After completing 5 courses in CIFE program, participants must complete MBA Core Courses, to achieve their MBA in Islamic Banking and Finance. MBA Core Courses comprise of total seven (7) theory courses and one (1) thesis in Islamic Finance. They are divided into three Semesters, as listed below:

As a business manager, your ability to interpret accounting information is essential for planning and control, and for measuring the company's performance in many critical areas. In this course covers basic accounting theory and practice, and how to use accounting information in decision-making. Special emphasis is placed on income-determination concepts and preparation of financial position statements.

Other topics include transaction analysis; revenue and expense recognition; accounting for merchandising, manufacturing and cost operations; and capital budgeting. Topics also include asset valuation and reporting, debt and evaluation financing, inter-corporate investments, earnings management, cost behavior, cost-volume-profit analysis, profit planning, transfer pricing, evaluation of segment profitability, and activity-based costing. International accounting issues are integrated throughout the course.

Builds an in-depth understanding of basic marketing concepts and applies those concepts to a variety of management situations, including non-profit and public sector settings. The course provides working knowledge of the tools of marketing (product policy, pricing, distribution, promotion, consumer behavior), and the ways in which these tools can be usefully employed. The course also builds practical skills in analyzing marketing problems and opportunities and in developing marketing programs. 

The course also examines the relationship of marketing to corporate strategy and the strategic positioning of individual product or service lines. Emphasizes an understanding of current tools in strategic market planning and the planning and decision-making process itself.

This course provides a framework for understanding and thinking strategically about employment relations and the management of human resources in organizations. The course draws on insights from the social sciences to explore how employment relations are influenced by economic, social, psychological, legal, and cultural forces.

Specific topics include: recruitment and selection; performance evaluation; compensation and benefits; promotion, job design; training; layoffs; retention and turnover; EEO issues; labor relations; performance evaluations; international human resource management; and the human resource implications of various strategies.

This course covers the foundations of corporate finance and uses these foundations to analyze many of the important financial decisions made within firms and other institutions. Some of the topics covered include the valuation of fixed-income securities and stocks, capital budgeting and the choice of investment projects, the optimal capital structure of the firm and how it is affected by taxes, the notion of market efficiency, the valuation of options and other derivative securities and the use of derivative securities in corporate finance.

The course covers a spectrum of topics including financial statement analysis, financial forecasting, time value of money, valuation of financial securities, management of risk and return, and cost of capital. You will also learn how to estimate and analyze cash flows in the capital budgeting process and examine capital structure, dividend policies and long-term financial planning.

This course relates existing theory and research to organizational problems by reviewing basic concepts in the following areas: individual motivation and behavior, decision making, interpersonal communication and influence, small group behavior, and individual, dyadic, and inter-group conflict and cooperation. The course focuses on the ways in which organizations and their members affect one another and exposes students to frameworks for diagnosing and dealing with problems in organizational settings. This course also introduces students to concepts; models and frameworks to help them become better acquainted with the organizations they work for, the teams they work in, the people they work with, and their own personal development. To help assess the dynamics of the management context, the tracks of this course include: How to develop as a manager, how to work well within teams, how to develop more effective organizations, how to assess the external environment in which those organizations operate, how to initiate change in each one of the above arenas, etc.

Managerial Economics covers applied economic theory, practice, and thinking. It emphasizes selected micro- and macroeconomic topics that are pertinent to contemporary business decision-making. Students learn to use fundamental economic concepts by applying them to specific real-world problems or events. The evaluation of current issues, such as government regulation, e-commerce, monetary policies, energy shortages, and international trade, is incorporated into the course through student research that builds on the concepts presented in the course and on information obtained from the Internet and other publicly available data sources. Business Economics explore the micro- and macroeconomics in this. It will enable you to analyze pricing and production decisions across a number of variables. Utilizing a practical approach to these complementary topics, the course also offers insight into the basic economic factors affecting a company's market at the consumer level as well as within the larger context of national and international economic policies. Microeconomic topics address the nature of economics, supply and demand, elasticity of demand, production and costs, and market structures. Macroeconomic topics examine the monetary and banking system, inflation, economic fluctuations and growth, and monetary and fiscal policies for maintaining stability and growth.

This course develops your expertise in data analysis to help you become proficient in the quantitative aspects of running a business. Managers deal with a large amount of information in quantitative form. Effective managers must understand the conditions under which quantitative techniques may be appropriately applied for decision-making. It includes fundamental concepts and techniques for analyzing risk and formulating sound decisions in uncertain environments. Approximately half of the course focuses on probability theory and decision analysis including decision trees, decision criteria, the value of information, and simulation techniques. The remainder of the course examines statistical methods for interpreting and analyzing data including sampling concepts, regression analysis, and hypothesis testing. Applications include inventory management, demand analysis, lotteries and gambling, portfolio analysis, insurance, auctions, surveys and opinion polls, environmental contamination and failure analysis. The course emphasizes analytical techniques and concepts that are broadly applicable to business decisions.

To achieve MBA degree, each student must submit a thesis. It is the fulfillment of the requirements for MBA Degree in Islamic Banking and Finance. It is the final demonstration of the student's analytical skills and ability to apply the frameworks and concepts discussed within the program.

Preparatory discussions attended both by program facilitators and an expert PhD in Islamic Finance, add structure and substance to the paper.