ISLAMIC ECONOMICS AND FINANCE (ENGLISH) - DOCTORATE

About the Program

Islamic economics and finance, with its theoretical and practical aspects, reveals how economic activities can be carried out within the framework of Shari'ah principles. In this respect, unlike the current economic system, which causes problems such as excessive financialization, unrequited value production and unequal distribution of wealth and produces crises, Islamic economics envisages a stable economic structure based on real economy and away from excessive uncertainty and risk, in which wealth is shared fairly.

In this direction, the main purpose of the Islamic Economics and Finance program, which was opened in 2014, is to contribute to the development of the theory and practice of Islamic economics and the establishment of an Islamic economic and financial system by emphasizing the legal and moral aspects of Islam. Another aim of the program is to contribute to the professional experience of professionals who are still working in participation banks and interest-free banking.

In this context, the program includes courses on Islamic economics, basic fiqh knowledge on economic and financial issues, interest-free banking, comparative characteristics of traditional and participation banks, and scientific research methods.

Islamic Economics and Finance PhD Program consists of 7 courses, a PhD seminar and a thesis (240 ECTS in total). The normal duration of completing this program is 8 semesters, and the maximum duration is 12 semesters. Courses take place in the first 2 semesters of the 8-semester normal period, Qualification exam in the 3rd semester, and thesis proposal in the 4th semester. 5th-8th semesters consist of PhD dissertation phase. Students, who cannot complete the course period within 4 semesters or who cannot successfully pass the Qualification exam until the end of the 5th semester are dismissed. If a student cannot finish within the normal duration, an additional course fee is required for each semester after the end of the 8th semester of program (An additional course fee for the 2021-22 academic year is 4000 TL, regardless of the scholarship rate).

Prerequisite Courses

There are two prerequisite courses in the program, as Islamic economics and finance is a multidisciplinary field where Islamic sciences, economics and finance intersect. In this context, those who do not have a bachelor's, master's or PhD degree from Theology, Islamic sciences and Islamic economics and finance programs should enroll in either “IEC 631 – Advanced Islamic Commercial Law” or "IEC 625 Metodology of Islamic Law" courses. In addition, those who do not have a bachelor's, masters’ or PhD degree from Islamic economics and finance, economics, business administration, finance and banking programs are required to enroll in the "IEC 634 Economic and Financial Theory" course. Students graduating from departments other than the fields mentioned above are required to enroll in both courses (IEC 631/IEC 625 and IEC 634).

In addition, those who have not taken any course on research methods in the graduate program are required to take the UKB 597 Scientific Research Methods course. Each of these courses is 7.5 ECTS and will be considered as one of the elective courses that students must enroll in.

Graduation

Those who successfully complete the coursework and seminar must have at least a CGPA of 3.0 and must fulfill at least one of the following conditions before the dissertation defense:

• Two papers presented at national or international conferences,

• An article published in a peer-reviewed/indexed journal, accepted for publication or with a DOI number,

• Two papers presented at the symposiums to be organized by IZU in the field of Social Sciences.

Program responsible person: Res. Asst. Safa YILDIRAN, safa.yildiran@izu.edu.tr

Students who successfully complete the Islamic Economics and Finance PhD Program are entitled to receive a PhD degree with thesis.

- Be a graduate of Masters' program  with thesis

- Turkish citizens should submit ALES score, which should be above 55 in any grading criteria

- Candidates should pass the enterance exam.

- Candidates should submit proficiency for English language, as for YDS veya YÖKDİL they should have test score minimum 70 points or other English proficiency exams which are accepted by ÖSYM (i.e. TOEFL-IBT 84). 

- Graduates of non-thesis Masters' programs cannot apply for PhD programs unless the ones who graduated from non-thesis masters' programs before 06/02/2013 .

- The courses of this program are taught in Halkalı campus.

Islamic Economics and Finance consists of seven courses, seminar, proficiency exam, thesis proposal and dissertation study. (240 ECTS total) The normal duration of this program is 8 semesters and the maximum duration is 12 semesters. In order to graduate, students should successfully pass the pre-requisite course(s), have their Cumulative GPA minimum 3.00, successfully pass the proficiency exam and submit the thesis proposal and dissertation study.

In order for a student who is enrolled in a doctoral program to graduate, at least one of the following conditions must be fulfilled.

1. Two papers presented at national or international scientific conferences,
2. An article published in a peer-reviewed/ indexed journal, accepted for publication, or received a DOI number,
3. Two papers presented at Social / Science symposiums organized by IZU.

Graduates who meet the application requirements for the Islamic Economics and Finance PhD Program and who are successful in the science exam are accepted to the program. Upon the recommendation of the exam jury and the approval of the head of the department, they enroll in the Graduate Education Program of Istanbul Sabahattin Zaim University Graduate Education Institute, Department of Islamic Economics and Finance.

In addition, students enrolled can apply for exemption for courses previously taken at the PhD level and included in the Islamic Economics and Finance PhD program curriculum. These applications are evaluated by the Department.

Graduates of Islamic Economics and Finance Program can work in related institutions in the public sector and private sector. Students who will graduate from this program can also find the opportunity to work in the institutions of the academic world related to the field. These institutions include both national and international universities and research organizations. Currently, the two universities in Turkey in 13 undergraduate and graduate university level Islamic economics and finance programs are available.

Another area in which our graduates can be employed is institutions and organizations in the private sector. They can work in domestic and international companies that operate in different sectors in our country within the framework of Islamic principles, as well as find employment opportunities in participation banks, participation insurance companies, savings-based financing companies and participation portfolio management companies. Currently, six branches of participation banks in Turkey and continues its activities in 1207 with market share of 6.3%. In addition, the share of participation insurance companies in the insurance sector has reached 4.3%. More than 30 companies operate in the increasingly growing savings-based financing sector.