The organizing system of education at the International Program for Islamic Economics and Finance (IPIEF) UMY employs Semester Credit Unit, a system which organizes education with credits that become the study loads for students in a study level, and uses semester as unit to organize education program. Semester Credit Unit is a learning activity within the duration of 50 minutes of face-to-face activity, 50 minutes of structured academic activity, and 50 minutes of independent academic activity.
Semester is a time unit of activities which consists of 16 to 18 weeks of study period or other scheduled activities, and two until three weeks of assessment conducted in a semester, which generally consist of face-to-face activities, lab works, field works, examinations, home assignment, and other activities which are given success mark. Study load for students includes courses that are summarized in a curriculum, in which each course weights between 1 (one) to 6 (six) credits.
The main goal of credit system is to give opportunity to competent students to finish their study as soon as possible. Credit system also allows students to select courses they desire to take in every semester according to their interest and ability. In addition, the composition of courses that can be taken by students in a semester is determined by prerequisite courses. The general principle of organizing education using credit system is as follows:
- There is no increase of level in every academic year.
- The weight of every course is valued with credits, which means that the number of credits vary among courses.
- The number of credits and the composition of course types taken in each semester can differ among students.
- The time period of study completion may vary among students.
- To certain extent, students are free to determine the number of credits taken each semester and to determine the time period to finish their study.
International Program for Islamic Economics and Finance (IPIEF) UMY as the international program of Department of Economics offers the comprehensive program, equipping the students with both theoretical and practical applications in the field of Islamic Economics, Banking and Finance. The learning process therefore has been undertaken not only by delivering the academic materials but also by transferring practical knowledge in the economics laboratory.
Since this program is designed to prepare the future Islamic economists and bankers who possess methodological rigor in analyzing the current issues of Islamic finance in general, there are several practice courses necessary offered by IPIEF in order to fulfill such objective: The first is electronic data processing course through which the students is expected to be able to have a deep understanding in deploying effectively many statistical software package such as SPPS and Eviews and hence can investigate comprehensively the economic condition. Second is the Sharia Banking Operational Program Practice wherein the students will be taught how to run and operate the Sharia banking program. This course aims to demonstrate how to be the excellent Islamic bankers by, first and foremost, teaching the students requisite and practical skills, and hence the students are prepared to engage in the real world career.