The faculty was established in 2007. It was formerly known as the Faculty of Business and Management Sciences (FBMS). It had undergone a rebranding in 2016 and renamed as the Faculty of Islamic Economics and Finance (FIEF). The new name of the faculty was officiated by His Royal Highness Prince Haji Al-Muhtadee Billah Ibni His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah, the Crown Prince and Senior Minister at the Prime Minister’s Office, and Pro-Chancellor of Universiti Islam Sultan Sharif Ali (UNISSA), on 12th October 2016 during the 6th Mahrajan Hafl al-Takharruj (Convocation Festival). The main objective of this rebranding is to enhance its credibility as a dynamic and visionary hub of Islamic finance education institution in Negara Brunei Darussalam.
- Produce professional, competent, knowledgeable and expert scholars in their specialised areas;
- Provide dynamic, creative, skillful, disciplined human resources and effectively function as required by the state, whether in public and private sectors or entrepreneurship; and
- Produce leaders who can be entrusted by the state to lead societies in accordance with Islamic principles and teachings.