International Program for Islamic Economics and Finance (IPIEF) was initiated by Masyhudi Muqorobin, M.Ec., PhD., Head, Department of Economics, University of Muhammadiyah Yogyakarta (UMY), in corporation with the Department of Islamic Economics, University of Airlangga (UNAIR), Surabaya. In progress, UMY runs earlier and official launch in June 2009 by both Deans of Faculty of Economics UMY and UNAIR, in consonant with the “National Seminar on Economic Curriculum for Secondary Level held in UMY”.
Aimed primarily at offering the comprehensive program of Islamic economics, banking and finance at international level integrating properly the mainstream economic theories into Islamic economics paradigm, IPIEF is basically the international class of Department of Economics which has currently been accredited "A" based on National Accreditation Board (BAN-PT) Ministry of Higher Education Republic of Indonesia No. 1618/SK/BAN-PT/Akred/S/VIII/2016. Also, in the previous accreditation on 2011, this program also received "A" based on National Accreditation Board (BAN-PT) No 025 / BAN-PT / Ak-XIV / S1 / IX / 2011.
IPIEF was designed on the basis of comparative internationally-standardized curricula in Islamic Economics taught in several leading universities in the world. It has been developed through a serial workshop, commencing from “Workshop on Epistemology of Islamic Economics”, in UMY in 2003; “Special Workshop in 2006 on Islamic Economics” by Department of Economics, International Islamic University Malaysia, guided by a prominent Islamic economist, Prof. Dr. Muhammad Nejatullah Siddiqi of King Abdul Aziz University, Riyadh, Saudi Arabia; and another workshop took place in UNAIR Surabaya, in 2007.