Analysis: Malaysia leads Islamic Economy business schools

DinarStandard and SalaamGateway have released their latest ranking, featuring the most eminent business schools offering top Islamic business and finance education. 

The Top 30 Business Schools in the Islamic Economy ranking evaluates business schools based on three key criteria: Curriculum (45%) - assessing the depth of Islamic business and finance programs;- Institutional Credibility (35%) - reflecting global academic standing and accreditation; and Ecosystem (20%) - measuring the strength of the surrounding Islamic economy environment and institutional partnerships.

Malaysia anchors global Islamic Economy education landscape
Malaysia dominates the ranking, hosting nine of the 30 listed institutions. The Kuala Lumpur-based International Centre for Education in Islamic Finance (INCEIF) leads the pack with 86 points, reflecting its specialization in Islamic finance education, strong ecosystem support and deep industry integration.

The UK-based Durham University Business School ranked second, with a score of 84.75, maintaining its reputation as a leading Western academic institution in Islamic finance research and education. Malaysia’s Universiti Malaya Faculty of Business and Economics ranked third with a score of 78.75, further reinforcing the country’s comprehensive and strong business programs related to the Islamic economy.



Gulf investing in business education
In terms of country representation, the United Arab Emirates ranked second with four institutions, while three Saudi-based institutions found space on the ranking. Although Islamic finance curricula across the Gulf nations  may not be as extensive as in countries such as Malaysia, the UAE hosts several prestigious business schools and benefits from its position as a global hub for talent and business, helping produce influential leaders in the Islamic economy. 

Saudi Arabia has also been investing in strengthening its education ecosystem, with key institutions such as King Abdulaziz University and King Fahd University of Petroleum and Minerals (KFUPM) represented in the ranking. Business education is becoming an increasingly important pillar of Saudi Vision 2030, supporting the kingdom’s broader economic diversification ambitions.

The need to diversify Islamic Economy curricula and industry partnerships
Islamic finance education stood out as top curricula content given the strong connection between academia and the underlying industry. Meanwhile, significant gaps in other sectors such as halal food, travel, media, pharmaceuticals, cosmetics, and fashion, continue to exist. Therefore, strong industry partnerships are needed to develop tailored, action-oriented curricula for all facets of the Islamic economy and provide practical business exposure.

Notable business schools
Beyond the top 30, the study also identifies five notable business schools with emerging strengths in Islamic economy–related programs and research. These include Hamad Bin Khalifa University School of Economics and Management (Qatar), which launched its business school in 2025, Rabat Business School (Morocco), Prince Mohammed Bin Salman College of Business and Entrepreneurship (Saudi Arabia), Tazkia University Faculty of Economics and Business (Indonesia), and Al-Farabi Kazakh National University Faculty of Economics and Business (Kazakhstan).

To view the entire 30 Top Business Schools of the Islamic Economy ranking, click here

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