in-depth examination of the vast field of Business, Finance, Banking, Economic Development placed in the wider context of Islamic principles and applications.

This program was designed to train government staff having an interest in this field, but also to prepare general public students for careers with governmental bodies, international organizations and financial institutions.

Thanks to its low tuition and privileged institutional relationships, it is of special interest to European, African and “Small Islands” students.

This EUCLID MBA is also a unique program in the sense that it is the only MBA program in Islamic Finance actually offered by an intergovernmental organization which has a direct partnership with the Islamic Chamber of Commerce and Industry, thus allowing direct interaction with practitioners as well as opening  international internship opportunities.

Admission Requirements

– Applicants must have a Bachelor’s degree or its international equivalent, issued by an institution listed in the latest edition of the UNESCO-IAU handbook.

– Government-sponsored applicants (who are already government staff) may be admitted without a Bachelor’s degree if their level of education and experience is deemed sufficient. EUCLID may require these participants to complete bridge courses prior to enrolling in the program.

– Fluency in English (spoken and written) is required and will be tested.

– Students are expected to be in position to dedicate 10 to 15 effective hours of study on a weekly basis.


This program is offered on an asynchronous and open-enrollment basis with occasional sequencing in cohort groups.

The curriculum  is personalized for every student and consists in a sequence of courses which are delivered using the following methods / media formats:

Typically, a course consists of a series of assigned materials that must be studied on an individual basis. Courses assignments include the composition of academic papers based on the textbooks, and the creation of quiz which should demonstrate the student’s grasp of the subject-matter scope and particulars.

Students are often connected in “pairs” or “trios” which allows them to interact and exchange on their coursework while moving along in the program at their own pace.

Each course is capped by an extensive 45-minute long oral examination which allows the supervising instructor to enter the composite final grade.

Overall, this program emphasizes the ability to understand systemic interactions as well as to express  logical, respectful and persuasive arguments by means of publishable academic papers.

The ability to write professional, journal-grade papers is one of the essential objectives of this program. All students must complete the program having acquired and demonstrated graduate-level expertise in a specific aspect of economic development that will be of lasting interest to academia, government or the private sector.

The curriculum also calls for the ability to present  oral reports or lectures (webcasts), delivered to the course tutor in MP3 or WMV format.


EUCLID-MBA IF Course Sequence (including optional courses marked with *):

– Core Skills in Business Writing and Speaking

(LIT-101M) (2 UCH / 3 ECTS)

– Fundamentals of Management / MBA Core


– Economics / Global Economics Module

(MBA-ECO) (3 UCH / 4.5 ECTS)

– Cultural Dimension of International Business

(ANTH-638) (2 UCH / 3 ECTS)

– International Finance and Banking I

(IFB01) (5 UCH / 7.5 ECTS)

– Quantitative Finance I

(QFIN-401) (3 UCH / 4.5 ECTS)

– Islam, Islamic Law and the Islamic World

(ISL-01) (3 UCH / 4.5 ECTS)

– Islamic Economics

(ISL-ECO) (3 UCH / 4.5 ECTS)

– Foundation and Principles of Islamic Finance

(ISL-FIN) (3 UCH / 4.5 ECTS)

– Advanced Studies in Islamic Finance 1

(ISF-500) (3 UCH / 4.5 ECTS)

– Advanced Studies in Islamic Finance 2

(ISF-550) (3 UCH / 4.5 ECTS)

– Business P&L Evaluation

(IFPL) (3 UCH / 4.5 ECTS)

– Internl Financial Centers and Offshore Finance

(IFC-700) (3 UCH / 4.5 ECTS)

– MBA Research Paper

(MBA-800) (1 or 2 UCH / 1.5 or 3 ECTS)

Each course is fully documented by means of a detailed syllabus (program syllabi are usually attached as an Annex to this document).

Optional Specializations:

In consultation with his or her assigned tutor, the student may pursue directed studies, for a value of 2-6 UCH / 3-9 ECTS, in the following areas of research and concentration:

Credit Values

Credit values are expressed both in terms of USCH (US credit hour) and ECTS (European Credit Transfer System). Typically, 14 hours of classroom instruction over the course of 1 semester represents 1  USCH or 1.5 ECTS (plus self-study time), which is converted to the equivalent amount of study in the context of a distance program.

The total credit value for the completed program, according to international standards, is 36-40 USCH / 54-60 ECTS.


EUCLID (Pôle Universitaire EUCLIDE  / Euclid University) is an intergovernmental organization with a university charter established by multilateral treaty in 2008. The treaty itself is registered and published in full by the United Nations Treaty Section with certificate references I-49006/49007.

As indicated by a United Nations letter (0218/RCA/MP/ONU-12), EUCLID (and the UN-related institutions including the United Nations University, the European University Institute, the World Maritime University, and the IMO International Maritime Law Institute) are recognized by the United Nations and UNESCO as “being accredited.”

It is one of the few universities that enjoying international law accreditation or validation by multiple governments spanning 3 continents (Americas, Africa, Asia-Pacific). EUCLID has full diplomatic status in its headquarters State (The Gambia) by agreement with the Ministry of Foreign Affairs, as well as university status by agreement with the Ministry of Higher Education. These agreements are also filed with the United Nations Treaty Section.

EUCLID’s institutional and program accreditation is also confirmed by 4 agreements signed with other intergovernmental organizations (ICCI, ECOWAS, CAFRAD, LLPI).

This graduate program specifically follows international guidelines for a master’s degree, and it is fully documented to facilitate international transfers. A standard EU ‘Diploma Supplement’ is available upon request after graduation.