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.