The International Shari’ah Research Academy for Islamic Finance (ISRA) invites qualified students with excellent academic achievements and active in co-curricular activities to apply for the Shari’ah Scholarship Award (SA) to pursue their higher education at either local or overseas universities. The Shari’ah Scholarship Award is part of the Fund for Shari’ah Scholars in Islamic Finance, which was established to enhance knowledge, research, talents, and intellectual discourse in the field of Shari’ah. The Fund represents Bank Negara Malaysia’s commitment to strengthen the development of the Islamic financial industry.

FIELD OF STUDY

1. Postgraduate (Master or Doctorate) in Shariah or Islamic finance studies at recognized institutions of higher learning;
2. Undergraduate studies at recognized institutions of higher learning in the field of Shari’ah with a double degree or a minor in one of the following disciplines:
   • Islamic banking;
   • Conventional banking;
   • Accounting;
   • Law;
   • Economics;
   • Finance;
   • Management; or
   • other related fields appropriate to the development of the Islamic financial industry.
3. CIFP, only for those with Shariah background.

ELIGIBILITY

1. Applicant from Shariah background.
2. The scholarship is open to citizens of all countries.
3. Applicants have to secured admission at a recognized institution of higher learning. Applicants are required to pursue either a Bachelor, CIFP , Master or Doctorate programme, as defined above, in a fulltime programme.
4. For a postgraduate application, applicants are required to have a CGPA of at least 3.5 or its equivalent.
5. For an undergraduate application, applicants are required to have a CGPA of at least 3.3 or its equivalent (for the first semester result).
6. Current students enrolled in the programmes specified above may also apply for the scholarship.
7. Applicants should not be in receipt of any other scholarship award.

APPLICATION
An application for a scholarship must be submitted by hand or through registered post or courier service with the following documents, which must be in English:

1. Application form. Please download here;
2. Photocopy of personal identification document (passport/identity card);
3. Offer Letter from the institution of higher learning;
4. Certified copies of academic certificates and transcripts;
5. An essay of not more than 100 words on ‘why the applicant should be awarded the scholarship and how he/she plans to contribute to the Islamic financial services industry’;
6. Two (2) letters of recommendation (only for a postgraduate scholarship application). Please use provided template.
7. Thesis proposal (only for Master and PhD application by research or coursework & research); and
8. Other relevant materials to support the application.

Only shortlisted applicants will be notify for interview session.

Application Timeline: Applications are invited and accepted throughout the year.

There is no employment bond attached to the scholarship.
All duly completed applications are to be forwarded to:

Shari’ah Scholarship Award
International Shari’ah Research Academy for Islamic Finance (ISRA),
Lorong Universiti A, 59100 KUALA LUMPUR.

ELIGIBILITY
Q: If I do not meet the CGPA requirement, can I still apply?
No.

Q: Can a first-semester, first-year undergraduate student apply for the scholarship?
No. The undergraduate scholarship is offered based on the result of at least the first semester examination.

Q: Can a part-time student apply for the scholarship?
No.

Q: I am not a Shariah degree holder, but I am interested in pursuing my master’s/PhD in Islamic finance or CIFP. Am I eligible to apply for the scholarship?
As a rule of thumb, a non-Shariah degree holder would not be eligible to be considered for the scholarship. However, those holding a degree related to Islamic studies AND having two-years WORKING experience in Shariah matters in an Islamic financial institution could still be considered.

Q: I am a non-Malaysian Shariah degree holder and intend to pursue my further studies in the field of Islamic finance elsewhere, not in Malaysia. Am I eligible to apply for this scholarship?
No.

APPLICATION
Q: When is the deadline for submitting my application?
You may apply at any time; there is no closing date.

Q: How do I apply?
Please download the application form at www.isra.my/scholarship and attach all required documents. Incomplete application forms and documents will not be entertained.

Q: How can I know the status of my application?
All shortlisted candidates shall be informed of the interview session via e-mail. If you do not receive any news from us within two (2) months of the date of application submission, your application is deemed unsuccessful.

Q: Can I send my application by e-mail?
No.

Q: What does the Shariah scholarship cover?
The scholarship covers all related academic fees, a subsistence allowance, books, equipment and end of study or thesis/dissertation completion assistance. For those studying outside Malaysia, return airfare, warm clothing and relocation assistance shall also be provided.

Q: Will I be bonded with ISRA or BNM upon graduation?
No, but you are morally expected to serve the Islamic finance industry whenever there is availability of a suitable position.

Q: If I have enquiries, who can I contact?
You may reach us via email at scholarship@isra.my

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Disclaimer: Every effort has been made to ensure the above information is current and correct. However, applicants should contact the appropriate administering body before making an application, as details do change frequently.