Recently, Islamic banking is in the spotlight because of its rapid growth from time to time. Moreover, numerous Islamic non-financial institutions have also been established, such as management institutions of zakat, infak and sadaqah (by government/Ministry of Religious Affairs as well as private); research institutes, and consultants on Islamic Economics. The Ministry of Finance has also been managing the sukuk, Islamic stocks, and shariah mutual funds; while Bank of Indonesia has even been pushing for shariah banking industry to get more involved in (developing) the national banking industry. This suggests that Islamic economics has expanded both its studies as well as practice for a new role as Mainstream Economics (main reference).
With the support of the Director General of Islamic Education MoRA presented in a workshop for “developing FEBI as a Center of Excellence” by Prof. Dr. H. Mohammad Ali, M.A. on December 14, 2011 at UIN Sunan Kalijaga as the oldest state Islamic higher education and considering the great opportunities of Islamic Economics in the future, then UIN Sunan Kalijaga opens the Faculty of Islamic Economics and Business (FEBI) by SK (decree) of Director General of Islamic Education (Pendis) No. 522 Year 2012 dated March 21, 2012.
FEBI as a Center of Excellence
FEBI is designed to be a center of excellence in the teaching and learning of Islamic economics and banking in Indonesia. Referring to The Times Higher Education Supplement (THES), in order to excel, a university is required to possess at least four important indicators, namely: 1) Quality Research, 2) Graduate Employability, 3) International Orientation (International Outlook), which is determined by the number of international programs and international students, and 4) Quality of Teaching, which is determined by the ratio of the academics to the students.
FEBI is committed to developing itself as an institution of higher education that has excellence in these four aspects. To realize this commitment, teaching processes in the classroom will be delivered in English: starting from a mixture of English and Bahasa Indonesia for first year students, and totally English since then; by lecturers graduating from best universities in Indonesia and abroad. This is all done as an attempt towards international class and center of excellence. In addition, the curriculum of FEBI is also designed for producing graduates of good moral integrity (saleh), insightful, and having entrepreneurship spirit (innovative and creative in entrepreneurship).
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