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why choose IPIEF

IPIEF is designed for the study period of 3-4 years. UMY has experienced in conducting international classes, such as in the Faculties of Political Science , Medicine and Law for several years. Student exchange organized with foreign universities, especially IIUM (Faculties of Medicine and Law), “Summer School of Tropical Medicine” for medical students of the European Universities. Those international program s not only create academic confidence for the students due to their mastery of the literature and ability in expressing their ideas in English, but also lead the English student debating team of UMY, which is largely composed of students of the international programs to be of the leading teams in Indonesia, with international experiences.

OUTSTANDING FACILITIES. summer course/student exchange program and/or attend short courses or 1-semester class at FE UNAIR (Surabaya) or KENMS IIUM (Kuala Lumpur) or SIAS University (China). visiting lecture. IPIEF supported by university partners, like Prof.Dr. Ahamed Kameel Mydin Meera, Prof. Dr. Mohammed Aslam Haneef, Prof. Dr. Azmi Omar, Prof. Dr. Andrew White and others. certificates the IPIEF students will obtain degree (S-1) and certificates as follows: S-1 degree from UMY; certificate of credit transfer from the FE UNAIR, KENMS IIUM and SIAS Univ; Diploma-1 certificate of proficiency in English from the Language Development Center (PPB) UMY. Certificate of Attendance of the short course in Shariah Banking Operation Program from Economics Faculty UMY; Certificate of the TOEFL-Like score from (PPB) UMY (free of charge). Alternatively, students may obtain the institutional TOEFL score at PPB UMY after passing the test, of which the material is sent directly from the US (charges for the exam materials will be paid by students).


The Program Schedule
28 Nov, 2013
Opening Ceremony
Welcoming Speech by IIIT East Asia and Rector
Keynote and Opening Speech of the 2nd  WIEC by
 Dr. Muljaman D. Haddad
(President of The Islamic Economic Society/MES; Commissioner of Financial Services Authority)
Morning break
Signing the Renewed MoU between UMY and IIUM
Plenary Session I: “The Need for Islam-Economics Integrated Curriculum”
  1. Developing and Implementing Integrated Curriculum in Economics and Finance: The Human Capital Challenge
Prof. Dr. Mohamed Aslam Haneef (IIIT Asia Pacific)
  1. Developing Human Resources for an Integrated Islamic Economics Curriculum: The Case of KENMS IIUM. Prof. Dr. Jarita Duasa (KENMS-IIUM)
  1. Developing Human Resources for an Integrated Islamic Economics Curriculum: Islamization of Economics and Scientification of Islamic Teachings in Economic Perspective – Dr. Masyhudi Muqorobin (IAEI Advisory Member) (UMY)
  1. Findings of the Preliminary Breakdown  of Teachers in IEF in Some Universities – Cases of Indonesia and Malaysia (Tobe determined)
Chairman: Mr. Habib Chirzin (IIIT Rep Asia and Pacific)
Dhuhr Break
Plenary Session II: “Standardization of Islamic Economics Curriculum: Follow Up from WIEC 2011”
  1. WIEC 2011 findings (book to be distributed) – Dr. Mohammed Mahyudi and Dr. Mustafa Omar Mohammed  (IIUM)
  2. ‘Minimum standard’ of IE major: Bogor Resolution
Dr. Irfan Syauqi Beik (IAEI) (IPB) and Mr. Suherman Rasyidi (Unair)
 Discussion by
  1. Prof. Dr. Lincolin Arsyad (UGM; Indonesian Economic Association/ISEI DIY)
  2. Dr. Syafii Antonio (Tazkia Institute, Bogor)
Chairman: Dr.Hilman Latief (UMY)
Asr Break
Special Videoconferencing Speech on the Need for International Standard in
Islamic Economics Curriculum
  1. Prof. Dr. Mohd. Azmi Omar – Director General, IRTI-IDB, Jeddah
  2. Prof. Dr.Abdul Hamid Abusulayman – Founder, IIIT Virginia, USA
Chairperson: Prof. Dr. Mohamed Aslam Haneef (IIUM)
19:00 – 21:00
General Assembly of IAEI Yogyakarta Provincial Office
IAEI DIY Committee (DIY Members only)
29 November 2013
Plenary Session III on the Need for Standardization of Islamic Economics Curriculum: Policy and Implications in the Society
Keynote Speech II
Prof. Dr. Bambang P Sumantri Brodjonegoro
(President, Indonesian Islamic Economists Association/IAEI; Director, Fiscal Policy Agency, Ministry of Finance, Indonesia)
Followed by Panel Discussion
  1. Dr. Ilah Sailah (Directorate of Learning and Student Affairs, Ministry of Education and Culture
  2. Mr. Edy Setyadi (Directorate of Islamic Banking, Bank Indonesia)
Chairperson: Dr.Muhammad Muflich (IAEI)
Morning break
Introduction to the Workshop and Sharing ideas from the floor
Chaired by Prof Dr. M. Aslam Haneef (IIUM), Dr. Masyhudi (UMY), and Mr. Suherman Rasyidi (Unair)
Workshop and Group Discussion
  1. Economics ; Chair: Dr. Irfan Syauqi Beik (IPB/IAEI)
  2. Shariah Subjects Chair: Dr. Mustaffa Omar (IIUM)
  3. Quantitative and ICT; Dr. Raditya Sukmana (Unair)
  4. Banking and Finance –Dr. Muhammad Abduh (IIUM)
  5. Management and Marketing – Dr. Wahibburahman (STAIN Kudus)
  6. Accounting and Governance – Dr. Rizal Yaya
Dhuhr Break
Recent Progress of Human Resource Development in Islamic Econmics and Finance: Training for Trainer Programs – IAEI/MES/Bank Indonesia
Plenary Session IV: Presentation of Domain discussions
Plenary Session V:
Declaration of the Establishment of Association of Education and Research in Islamic Economics and Finance (AERIEF)
19:00 –21:00
Closing ceremony
AIEREF Committee Meeting
City “Angkringan” Tour and Dinner
30 November 2013
Lava Tour (optional)


Global evidence on rapid growth of Islamic economics, banking and finance has facilitated the empirical support to vindication of various branches of Islamic economics, a “relatively newly-developed” subject that has secured wide recognition for couples of decades, not only among Muslims but also among academic scholars, and other professionals in general. Many studies, researches, and other works have been done and published both by Muslims and non-Muslims; along with different seminars, conferences and other forums conducted in different places, indicating their apprehension to the subject. The philosophical underpinning of the subject is anchored on the Islamic teaching brought about 14 centuries ago, promoting quality of human life, both in material and spiritual senses. Today, Islamic economics has emerged and fortified itself for more than thirty years, in appreciation to the current development of conventional economics, from which models and applications can be further developed in compliance with the Shari’ah precepts. Development of relevant Islamic economics as an academic discipline necessitates at least three components:  education and research on the one hand; and operational or practical implementation of economic activities, business and entrepreneurship on the other. However both the above cannot be achieved without the right qualified human capital

On the academic side, Islamic economics as a subject is currently offered by universities and other higher learning institutions in many countries, particularly in South East Asian Countries. A number of Islamic higher learning institutions have offered the subject in various study programs such as accounting, business and entrepreneur, management, banking and finance, and insurance (takaful). Many non-Islamic universities (in the East as well as in the West) have also offered the programs in numerous curriculum designs: by-course, by-research and/or combination of both, in response to enormous growth of the Islamic schemes and products made available both by banking and financial institutions. This indicates viability of the subject to disseminate all over the world. Nonetheless, still, educational coverage of the subject is limited and likely unable to reach certain groups of the Muslim communities such as less-educated youth, school children, and elder people of neither academicians nor professionals. This fact has created barriers to progress of marketability and acceptability for various Islamic economic – i.e. in particular banking and financial – products, in the communities. Other issues demanding for discussion relate to operational facet of the subject in the societies. In such cases, banking and finance, as which Islamic economic system is often perceived by many people have apparently made up the greatest contribution to the development of the subject.

Development of Islamic economics and its implementation in different places in the world, especially at macro levels, need cooperation among countries. This is in particular when international trade in various forms is construed as the main vehicle in accelerating such a process. A number of community or country groupings, either based on interest or geographical position that have been in existence, such as OIC, GCC, ASEAN and the like, provide an important step for further networking among Muslim academicians and other professionals across the groups to ensure that the process enable to produce substantial outcomes. It is necessary for the Muslims everywhere to accelerate establishment of an Islamic economic system that provide its own characteristics and feature that may be different from those of any other regional groups.

A central challenge to the above two issues is the lack of qualified academics who can teach and research in Islamic economics and finance. Hence, there is a need to do stock taking of our existing teachers, identify the gaps in the quantity and quality of teachers and follow-up with clear programmes to develop qualified teachers and researchers in the area.



International Program for Islamic Economics and Finance (IPIEF) is established and conducted by the Department of Economics, University of Muhammadiyah Yogyakarta (UMY) in cooperation with the Department of Islamic Economics, University of Airlangga (UNAIR) Surabaya, and will be extended to the Department of Economics, Kulliyah of Economics and Management Sciences, International Islamic University Malaysia (KENMS IIUM).

PROGRAM DESIGN. Students are required to intensively attend the English program equivalent to Diploma-1 (D-1), in order to achieve the requirement for the viva-voce (pendadaran) with the minimum TOEFL score of 525 and for the purpose of writing manucript/thesis (skripsi), which must  be completed in English. Certificate of Attendant to the D-1 Program is issued by the Language Development Center of one of the respective universities. The students are also required to stay in Rusunawa (Dormitory/University Residence), subject to the available space, located inside the campus for an intensive guidance, where the Arabic classes are also available for their additional choice.

TEACHING CAPACITY. IPIEF involves a number of staffs of education from three universities: UMY, UNAIR and IIUM, with postgraduate education background obtained  from local as well as the world universities

Contact us

International Program for Islamic Economics and Finance
Universitas Muhammadiyah Yogyakarta
E Building, 2nd Floor South Ringroad, Tamantirto
Kasihan-Bantul, Yogyakarta, Indonesia 55183
(+62274) 387-656 ext.184/280
(+62274) 387-646, 387-649