The College of Islamic Economic and Financial Sciences went through several stages starting with the decision of the first International Islamic Economy Conference in 1396 H to establish Islamic economic studies program supervised by Colleges of Sharia and Islamic Studies.
The college went through the following stages:
First Stage: Establishment of Islamic Economy Division:
The Islamic Economy Division foundation began in 1398 H at the Department of Higher Religious Studies - College of Sharia and Islamic Studies, back when it was a branch of King Abdulaziz University in Makkah. Master's and PhD. programs were then instated. Study extended over 2 academic years after which students made research papers supervised by economics and Islamic Fiqh professors.
Second Stage: Establishment of Islamic Economy Department:
After a Royal decree was issued to found UQU in Makkah on 22/6/1401 H, the Islamic Economics department was established in 1401/1402 H to grant bachelor's degree in Islamic economics. In 1405 H, the accountancy division of Islamic Economy Department was founded and later became an independent department at College of Sharia and Islamic Studies.
Third Stage: Establishment of College of Islamic Economic and Financial Sciences:
A Royal Decree was issued in 1433 H to establish College of Islamic Economic and Financial Sciences with 4 departments:
•Banks and Financial Markets