Bachelor of Studies in Islamic Banking and Finance (BS IBF)
Program
Program Overview
The BS Accounting & Finance program at Al Ghazali University has been restructured to meet these emerging expectations. The program blends theoretical knowledge with professional applications, preparing students for diverse roles in corporate finance, audit and assurance, banking, consulting, taxation, and emerging fintech-related fields.
Through this program, students develop the competence to interpret financial information, make informed financial decisions, and uphold professional ethics and regulatory compliance. Graduates are equipped to contribute meaningfully to both public and private sector organizations and to respond effectively to the evolving needs of local and global financial markets.
Eligibility Criteria
To be eligible to apply for admission in this program, a candidate must have passed Higher Secondary School Certificate (HSSC), A-Levels, or an equivalent qualification recognized by IBCC, involving 12 years of schooling with at-least 50% marks. All equivalency claims will be evaluated according to HEC’s guidelines
Program Structure
Based upon HEC’s Undergraduate Education Policy 2023 and subsequent notifications, structure of BS IBF at Al-Ghazali University is designed as follows:
NQF Qualification Level | Level 6 | |
Minimum Credit Hours | 133 | |
General Education Courses | 34 Credit Hours (14 courses) | |
Discipline-Related / Major Courses | Mandatory Core Courses (MCC) | 33 Credit Hours (11 courses) |
Domain Core Courses | 30 Credit Hours (10 courses) | |
Electives | 18 Credit Hours (06 courses) | |
Total | 81 Credit Hours (27 courses) | |
Interdisciplinary/Allied Courses | 12 Credit Hours (4 courses) | |
Field Experience/Internship | 3 Credit Hours | |
Capstone Project | 3 Credit Hours | |
Program Duration | · Minimum Duration: 04 Years (Eight Regular Semesters) · Maximum Duration: 06 Years (Twelve Regular Semesters). · Further extendible for 01 Year (Two Regular Semesters) with the permission of the statutory bodies. | |
Based upon HEC’s Undergraduate Education Policy 2023 and subsequent notifications, structure of BS A&F at Al-Ghazali University is designed as follows:
Program Timeline
The minimum and maximum time allowed for the completion of BS IBF at Al Ghazali University (AGU) is 4 years (equivalent to 8 regular semesters) and 6 years (equivalent to 12 regular semesters), respectively. Maximum duration is further extendible for 01 Year (Two Regular Semesters) with the permission of the statutory bodies.
Semester I | |||
S. No. | Courses | Credit Hours | Category |
1 | Quantitative Reasoning-I [Business Mathematics] | 3+0 | GEC-I |
2 | Functional English | 3+0 | GEC-II |
3 | Applications of Information and Communication Technologies-Theory | 02 | GEC-III |
4 | Applications of Information and Communication Technologies-Lab | 1 | GEC-III |
5 | Principles of Management | 3+0 | MCC-I |
6 | Jurisprudence-I | 3+0 | Domain Course-I |
7 | Micro-Economics | 3+0 | IDC-I |
Total Credit Hours (18) | |||
Semester II | |||
S. No. | Courses | Credit Hours | Category |
1 | Quantitative Reasoning-II [Statistics] | 3+0 | GEC-IV |
2 | Sociology | 2+0 | GEC-V |
3 | Expository Writing | 3+0 | GEC-VI |
4 | Everyday Science-Theory | 2 | GEC-VII |
5 | Everyday Science-Lab | 1 | GEC-VII |
6 | Fehm-e-Quran – I (for Muslim Students) | 0+1 | GEC-VIII |
7 | Principles of Marketing | 3+0 | MCC-II |
8 | Principles of Accounting | 3+0 | MCC-III |
Total Credit Hours (18) | |||
Semester III | |||
S. No. | Courses | Credit Hours | Category |
1 | Foreign Language-Arabic | 2+0 | GEC-IX |
2 | Pakistan Studies | 2+0 | GEC-X |
3 | Fehm-e-Quran – II | 0+1 | GEC (second part of Fehm e Quran I) |
4 | Human Resource Management (HRM) | 3+0 | MCC-IV |
5 | Financial Accounting | 3+0 | MCC-V |
6 | Jurisprudence-II | 3+0 | Domain Course-II |
7 | Business Law | 3+0 | IDC-II |
Total Credit Hours (17) | |||
Semester IV | |||
S. No. | Courses | Credit Hours | Category |
1 | Civics and Community Engagement | 2+0 | GEC-XI |
2 | Ideology and Constitution of Pakistan | 2+0 | GEC-XII |
3 | Entrepreneurship | 2+0 | GEC-XIII |
4 | Islamic Studies (Religious Education / Ethics for non-Muslim students) | 2+0 | GEC-XIV |
5 | Business Finance | 3+0 | MCC-VI |
6 | Digital Marketing | 3+0 | MCC-VII |
7 | Fiq Al-Muamlaat | 3+0 | Domain Course-III |
Total Credit Hours (17) | |||
Semester V | |||
S. No. | Courses | Credit Hours | Category |
1 | Business Research Methods | 3+0 | MCC-VIII |
Financial Management | |||
2 | Banking Operations | 3+0 | Domain Course-VII |
3 | Data Analytics | 3+0 | IDC-III |
4 | Hadith Perspective on Trade and Finance | 3+0 | Domain Course-IV |
5 | Macro-Economics | 3+0 | Domain Course-V |
6 | Money and Banking | 3+0 | Domain Course-VI |
Total Credit Hours (18) | |||
Semester VI | |||
S. No. | Courses | Credit Hours | Category |
Banking Operations | |||
1 | Financial Management | 3+0 | MCC-IX |
2 | Islamic Economics | 3+0 | Domain Course-VIII |
3 | Ethics of Disagreement in Islam | 3+0 | IDC-IV |
4 | Elective-I | 3+0 | Elective |
5 | Elective-II | 3+0 | Elective |
Total Credit Hours (15) | |||
*Note: Students shall be required to complete three (3) credit hours of field experience or internship any time after the completion of the 5th semester.
Semester VII (Proposed) | |||
S. No. | Courses | Credit Hours | Category |
1 | Strategic Management | 3+0 | MCC-X |
2 | AI in Business | 3+0 | MCC-XI |
3 | Islamic Banking Deposit and Treasury Products (Business & Management Relevant Certification) * * | 3+0 | Domain Course-IX |
4 | Elective-III | 3+0 | Elective |
5 | Elective-IV | 3+0 | Elective |
6 | Capstone Project | 2 | Research |
Total Credit Hours (17) | |||
**Note: Students of BS programs under thematic areas of business and management are required to complete any relevant certification (equivalent to 3 credit hours in total) over the period of a four-year degree program as a mandatory condition degree completion. A certification will be considered equivalent to 1 credit hour if it involves 16 hours of study. The respective department will guide students in selecting relevant certifications, ensuring alignment with current market needs and the program’s objectives.
Semester VIII (Proposed) | |||
S. No. | Courses | Credit Hours | Category |
1 | Islamic Banking Financing Products | 3+0 | Domain Course-X |
2 | Elective-V | 3+0 | Elective |
3 | Elective-VI | 3+0 | Elective |
4 | Capstone Project | 1 | Research |
5 | Internship/Field Experience | 3 | Field Experience |
Total Credit Hours (13) | |||
List of Elective Courses
S. No. | ELECTIVES | Credit Hours |
1 | AAOIFI Shariah Standards | 3 |
2 | Islamic Law of Sales and Contracts | 3 |
3 | Objectives of Shariah (Maqasid al-Shariah) | 3 |
4 | Islamic Law of Inheritance | 3 |
5 | Pool Management in Islamic Financial Institutions | 3 |
6 | Research Methods in Islamic Finance | 3 |
7 | Islamic Fintech | 3 |
8 | Takaful Practices in Islamic Finance | 3 |
9 | Islamic Business Ethics | 3 |
10 | Risk Management in IFIs | 3 |
Summary of Credit Hour & Courses Distribution | |||
S.No. | Courses | Credit Hours | Courses |
1 | General Education Courses (GEC) | 34 | 14 |
2 | Mandatory Core Courses (MCC) | 33 | 11 |
3 | Domain Courses | 30 | 10 |
4 | Interdisciplinary Courses (IDC) | 12 | 04 |
5 | Elective Courses | 18 | 06 |
6 | Internship / Field Experience | 3 | 01 |
7 | Capstone Project | 3 | 01 |
Total Credit Hours (133) | |||
BS Degree Award Requirements
As per the National Curriculum Revision Committee (NCRC, Oct 2025) guidelines, students enrolled in the BS Islamic Banking & Finance (BS IBF) program at AGU are required to fulfill the following degree award requirements:
- Credit Hours and Duration
Students must successfully complete 133 credit hours over at least eight semesters, covering a minimum duration of four years.
- Cumulative Grade Point Average (CGPA)
At the completion of the degree program, students must have CGPA at least 2.00 on a 4.00 scale.
In accordance with HEC guidelines, students must complete a field experience or internship carrying three (3) credit hours as a mandatory component of the BS program.
- The internship shall have a duration of six (6) to eight (8) weeks, preferably undertaken during a semester break or summer.
- The performance during the internship shall be formally evaluated by a faculty member in consultation with the field supervisor.
- This requirement is non-substitutable and cannot be replaced with additional coursework, a capstone project, or any other academic activity.
- Capstone Project Requirement
A capstone project carrying three (3) credit hours shall also be a mandatory component of the BS program.
- The project must be supervised and graded by a faculty member following the protocols prescribed by Al-Ghazali University.
- This requirement is non-substitutable and cannot be replaced with additional coursework or an internship.
As per HEC guidelines for BS programs within the thematic areas of Business and Management, each student is required to complete at least one relevant professional certification during the four-year degree program. This certification must meet the following criteria:
- The certification must be relevant to the field of business, management orIslamic banking and finance.
- The certification must consist of at least 16 hours of structured study to qualify as 1 credit hour.
- Students must complete a total of 3 credit hours’ worth of certification(s) for degree completion.
- The respective department will guide students in selecting suitable certifications based on:
- current industry and market needs
- program learning outcomes
- institutional capacity and relevance
- Certifications may be completed in a single module or by combining multiple certifications that collectively meet the required hours.
- The certification must be issued by a National or International body with established standards.
- Department may accept credit hours for certification to provide exemption to the students -provided certain conditions – given in the NCRC’s notification No. HEC / CURR / GEN / 2025 / 8036- are duly met.
Lateral Entry Rules in BS Program
As per HEC guidelines (HEC/NCRC/Business/2025/8169), students holding Level 5 qualifications such as non-relevant associate degrees, BA, BSc, or B. Com, and seeking admission into BS Islamic Banking & Finance (BS IBF) program, will be required to complete a bridging semester comprising 15–18 credit hours. The specific academic deficiencies and corresponding bridging courses will be identified and determined by the department’s admission committee. Admission committee is required to propose courses from the following list to fulfill the said requirements to cover the required deficiencies for the BS Islamic Banking and Finance program according to the HEC guidelines.
Semester | Course Title | Categorization | Credit Hours |
Deficiency | Mathematics | Major | 3 |
Financial Accounting | Major | 3 | |
Principles of Economics | Major | 3 | |
Introduction to Finance | Major | 3 | |
Statistics | Major | 3 | |
Jurisprudence | Major | 3 |
However, no bridging semester will be required for those who have completed Associate degree in the same field. Apart from the first bridging semester, four semesters of this lateral entry group exactly coincided with last four semesters of 4 Years BS IBF Program. The required credit hour summary is given below.
S. No. | Lateral Entry in BS IBF from… | Deficiency Courses Required | Credit Hours Required |
1 | Same field | NO | 63 |
2 | Other disciplines | YES | 81 |
Program Learning Outcomes (PLOs)
By the completion of the BS Islamic Banking & Finance program, graduates will be able to:
- Integrate Islamic Jurisprudence and Finance – Demonstrate a clear understanding of classical Islamic legal principles (Usul al-Fiqh and Fiqh al-Mu‘amalat) and apply them to contemporary issues in banking, finance, and economics.
- Apply Conventional and Islamic Financial Knowledge – Understand and compare the core concepts of conventional economics and finance with those of Islamic finance, identifying their ethical, legal, and operational distinctions.
- Demonstrate Quantitative and Analytical Competence – Utilize essential tools of mathematics, statistics, and quantitative analysis for decision-making in financial and business contexts.
- Apply Business and Management Principles – Exhibit foundational knowledge of business, management, and organizational practices relevant to banking and financial institutions.
- Conduct Applied Research – Employ basic research methods in Islamic finance to investigate issues, evaluate Shari‘ah compliance, and propose practical solutions consistent with Islamic values.
- Understand Islamic Financial Products and Operations – Explain the structure, functioning, and Shari‘ah foundations of major Islamic financial products and services, and assess their relevance in contemporary markets.