INCEIF University

What INCEIF University does

INCEIF University is a private Malaysian higher education institution founded in 2005 by Bank Negara Malaysia, specialising exclusively in postgraduate Islamic finance and Shariah education. The institution offers a portfolio of PhD programmes (by Research, by Coursework and Dissertation, Industrial PhD, and PhD in Applied Muamalat), Master's degrees (MIFP, MSc, MBA Sustainable Business, Executive Masters in Islamic Finance), and Certificate/Micro-Certification programmes. Tuition fees are structured by programme level and student residency status; for example, the PhD in Applied Muamalat is priced at RM62,240 for local students and RM74,240 for international students, with most programmes delivered on multi-year contracts (full-time 1–2 years minimum, part-time extending to 4–7 years).

The university operates a three-arm architecture: (1) the academic core delivering taught programmes and conducting Action Based Learning with industry partners such as Malaysian Takaful Association, OCBC Al Amin, and Bank Muamalat; (2) ISRA Institute, the research arm producing over 200 Shariah publications, maintaining the i-FIKR digital knowledge repository, publishing the Scopus-indexed IJIFSD journal (jointly sponsored with the Islamic Development Bank Institute), and housing three Centres of Excellence (CASHiEF, CoE ISF, i-RISE); and (3) ISRA Associates, a wholly-owned consulting subsidiary providing Shariah advisory, regulatory framework development, and customised executive training. Technology platforms include MICRA (e-learning platform for short courses, launched 2021) and the i-FIKR digital database.

Revenue is generated across five streams: academic tuition fees (primary, recurring), ISRA Consulting services (project-based, serving governments and financial institutions), Executive Education and Training (including BNM-mandated IF4BOD and SC Malaysia's Shariah Mentorship Programme), research publications and translations (royalty/licensing), and the INCEIF Endowment Fund (donations supporting scholarships and chairs). The institution serves a diverse customer base spanning individual students, Islamic financial institutions (Maybank Islamic, Bank Muamalat, MBSB Bank, Cagamas, CGC), central banks (Tajikistan, Suriname), and ministries of finance (Afghanistan, Algeria). Distribution occurs through direct online enrolment, inside sales via enrollment advisors, campus-based learning, the MICRA platform, and enterprise field sales for consulting and training mandates.

Name

INCEIF University

Legal name

INCEIF (Company No. 200501036588 (718736-K))

Website

https://inceif.edu.my

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

101–250 employees

Short description

INCEIF University is a private Malaysian higher education institution, established by Bank Negara Malaysia in 2005, dedicated exclusively to postgraduate Islamic finance and Shariah education. It serves students globally and serves governments, central banks, and Islamic financial institutions through its consulting arm ISRA Associates and research arm ISRA Institute.

Ownership category

akta.pro rank

Product category

Higher Education - Islamic Finance and Shariah

NAICS

Colleges, Universities, and Professional Schools (61131), Educational Services (611), Educational Support Services (61171)

SIC

Services-Educational Services (8200), Services-Engineering, Accounting, Research, Management (8700)

akta.pro primary industry

Islamic Colleges & Sharia/Fiqh Institutes (EDAHAKAI)

akta.pro secondary industries

Financial Services & Insurance (FINRA, CFP, IAR, Insurance CE) (EDAAALAJ), Shariah Governance, Compliance & Advisory (Shariah Boards, Audit, Fatwa) (FSABAGAJ), Online International & Cross-Border Universities (Global/Transnational Providers) (EDAHALAL)

Keywords

• Islamic finance education
• Shariah advisory services
• Postgraduate business education
• Executive finance training
• Islamic financial research

Headquarters

HQ city

Kuala Lumpur

HQ country

Malaysia

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Academic Tuition Fees: INCEIF University generates primary revenue from tuition fees for its academic programmes including PhD (by research, by coursework and dissertation, Industrial PhD, PhD in Applied Muamalat), Master programmes (MIFP, MSc, MBA Sustainable Business, eMIF), and Certificate/Micro-Certification programmes. Fees vary by programme level and student residency status (local vs international).
2. ISRA Consulting Services: ISRA Associates, a wholly-owned subsidiary, generates revenue from Islamic finance consultancy, Shariah advisory services, and regulatory framework development for governments, central banks, and financial institutions globally. Notable engagements include sovereign sukuk frameworks and regulatory frameworks for Islamic finance in multiple countries.
3. Executive Education and Training: Revenue is generated from customised training programmes, public training programmes, Shariah Mentorship Programme (a capacity-building initiative by Securities Commission Malaysia), and IF4BOD (Islamic Finance for Board of Directors, mandated by Bank Negara Malaysia for directors of Islamic banking institutions).
4. Research Publications and Translations: ISRA Institute produces and commercialises research outputs including textbooks, journals, research papers, and translations of scholarly works in Islamic finance, economics, and Shariah. Over 200 Shariah research publications have been produced.
5. INCEIF Endowment Fund Donations: The INCEIF Endowment Fund (IEF) receives donations from individuals, staff, alumni, and corporations to support scholarships, research, academic chairs, and infrastructure. Donations are managed in accordance with Shariah principles and the principal is retained while spending is from investment earnings.

Pricing tiers

Go-to-market motion4 records

Distribution channels9 records

Marketing channels18 records

Core offering

INCEIF University is a specialised higher education institution offering postgraduate programmes (PhD, Master, Certificate/Micro-Certification) in Islamic finance, Shariah, and sustainable business, complemented by executive education, custom corporate training, and Shariah advisory services delivered through ISRA Associates. Its research arm, ISRA Institute, produces applied Shariah research, publishes the Scopus-indexed IJIFSD journal, and maintains the i-FIKR digital knowledge repository. The institution serves individual students globally and enterprise clients including governments, central banks, and Islamic financial institutions.

Product overview

INCEIF University is the world's first and only university dedicated to Islamic finance, offering a comprehensive portfolio of postgraduate programmes and professional services. The academic offerings include PhD programmes (by Research, by Coursework and Dissertation, Industrial PhD, and PhD in Applied Muamalat), Master programmes (MIFP, MSc, MBA Sustainable Business, eMIF), and Certificate programmes (Flexible Professional Certificate, Professional Certificate, and Micro-Certifications). Supporting the academic mission are two key divisions: ISRA Institute, the premier research institution with three Centres of Excellence (CASHiEF, CoE ISF, i-RISE), publishing the Scopus-indexed IJIFSD journal and maintaining the i-FIKR digital knowledge repository; and ISRA Associates, the consulting arm providing Islamic finance consultancy, Shariah advisory, and Executive Education & Training including the Shariah Mentorship Programme and IF4BOD. The university also embeds Action Based Learning (ABL) into its programmes to bridge theory and practice, and maintains a Knowledge Management Centre for research support.

Differentiator

Problem solved

Functional benefit

Brands

• ISRA Institute: The research arm of INCEIF University, formerly known as International Shari'ah Research Academy for Islamic Finance. Conducts applied Shariah research in Islamic economics and finance.
• ISRA Associates
• International Journal of Islamic Finance and Sustainable Development (IJIFSD)

Products and services

• PhD in Islamic Finance (by Research) Research-based doctoral programme in Islamic finance for scholars seeking to conduct independent research, leading to a defended thesis of 60,000-100,000 words. Available full-time (2-6 years) and part-time (4-7 years).
• PhD in Islamic Finance (by Coursework and Dissertation) Doctoral programme combining taught coursework with dissertation research in Islamic finance for advanced researchers and professionals.
• Industrial PhD - Islamic Finance Industry-embedded doctoral programme for working professionals to conduct research while remaining employed, with part-time duration of 3-5 years.
• PhD in Applied Muamalat (Economics and Finance) Doctoral programme applying Shariah principles to real-world economic and financial challenges, grounded in Maqasid al-Shariah principles. Local students: RM62,240; International students: RM74,240 total programme fee.
• Masters in Islamic Finance Practice (MIFP) Flagship master's programme providing comprehensive knowledge in Islamic finance practice. Full-time: 1-2 years; Part-time: 1.5-4 years.
• Masters of Science in Islamic Finance (MSc) Master's degree by coursework in Islamic finance. Full-time: 1.5-4 years; Part-time: 2-6 years.
• Master in Business Administration (Sustainable Business) (MBA) MBA programme integrating Islamic finance principles with sustainable business practices, designed for working professionals with part-time study options. Full-time: 1.5-2 years; Part-time: 2-4 years.
• Executive Masters in Islamic Finance (eMIF) Executive-format master's programme for senior professionals in Islamic finance, delivered in part-time mode over 3-6 years.
• Flexible Professional Certificate in Islamic Finance (Online) Flexible online professional certification in Islamic finance allowing learners to customise studies to match career goals. Duration: 1 Semester / 17 Weeks.
• Professional Certificate in Islamic Finance (PCIF) Professional certification programme enhancing career prospects in Islamic finance through structured learning in Shariah-compliant finance fundamentals.
• Micro-Certification Programmes Short goal-oriented courses (14-17 weeks) providing specific Islamic finance qualifications, available from eMIF, MBA, MIFP, and MSc programmes via MICRA Online Learning.
• ISRA Associates - Islamic Finance Consultancy Wholly-owned subsidiary providing Islamic finance consultancy, advisory services, and industry-based research and training to governments, central banks, and financial institutions globally. Registered Shariah Adviser with Securities Commission Malaysia and Labuan Financial Services Authority.
• Executive Education & Training Customised training programmes in Islamic finance covering Shariah governance, risk management, Islamic capital market, banking, Takaful, ESG, and sustainable finance for corporate and institutional clients.
• Shariah Mentorship Programme Capacity-building initiative by Securities Commission Malaysia, run by ISRA International Consulting, to build sustainable talent pipeline for Shariah professionals in the Islamic capital market through mentorship and training.
• IF4BOD (Islamic Finance for Board of Directors) Mandatory programme of Bank Negara Malaysia for directors of Islamic banking institutions and their conventional counterparts within the same banking group, providing comprehensive Islamic finance knowledge for board-level governance.
• ISRA Institute Research and Publications Applied Shariah research institution producing over 200 publications including textbooks, journals, translations, and research papers in Islamic economics, finance, and Shariah. Distributes knowledge via i-FIKR digital database, IJIFSD journal, and Centres of Excellence (CASHiEF, CoE ISF, i-RISE).
• i-FIKR Digital Database Advanced digital database serving as a comprehensive and authoritative repository of Shariah knowledge in Islamic finance, providing searchable content for academics, practitioners, and policymakers.
• Shariah Advisory Services Expert Shariah advisory services provided by ISRA Associates for Islamic financial institutions and organisations, including day-to-day Shariah consultation, product conversion advisory, and Shariah Committee support.
• International Journal of Islamic Finance and Sustainable Development (IJIFSD) Scopus-indexed peer-reviewed academic journal publishing research on Islamic finance and sustainable development aligned with UN SDGs, jointly sponsored by INCEIF University and Islamic Development Bank Institute.

Quantifiable outcome

• 2,422 alumni across 85+ countries shaping the global Islamic finance industry
• +6 more outcomes

Named customers21 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

21 partnerships are on record, tiered core, major and minor.

• Bank Negara MalaysiacoreStrategic or Co-development PartnerBank Negara Malaysia (Central Bank of Malaysia) is the parent institution that established INCEIF University in 2005 and ISRA Institute in 2008. INCEIF's purpose-built campus is located within Bank Negara Malaysia's Financial Education District. Bank Negara Malaysia supports key initiatives including IF4BOD (Islamic Finance for Board of Directors) mandatory programme and other capacity-building initiatives.
• Securities Commission MalaysiacoreStrategic or Co-development PartnerSecurities Commission Malaysia serves as the regulatory authority for Islamic capital markets and has engaged ISRA Associates as a registered Shariah Adviser. The SC Malaysia supports the Shariah Mentorship Programme, a capacity-building initiative run by ISRA International Consulting Sdn Bhd to develop Shariah professionals for the Islamic capital market.
• Labuan Financial Services Authority (LFSA)coreStrategic or Co-development PartnerISRA Associates is a registered Shariah Adviser with Labuan Financial Services Authority (LFSA), enabling the provision of Shariah advisory services for Labuan International Financial Centre entities.
• Islamic Development Bank InstitutecoreStrategic or Co-development PartnerThe International Journal of Islamic Finance and Sustainable Development (IJIFSD) is jointly sponsored by INCEIF University and the Islamic Development Bank Institute. This collaboration leverages the strengths of both institutions to advance high-quality research on Islamic finance and its contribution to global sustainability.
• Islamic Development BankcoreStrategic or Co-development PartnerIslamic Development Bank participated in the Familiarisation Programme in Malaysia alongside the Central Bank of Suriname, and co-sponsors the IJIFSD journal with INCEIF University.
• Maybank Islamic BerhadmajorStrategic or Co-development PartnerMaybank Islamic Berhad is a strategic partner collaborating on research, publications, and executive education. Engagements include translations of Sheikh al-Qaradawi's books, training for EXCO and Non-EXCO on Islamic Banking & Finance, and Islamic Social Finance programmes.
• Islamic Financial Services Board (IFSB)majorStrategic or Co-development PartnerISRA Consulting collaborates with IFSB on research, training, and industry development initiatives. IFSB is visited as part of Familiarisation Programmes for international delegates.
• Bank Islam Malaysia BerhadmajorStrategic or Co-development PartnerBank Islam Malaysia Berhad is a key institutional partner, participating in Familiarisation Programmes and providing industry insights for delegates learning about Islamic finance best practices.
• AACSB InternationalcoreStrategic or Co-development PartnerAACSB (Association to Advance Collegiate Schools of Business) granted INCEIF University Business Accreditation in 2018, recognising it among the top 6% of business schools globally. The accreditation process involves peer review and continuous improvement reviews every five years.
• Malaysian Takaful AssociationmajorStrategic or Co-development PartnerMalaysian Takaful Association collaborates with INCEIF University for Action Based Learning (ABL) projects, providing real-world industry challenges for students while gaining insights and recommendations for the takaful sector.
• RAM (Rating Agency Malaysia)majorStrategic or Co-development PartnerRAM (Rating Agency Malaysia) is listed as a strategic partner of ISRA Institute, collaborating on Islamic finance research and industry development.
• MIFC Leadership CouncilmajorStrategic or Co-development Partneri-RISE Centre of Excellence supports Malaysia's MIFC Leadership Council's priority areas, including knowledge enhancement, capacity building, and institutional development.
• Asia School of Business (ASB)majorChannel Partner/ Reseller/ DistributorAsia School of Business provides shuttle services for INCEIF students between campus and ASB facilities, and collaborates on student accommodation arrangements at ASB Residence.
• LZNK (Lembaga Zakat Negeri Selangor)majorStrategic or Co-development PartnerCollaboration on social impact research - LZNK Social Impact Report: Towards World Class Zakat Management Agency. LZNK is a strategic partner for Islamic social finance research and development.
• Ficus CapitalmajorStrategic or Co-development PartnerFicus Capital, the world's first ESG-i venture capital firm, collaborated with INCEIF University to launch the ESG-I Framework for empowering MSMEs with sustainable and ethical growth assessment. Also collaborated on ESG-i Assessment Framework research project.
• OCBC Al Amin BerhadmajorStrategic or Co-development PartnerOCBC Al Amin Berhad partners with INCEIF University for Action Based Learning (ABL) projects, providing industry challenges and gaining student insights on Islamic banking topics.
• Bank Muamalat Malaysia BerhadmajorStrategic or Co-development PartnerBank Muamalat Malaysia Berhad collaborates with INCEIF for ABL projects and industry engagement, contributing to practical learning experiences for students.
• Waqaf An-NurmajorStrategic or Co-development PartnerCollaboration on Social Sustainability Impact Report of Waqaf An-Nur Socio-Economic Development. Waqaf An-Nur engages with INCEIF ABL students for project work and recommendations.
• UNHCR (United Nations High Commissioner for Refugees)majorStrategic or Co-development PartnerISRA Institute provided Shariah Endorsement of UNHCR Zakat Fund and Report on Zakat Potential in the Asia Pacific Region, advancing humanitarian finance and financial inclusion.
• Malaysia Debt Ventures BerhadminorImplementation/ SI/ Consulting PartnerISRA consulting engagement providing Islamic finance advisory. Client testimonial: 'Their consultants possess exceptional knowledge and very responsive on the queries.'
• Credit Guarantee Corporation Malaysia Berhad (CGC)minorImplementation/ SI/ Consulting PartnerISRA Associates serves as Shariah Consultant and Adviser for CGC, assisting with day-to-day operations and operationalised conversion of conventional financing products to commodity murabahah products.

Scale indicators10 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• King Abdulaziz University - Faculty of Economics and Administration: Major Saudi public university offering Islamic economics and finance programmes within a broader curriculum. Larger incumbent with significantly broader programme portfolio; competes with INCEIF for Middle Eastern students and faculty in Islamic finance.
• Frankfurt School of Finance and Management: Germany-based business school with established Islamic finance education programmes and strong European and Middle Eastern student base. A larger incumbent with broader finance programme portfolio serving similar executive and postgraduate audiences with Islamic finance specialisation.

Direct peers

• University of East London - Royal Docks School of Business and Law: UK-based university with established Islamic Banking and Finance programmes at the undergraduate and postgraduate level. Competes with INCEIF for UK-based and international students seeking Islamic finance qualifications from a British university.
• Bahrain Institute of Banking and Finance (BIBF): Bahrain-based leading professional training institute for banking and finance with strong Islamic finance programme portfolio. Competes with INCEIF Executive Education and ISRA Associates consulting/training across the GCC and MENA region.
• International Islamic University Malaysia (IIUM) - Institute of Islamic Banking and Finance: Malaysian public university with a dedicated Institute of Islamic Banking and Finance offering masters and PhD programmes in Islamic finance. Direct competitor within Malaysia for both students and faculty in the same niche as INCEIF.
• Hamad Bin Khalifa University - College of Islamic Studies: Qatar-based university offering masters and PhD programmes in Islamic finance and Islamic studies. Competes with INCEIF for international students, particularly across the Middle East, and operates as a research-led institution with government backing.
• Loughborough University - School of Business: UK business school offering Islamic finance modules and has historically offered dedicated Islamic finance programmes through partnerships. Comparable AACSB-equivalent accredited UK institution offering postgraduate finance education competing for similar international student segments.
• Durham University - Durham Centre for Islamic Finance: UK-based Durham Centre for Islamic Finance offers specialised postgraduate programmes in Islamic finance. Comparable academic positioning with international brand recognition, competing for European and Southeast Asian students seeking Western credentials in the field.

Emerging players

• Effat University: Saudi Arabia-based private university operating in the Islamic finance and business education space. Adjacent player serving the growing Saudi Islamic finance market that INCEIF also targets through executive education and consulting mandates.

Regional players

• International University of Malaya-Wales (IUMW): Malaysian private university partnership offering finance and business programmes with Islamic finance components. Domestic Malaysia-based competitor with similar international student appeal but broader (less specialised) Islamic finance positioning.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/school/inceifuniversity

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about INCEIF University