The foundation of the College of Islamic Economics and Finance went through many phase, as the first international conference on Islamic economics and finance in 1396H decided that it is necessary to create programs for Islamic economic studies, and that the faculties of sharia and Islamic studies around the world should supervise those programs, and ever since actions were taken for achieving that goal.
The key phases are:
•First Phase: Creation of Islamic Economics Section:
The Islamic Economics section was launched in 1398H, corresponding to 1977, as part of the department of Islamic postgraduate studies at the College of Shariah and Islamic Studies, when it was a branch affiliated to King Abdul Aziz University in Makkah. The Master’s programs started first, then were followed by PhD programs, studying at the department would take two academic years, then the student would set on to write his research, and was supervised by two professors, one of them is specialized in economics and the other is specialized in Islamic jurisprudence. The section’s programs were subject to many subsequent developments, in which the academic program was adjusted into one academic year for each program.
•Second Phase: Creation of the Department of Islamic Economics:
This phase was started following the generous approval of the establishment of Umm AL-Qura University in Makkah in 22/6/1401H, and the department of Islamic Economics was launched in 1401/1402 H to award the Bachelor’s degree in Islamic economics as a contribution on the part of the university in realizing the much needed Islamic economic system, and qualifying academic talents in this specialization. In 1405 H, the accounting section was started in the department of Islamic Economics, and thus it turned into an independent department at the College of Shariah and Islamic Studies.
•Third Phase: Foundation of the College of Islamic Economics and Finance:
The royal approvalof the establishment of the College of Islamic Economics and Finance was issued in 1433 H, comprising four academic departments:
•Banks and Financial Markets.
Our mission is to offer a distinguished learning experience, and prepare professionally and academically qualified scholars in the discipline of Islamiceconomics and finance, by relying on programs fulfilling academic accreditation standards. It also seeks to develop scientific research in its area of specialization, and thus spreading the Islamic economic and finance ideology globally, contributing to community’s service through providing scientific counseling and engaging in raising the community’s awareness of the Islamic economic and financial issues.
The Key Objectives of the College are manifested in the following:
•Qualifying the Collegefor accreditation by the National Commission for Academic Accreditation and Assessment, and thus raising its competitive advantage.
•Improving the learning and technological environment of the College and the infrastructure of laboratories.
•Restructuring the curricula and syllabi, and making sure they are consistent with the academic national standards (NCAAA) and the special characteristic of the College, and that they meet the needs of the beneficiaries.
•Implementing the educational system of Islamic economics, so as to increase the efficiency of the students and specialists in different disciplines (Islamic Economics, banking and financial markets, finance and insurance).
•Developing and enhancing the College’s human resources
•Developing the College’s research plan, so that it serves the vision and mission of the College.
•Directing scientific research towards applied disciplines.
•Conducting research directed at discovering the global economic issues and helping solve them based on an Islamic perspective.
•Establishing a specialized study unit for Islamic economics and finance research.
•Concluding partnerships and agreements with local and foreign universities and the labor market (banks, financial markets, etc).
The core values and principles of the College of Islamic Economics and Finance are:
•Islamic economics and finances are a universal mission as they constitute an integral part of the global Islamic Shariah.
•Excellence and precision in the disciplines of Islamic economics and finance.
•Cognitive diversity in the disciplines of Islamic economics, finance, banking, insurance and funding.