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Islamic Banking and Finance has become an important academic discipline and has attracted research in a number related areas such as the economics, finance, accounting, law, Shari’ah and others.  Meanwhile, demand for Islamic banking and financial instruments as well as Islamic financial institutions have experienced a rapid growth internationally. As an important financial activity in the Muslim world, knowledge and expertise in this discipline is very valuable not only to the Islamic banks and financial institutions but also to the Muslim world in ensuring sufficient number of experts and knowledgeable workers in this area. Realizing the recent development and challenges, the International Islamic University Malaysia (IIUM) has taken a pro-active step to officially establish the IIUM Institute of Islamic Banking and Finance (IIiBF) in January 2005.