Accreditation

Chapter 1: Internal Quality Assurance and Management

• Standard 1: Academic Unit Management
• Standard 2: Governance System
• Standard 3: Self-Check/Self-Evaluation
• Standard 4: Staff-Development

The internal quality assurance system and self-governance of the School and the program are compatible to the ABEST21 International Accreditation Standards.

• Satisfied.
• The program/school has a fair and transparent system for achieving internal quality assurance and self-governance. It is compatible with the ABEST21 Accreditation Standards.
• LFIF to continually upkeep the Internal Quality Assurance and Management to conform to the ABEST21 Accreditation Standards

The School’s Feedback:

Thank you for your kind feedback.

PRT Response:

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Issues to be improved:

The PRT found no imminent issues during the visit.

• There are no imminent issues observed during the visit.

The School’s Feedback:

Thank you for your kind feedback.

PRT Response:

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Chapter 2: Mission Statement

• Standard 5: Mission Statement
• Standard 6: Financial Strategies

The School met most of the accreditation standards and criteria of ABEST21. Overall, the School has an established procedure to review the mission statement once every three to five years.

• Most are compatible.
• The program/school has an established procedure to review the mission statement once every three to five years. In addition, there are no imminent issues related to the program’s budget.
• The mission statement is notable to be developed further to show its impact on achieving the Sustainable development goals.
  1. Academic-Industry Collaboration
  Collaboration with stakeholders, especially the industry can be further explored especially in terms of academic-industry collaboration on industry-focus research projects and knowledge transfer programs. The School should establish closer ties with more alumni for curriculum feedback in meeting the industry’s needs, as well as earning the alumni’s support in future development of the faculty. The industry adjunct professors can also be invited to deliver research lectures to students.

The School’s Feedback:

We take note on the comments. We have engaged alumni in curriculum feedback and career talk. However, we do agree that alumni engagements towards the program can be increased and strengthen.

PRT Response:

Maintaining and strengthening alumni relationship are vital for any School due to many reasons, including to measure the program outcomes and to get feedback for curriculum improvement.

Issues to be improved:

The mission statement can be developed further to show its impact on achieving the Sustainable Development Goals (SDGs). The School is suggested to enhance the statement in the next round of review by incorporating an explicit statement of character-building of the graduates by the program, and how these graduates meet the needs of the globalizing economic society.
The academic-industry collaboration also can be further explored such as through industry-focus research project and appointment of the industry players especially the alumni as the School’s adjunct professors.

• The program goal should emphasize the type of human resources (graduate) the School aims to nurture.
• It is suggested that the statement should be enhanced in the next round of review by incorporating an explicit statement of character-building of the graduates by the program, and how these graduates meet the needs of the globalizing economic society.
• More initiatives should be taken for tracking and evaluating the alumni learning outcomes.

The School’s Feedback:

We thank you for the valuable comment. In the next round of review of the School’s Mission Statement, the suggestions will be carefully considered and incorporated where appropriate particularly in emphasizing character-building elements and graduate readiness for the global economic environment. The recommendation on enhancing alumni tracking and evaluation will also be considered for continuous improvement.

PRT Response:

Noted.

Chapter 3: Curriculum

• Standard 7: Learning Goals
• Standard 8: Curriculum Policy and Management of Curriculum
• Standard 9: Quality Improvement of Curriculum
• Standard 10: Online Education
• Standard 11: Diploma Policy and Learning Outcomes
• Standard 12: Globalization of Curriculum

Most of ABEST21 International Accreditation Standards are met. There are no major issues about the curriculum except few suggestions for improvements.

• Mostly are compatible.
• In general, there are no major concerns about the curriculum. Also, it is basically compatible with the ABEST21 Accreditation Standards, except for the issues to be presented in the next section.
• It is notable that pilot smart classrooms were established at LFIF and the Library to accommodate future needs for online and hybrid learning delivery. The subject registration is available online. LFIF has defined standards for calculating grades for evaluating academic performance and informed the students.

The School’s Feedback:

Thank you for your kind comments.

PRT Response:

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Issues to be improved:

Any proposed change(s) in the curriculum should be discussed and communicated well with the School’s stakeholders including the faculty members, students, alumni and industry. A round table dialog during the curriculum review process serves as one of the possible platforms. Other than the feedback from the stakeholders, any changes such as a choice between a final year project (research) and internship (industry placement) must align with the requirement of the Malaysian Qualifications Agency (MQA) and Program Standards: Muamalat and Islamic Finance.
The curriculum should also introduce the latest trends, such as Islamic green finance and FinTech.

• The issues like the choice between the final project report and internship require further discussion at the School’s level. Other than ensuring the newly revised curriculum meet the requirement of the MQA and Muamalat Standards, it’s advisable to the School management to consider the feedback from the faculty members, students, alumni and industry.

• The curriculum should also introduce the latest trends, such as Islamic green finance and FinTech.
  LFIF is recommended to plan to further enhance the curriculum workshops with inclusion of more stakeholders such as authorities and alumni.
  It is suggested to plan for increase of smart classrooms in the future.

The School’s Feedback:

• The changes such as a choice between a final year project (research) and internship (industry placement) align with the requirement of the Malaysian Qualifications Agency (MQA) and Program Standards: Muamalat and Islamic Finance.
• Islamic FinTech (Financial technology In Islamic Finance) included as an elective subject in Bachelor of Islamic Finance with Honours during the curriculum review. Meanwhile for Islamic green finance, we will consider including it as one of the sub-topics in any related subjects. We thank for this suggestion.
• This statement “As students did not do very well in the Entrepreneurship area, the school needs to put more focus on improving that.”, we believed this related to PLO 8 (with average point 1.90). This PLO 8 is referring to Leadership, autonomy and responsibility instead of Entrepreneurship area as mentioned. Currently only 2 faculty subjects plotted to PLO 8- leadership, autonomy and responsibility. Hence, we will add this PLO 8 to other subjects during curriculum review.

PRT Response:

Thanks for the input and clarification.

Chapter 4: Students

• Standard 13: Admission Policy and Student Selection
• Standard 14: Student Encouragement and Support
• Standard 15: Student Body Diversity

The ABEST21 Accreditation Standards are met.
The students’ reward system, academic unit, administrative system and student-affair unit are well established, providing meaningful and reliable support systems to students.

• Satisfied.
• The program/school has existing policies that are compatible with the ABEST21 Accreditation Standards.
• It is notable that LFIF has a system that rewards students who achieve excellent academic results, and social contribution of its students. The School has an administrative system for providing financial, academic and livelihood support to all students who face difficulties with continuing their studies. The School has administrative offices and provide consultation for the students concerning career options, career development and studying abroad. The School provides orientations on the support system.

The School’s Feedback:

Thank you.

PRT Response:

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Issues to be improved:

Among improvements needed are in term of getting the international students to join the program. More resources/funding are recommended to support local students to participate in overseas academic visits and international business or innovation competitions.
Based on the feedback from the students and alumni interviewed, the School is recommended to retain the industry placement (internship) in its curriculum. The internship provides good platform and experience for students to ready for joining the workforce upon their graduation. It’s also one way for the School to strengthen its relationship with the industry and government agencies.

• The challenge is to the get the international students and possible initiatives.
• There are no imminent issues observed during the visit. Yet, the program/school is encouraged to get more resources to sponsor students making overseas academic visits.

The School’s Feedback:

• We thank and take note of the comment. After brief discussion with Year 3 students (Bachelor of Islamic Finance with Honours), 12 students show their interest to do final year project instead of internship. Considering the faculty also offer Master and PhD in Islamic Finance, we believed that giving option for student to choose between final year project and internship will be the best option. We also hope that undergraduate students who opt for the final year project will subsequently enroll in our postgraduate programs.
• Regarding the improvement of getting the international students, LFIF committed to develop marketing and recruitment strategies to attract students from different countries. For example, recent effort in November 2025 is one of the faculty members joined Malaysia Education Fair Japan Tour 14-18 November 2025 (Tokyo, Tochigi, & Chiba) to promote University Malaysia Sabah and Labuan Faculty of International Finance undergraduate and postgraduate programmes.

PRT Response:

Good initiatives!

Chapter 5: Faculty

• Standard 16: Faculty Structure
• Standard 17: Faculty Qualifications
• Standard 18: Maintenance of Education and Research Environment
• Standard 19: Faculty Development
• Standard 20: Faculty Diversity

Most standards and criteria are met.
The program has 11 full time faculty members, including 3 are foreign lecturers. 9 out of 11 faculty members have a doctoral qualification in Islamic Finance and related fields.
However, the ratio of faculty member to students is considered high i.e. 1:30.
The research activities, self- development and promotion systems are in-place and well communicated to the faculty members. The faculty members also received a good support from the university and School management teams.

• Mostly are compatible.
• Currently, the faculty-to-student ratio is a bit higher (1:30) than the optimal of 1:25. While we understand that there will be recruits and another faculty member will return after sabbatical leave, the number will drop to 1:25.
• LFIF conducts faculty development to enhance their teaching abilities, such as; PNP (Program Naik Pangkat); IDP (In-House Development Plan); HRD-CORP; Training of Trainers. At LFIF, there is a review of course information at the beginning of each semester based on the stakeholders’ inputs. LFIF encourages the faculty members to attend conferences, workshops, and seminars for faculty development. UMS HR Online System indicates promotion criteria in green colour if a faculty member has fulfilled it, otherwise, it is in red colour.

The School’s Feedback:

• Currently, we have 11 program faculty members, of whom 10 are active and 1 is on study leave (expected to return in March 2026). Out of the 11 members, 8 hold doctoral degrees, while the remaining 3 are progressing toward completing their doctorates.
• In terms of the program member-to-student ratio of 1:30, we are planning to hire a new lecturer. In addition, several subjects amounting to 47 credit hours out of the total 134 credit hours are taught by lecturers from other programs within LFIF and from other faculties, namely the Centre for the Promotion of Knowledge and Language Learning (PPIB) and the Faculty of Computing and Informatics (FKI). The 47 credit hours refer to subjects under the faculty core (LFIF), university core (PPIB), and one elective offered by FKI.

PRT Response:

Noted.

Issues to be improved:

The program/school is suggested to review the faculty-to-student ratio and make it optimal continuously.
The School should employ more faculty members with comprehensive industrial experience, and / or provide opportunities for industrial attachment for those without industrial experience.
For Continuous Professional Development (CPD), the faculty members are also encouraged to get related professional qualifications/certifications such as Islamic Financial Planner (ISP), Associate Qualification in Islamic Finance (AQIF) and Syariah Registered Financial Planner (Shariah RFP).

• To reduce the ratio of the faculty member and student.
• The program/school is suggested to review the faculty-to-student ratio and make it optimal continuously.
• Continuous Professional Development (CPD)
  There should be Training Needs Analysis and programs for skills training / refresher for the lecturer and administration staff to keep up with the advancement in the latest technology. LFIF have determined the minimum annual CPD for both faculty members, which is 18 hours for academic and 18 hours for other training courses. Ascertain the required CPD to maintain the teaching license.
  LFIF should employ more faculty members with comprehensive industrial experience, and / or provide opportunities for industrial attachment for those without industrial experience. Related professional qualifications are such as Islamic Financial Planner (ISP), Associate Qualification in Islamic Finance (AQIF), Syariah Registered Financial Planner (Shariah RFP).
  LFIF should provide more opportunities for the school development when needs arise brought by the stakeholders including students, alumni, the industry, etc, as well as encourage more faculty members to participate in professional certification and short courses to enhance subject expertise and pedagogical skills.

The School’s Feedback:

• The plan to add the program member is ongoing by opening the recruitment for new lecturer in which further will reduce the ratio of the faculty members and student.
• For the Bachelor of Islamic Finance with Honours curriculum, we would also like to highlight that lecturers from other programs assist in teaching several subjects to our Islamic Finance program students. These subjects account for 47 credit hours out of the total 134 credit hours required. Specifically, 24 credit hours fall under the faculty core, which include subjects related to Economics, International Business, Mathematics for Business and Finance, Marketing, Financial Management, Industrial Revolution and Research Methods, Strategic Management and Business Policy, and Business Statistics. Additionally, 20 credit hours are allocated to University Core subjects offered by the Centre for the Promotion of Knowledge and Language Learning (PPIB), and 3 credit hours are taken as an elective from the Faculty of Computing and Informatics (FKI)
• The program plans to organize in-house training in collaboration with the Islamic financial industry to equip faculty members with current knowledge and development in Islamic finance field.

PRT Response:

Noted.