Studying  Islamic Economics and Finance in Turkey دراسة الاقتصاد الاسلامي والمالية

Islamic Economy and Financial

Studying  Islamic Economics and Finance in Turkey

Overview of Islamic Economics and Finance:

The specialization of Islamic economics is one of the newly emerging disciplines, which diverges between the specialization of economics and the specialization of financial jurisprudence. We see it being offered in some universities as part of the faculties of economics, and in other universities as part of the Faculty of Sharia. This specialization is taught by universities in several countries, such as Jordan, Saudi Arabia, Britain, Malaysia, and Turkey.

Islamic economics is a type of economy that relies on Islamic principles and rules to conduct financial transactions and regulate the earning, spending, and development of money. It teaches people how to apply the principles of Islamic economic thought in the real world.

This specialization aims to graduate students equipped with sufficient knowledge, experience, and high efficiency to enter the financial markets and develop new Islamic financial rules that suit temporal developments and spatial changes in accordance with the Quran and Sunnah.

Among the foundations of this specialization are justice, fairness, the attainment of rights, and the non-preference of persons and people based on their economic or social status.

Advantages of studying Islamic economics and finance in Turkey:

Many economists generally believe that Islamic economics has the potential to become a very important part of the global financial system, especially since the need for it is great in countries that are interested in the application of Islamic law. Turkey has provided academic studies for finance and Islamic economics due to the need for it and its difference from other economics disciplines that depend on benefits that are prohibited by Sharia.

Among the advantages of studying the specialization of economics and Islamic finance in Turkey are:

  • The link of this specialization to the achievement of economic growth and development in the country, which makes it receive high attention.

  • Helping this specialization to limit price hikes and stabilize them in proportion to the situation of the economy.

  • Balancing the balance of the company or the country.

  • Qualifying students and providing them with sufficient knowledge that qualifies them to enter the labor market with high efficiency.

  • Providing many job opportunities for students of this specialty.

  • Combining economics and Sharia in a strong and elaborate way.

  • The possibility of studying this specialization in either Turkish or English languages.

  • Low tuition fees in Turkey compared to others.

  • Turkish university degrees are recognized all over the world.

  • Low-cost living in Turkey compared to others.

  • Scholarships and tuition discounts offered by Turkish universities.

  • Providing the best academic specialized teaching quads.

Duration of studying Islamic Economics and Finance in Turkey:

The number of years of study in Islamic economics and finance in Turkey is four years, divided into eight semesters. In the event that a student does not have a language certificate, they must complete a preparatory year for language, which increases the number of years of study by an additional year.

Lessons and contents of the specialization of Islamic Economics and Finance in Turkey:

We will provide you with a list of main subjects studied in Islamic economics and finance, noting that these subjects or their names may vary from one university to another. Some of the most prominent subjects include:

  • Principles of Islamic economics

  • Partial analytical economics

  • General analytical economics

  • Monetary and fiscal policy in Islam

  • Economic statistics

  • Research methodologies in economics

  • Principles of accounting

  • History of Islamic economic thought

  • Money and banking

  • International trade

  • International finance

  • Economic planning

  • Principles of Islamic jurisprudence

  • Jurisprudence of transactions

  • Studies in human rights in Islam

  • Principles of business management

  • Economic development

  • International economic laws

  • Accounting in Islamic institutions

  • History of economic thought

  • Islamic finance and risk management

  • Economic principles in the Quran

  • Islamic economic systems

  • Principles of partial and general economics.

The departments of study specializing in Islamic economics and finance in universities are:

  • Islamic financial sciences for Islamic banks.

  • Islamic economic thought.

  • Foundations of Islamic economics.

  • History of Islamic economics.

  • Islamic insurance.

  • Law.

  • Finance.

  • Financial jurisprudence.

  • Principles of accounting.

  • Corporate financing.

  • Statistics.

  • Econometrics.

  • Economic growth and development.

The best Turkish universities that teach Islamic economics and finance:

  • Best private universities to study Islamic economics  and finance in Turkey:

  • İstanbul Sabahattin Zaim

  • Yeditepe University

  • Istanbul Şehir University

Doğuş University

  • Among the public universities that teach Islamic economics and finance in Turkey:

  • Recep Tayyip Erdogan University 

  • Istanbul University

  • Kocaeli University

  • Middle East Technical University

  • Gaziantep University

  • Ankara University

  • Marmara University

Costs of studying Islamic economics and finance in Turkey:

Tuition fees in Turkish public universities differ from those in private universities, where public universities are less expensive than private ones. Generally, studying in Turkish universities, whether private or public, is considered to have low costs compared to studying in universities in other countries. 

  • Costs of studying Islamic economics and finance in public universities in Turkey:

The tuition fees for the Islamic economics and finance specialization in public universities in Turkey are approximately 2000 USD per year.

  • Costs of studying Islamic economics and finance in private universities in Turkey:

The tuition fees for the Islamic economics and finance specialization in private universities in Turkey are approximately 6000 USD per year.

Salary of Islamic Economics and Finance Specialist:

The monthly salaries of Islamic Economics and Finance specialists start from approximately (1500) Turkish Lira to (5600) Turkish Lira, depending on the number of years of experience and other factors.

Fields of work for Islamic economics and finance specialization:

Although this specialization has not been fully implemented in reality, it has been applied in some Islamic insurance institutions and some Islamic banks. You don't have to worry about that because Islamic banks are spreading around the world, especially after the trend towards them has increased and after they have proven their success in many economic crises that have affected the whole world. Some of the centers and jobs that graduates of Islamic economics and finance can work in are:

- Working in financial companies

- Working in accounting and economic analysis in Islamic insurance institutions.

- Working in Islamic banks.

- Working in Islamic insurance companies.

- Working in exchange companies.

- Working in Islamic banks

- Working in institutions that provide Islamic financing services.

- Working in companies and institutions that operate under the Islamic profit-sharing system.

- Working in Sharia advisory committees in financial institutions.

- Working in teaching at universities, institutes, and higher education institutions.

- Working in training centers that require trainers in this specialization.

- Working as a researcher in the field of Islamic economics.

- Working in preparing and presenting Islamic economics programs in the media.

The required skills that are developed in the study of Islamic economics and finance:

The specialization in Islamic economics and finance requires several skills and abilities in students who wish to study it, which help the specialist to achieve the success he aspires to, including:

  • The ability to integrate the jurisprudential aspect with the economic aspect

  • Interest in economic news around the world and discussing and analyzing them

  • Analytical and inferential skills

  • Mastery of economic skills

  • Adequate knowledge and familiarity with both the jurisprudential and economic aspects

  • Love of reading.

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