The Master of Sharia Economics was established at the State Islamic University of Sunan Ampel Surabaya based on the Decree on Opening Study Program Number 2086 of 2013. The Master of Sharia Economics is a transformation study program from the Islamic Economics Concentration Dirasah Islamiyah Study Program on September 1, 2013. The name of the Master of Sharia Economics is based on the Letter of Operational Permit Decree of the Directorate of Islamic Education, Ministry of Religion Number Dj. i/197/2009.

MSEP graduates will be awarded a Master of Economics (ME) degree upon completion of the program. The awarding of this title is based on the Regulation of the Minister of Religion of the Republic of Indonesia Number 33 of 2016 concerning Academic Degrees for Religious Universities.

The Master of Sharia Economics Study Program equips its graduates with Islamic economics and finance education that focuses on science and its application. Graduates are able to carry out research and development in the fields of Sharia economics and finance. Therefore, the graduate profiles are:

1. Sharia Economic Scientist
Graduates are able to produce quality research in the fields of Sharia economics and finance through an interdisciplinary approach in various institutions, such as universities, research institutions, or government agencies.

2. Sharia Economics and Finance Manager
Graduates are able to manage Sharia economic and financial businesses in government or private institutions based on Islamic values and leadership.