Staff Directory
Academic Qualification
- Doctor of Philosophy in Accounting & Finance - Doctor of Philosophy, Bangor University
- Master of Business Administration (Finance) - Masters Degree, International Islamic University Malaysia
- BA Accounting - Bachelor Degree, International Islamic University Malaysia
Azhar Bin Mohamad (Prof. Dr.)
Professor
IIUM Gombak Campus
KULLIYYAH OF ECONOMICS AND MANAGEMENT SCIENCES
Other's position:
Deputy Dean, Kulliyyah of Economics and Management Sciences
m.azhar@iium.edu.my
4752
Expert Profile
I began my academic and professional career in finance at the International Islamic University Malaysia (IIUM), where I received a Bachelor of Accounting Hons (1996) and an MBA in Finance (2002). My work began as an auditor at KPMG Peat Marwick (1997), then as a futures dealer at Bank Bumiputera Futures (1997 to 1999), before returning to IIUM as an Assistant Lecturer in February 2000. My dedication to study and finance prompted me to pursue and earn a PhD in Finance at Bangor University in the United Kingdom, where I wrote empirical essays on short-selling and completed the degree on time (GOT) within the stipulated three years (2009 to 2012).
My academic achievements include being named the Best Student for Accounting for Islamic Bank throughout my bachelor's studies in 1996. Furthermore, my collaborative research efforts were honoured with best paper prizes at the Malaysian Finance Association Annual Symposium in 2003 and 2010. After receiving my PhD, I was promoted to Assistant Professor (2013) and then Associate Professor at IIUM (2014), where I have been heavily active in postgraduate coordinating for the Department of Finance since December 2014. In September 2019, I was promoted to Professor of Finance, where I continue to make major contributions to the area through teaching, research, and supervision of master's and doctoral students. In July 2023, I was appointed as an International Adjunct Professor at the Undergraduate and Postgraduate Programme in UIN Mataram, Indonesia, for the period 2023-2026.
My research interests are diverse, spanning topics such as short selling, financial derivatives, cryptocurrencies, financial contagion & interdependence, and Islamic finance. These interests have resulted in the publication of several papers in prestigious journals (British Accounting Review, International Review of Financial Analysis, European Journal of Finance, Journal of International Financial Markets, Institutions & Money, Energy Economics and Economics Letters), as well as the successful supervision of 27 postgraduate students through completion. In addition, I have managed and contributed to various research grants, emphasising my commitment to a better understanding of finance. I am currently applying for international research grants, TRGS, and bidding for consultancy assignments to raise my profile.
I currently hold several positions within IIUM and the academic community, including Deputy Dean (Postgraduate & Responsible Research) at KENMS IIUM, Member of the Investment Committee, and Member of the Audit Committee of IIUM. My services extend beyond the university; I am an active member of both the British Accounting and Finance Association (BAFA) and the Malaysian Finance Association (MFA) and a key member of the Economy Cluster at Malaysia's National Professor Council.
My involvement in financial research and education has served my own development and the expansion of the financial industry in Malaysia and elsewhere. I hope that my contributions, particularly in international finance, financial markets, and financial derivatives, will continue to inspire and shape financial research and education in the future.
Area of Specialisation
- Economics, Business And Management ~ Economics, Business And Management ~ Investment ~ Other Investment n.e.c. - Cryptocurrency
- Economics, Business And Management ~ Economics, Business And Management ~ Investment ~ Mutual Fund - Investment analysis
- Economics, Business And Management ~ Economics, Business And Management ~ Investment ~ Futures - Futures and options (financial derivatives)
- Economics, Business And Management ~ Economics, Business And Management ~ Investment ~ Stock Market Studies - Investment and financial management
Professional Membership
- 2003 - 2013: Member of Profesional Body / Association, Malaysian Finance Association, Malaysia
- 2010 - 2013: Member of Profesional Body / Association, British Accounting and Finance Association, UK
- 2012 - 2013: Member of Profesional Body / Association, Midwest Finance Association (USA)
Teaching Responsibilities
ADVANCED FINANCE | 2017/2018 |
CORPORATE FINANCE | 2008/2009 |
FINANCIAL DERIVATIVES | 2023/2024 2022/2023 2021/2022 2017/2018 2016/2017 2015/2016 2014/2015 2013/2014 |
FINANCIAL MANAGEMENT 2 | 2005/2006 |
FINANCIAL MANAGEMENT ANALYSIS | 2015/2016 2014/2015 |
FINANCIAL MANAGEMENT I | 2008/2009 2007/2008 2006/2007 2005/2006 2004/2005 2003/2004 2002/2003 |
FINANCIAL MANAGEMENT II | 2012/2013 2007/2008 2005/2006 2004/2005 2003/2004 2002/2003 |
FUTURES,OPTIONS AND RISK MANAGEMENT | 2021/2022 2020/2021 2019/2020 2018/2019 2017/2018 2016/2017 2015/2016 2014/2015 2013/2014 2008/2009 2007/2008 2006/2007 |
INTERNATIONAL FINANCE | 2024/2025 2022/2023 2021/2022 2020/2021 2018/2019 2017/2018 2016/2017 2015/2016 2014/2015 2013/2014 2012/2013 2008/2009 |
INVESTMENT ANALYSIS | 2008/2009 2007/2008 2006/2007 2005/2006 2003/2004 |
INVESTMENTS | 2023/2024 2022/2023 |
ISLAMIC FINANCIAL PLANNING | 2006/2007 |
MANAGING RISK-FUTURES & OPTIONS | 2021/2022 2020/2021 2018/2019 2016/2017 |
Supervision
Financial Contagion, Price Discovery Process And Hedging Effectiveness In The Futures Markets: Evidence From Wavelet Analyses.
Ph.D
Completed
2021
Main Supervisor
|
Financila Contagion In A Selected Oic Countries - Meta-Analysis And New Evidence.
Ph.D
Completed
2021
Co-supervisor
|
Induced Mutagenesis In Varietal Development Of Stevia.
Ph.D
Completed
2019
Co-supervisor
|
Malaysian Firm Performance And Shareholder Wealth Creation: Comparative Analysis Of Economic Value Added And Traditional Performance Measurement.
Ph.D
Completed
2019
Co-supervisor
|
The Performance Of Implied Volatility And Historical Volatility In Forecasting Future Realized Volatility: An Analysis From Malaysia, Singapore And Thailand Structured Call Warrants
.
Ph.D
Completed
2018
Main Supervisor
|
Information Content Of Analysts' Report: Malaysian Evidence.
Ph.D
Completed
2018
Main Supervisor
|
The Roles Of Circuit Breakers In Malaysian Capital Market: An In-Depth Analysis
.
Ph.D
Completed
2018
Main Supervisor
|
Defi Protocals For Loanable Funds: The Impact Of Interest Rates On Liquidity.
Ph.D
In Progress
Main Supervisor
|
Change Of Malaysian Government After 61 Years Of Ruling: Impact On Stock Returns And Currency Values.
Master
Completed
2020
Main Supervisor
|
The Dynamic Linkage Between Bitcoin And Bgci Cryptocurrenies: A Wavelet Approach.
Master
Completed
2020
Main Supervisor
|
Lead-Lag Relationship Between Kuala Lumpur Composite Index And Its Index Futures: Evidence From High Frequency Data.
Master
Completed
2019
Main Supervisor
|
Investigation Of Lead-Lag Relationship Between Bitcoin And Ethereum In Crypto-Currency Markets.
Master
Completed
2019
Main Supervisor
|
The Financial Performance And Stock Returns Of Non-Opec Oil Production Companies: Evidence From The United States, France, Norway, Austria And Sweden.
Master
Completed
2019
Main Supervisor
|
Effect Of Foreign Direct Investment, Foreign Remittances And Imports On Economic Growth ; Evidence From Bangladesh.
Master
Completed
2017
Main Supervisor
|
Predicting Financial Distress Based On Corporate Actions : Malaysian Evidence.
Master
Completed
2016
Main Supervisor
|
Musharakah Mutanaqisah In Home Financing Some Facts And Empirical Evidences.
Master
Completed
2016
Main Supervisor
|
The Relationship Between Firms’ Growth, Size And Liquidity: Evidence From Malaysian Industrial Sector.
Master
Completed
2016
Main Supervisor
|
Application Of Istisna' Financing In Malaysia.
Master
Completed
2016
Main Supervisor
|
Is There A J-Curve Between Malaysia And Her Trading Partners? Evidence From Industry Level Data.
Master
Completed
2016
Main Supervisor
|
Is Imf Debt A Better Cure Than Capital Control? Evidence From Malaysia, Thailand, Indonesia, Philiphines And South Korea..
Master
Completed
2016
Main Supervisor
|
Measuring Genuine Progress After Taking Imf Debt And Imposing Capital Control : The Case Of South Korea And Malaysia..
Master
Completed
2016
Main Supervisor
|
Foreign Exchange Exposure Of Indonesian Listed Companies.
Master
Completed
2016
Main Supervisor
|
The Effects Of Corporate Governance Attributes And Code Amendments On The Performance Of Malaysian Trading And Services Firms.
Master
Completed
2016
Co-supervisor
|
Poverty Alleviation In Algeria : Efficiency Measurement Of Zakat Funds.
Master
Completed
2015
Main Supervisor
|
Prospects Of Short Selling In Property Markets.
Master
Completed
2015
Main Supervisor
|
House Price And Vacant Land Speculation From A Real Options Perspective.
Master
Completed
2015
Main Supervisor
|
Bai’ As Salam: Potential Application And Its Inherent Risks In Malaysia
.
Master
Completed
2015
Main Supervisor
|
Implied Volatility In Option Markets: Evidence From Malaysia.
Master
Completed
2014
Main Supervisor
|
Malaysia'S Epf And Factors Affecting Its Total Contribution: An Empirical Analysis.
Master
Completed
2014
Main Supervisor
|
Back To The Future : Returning To Silver-Backed Money In Sri Lanka.
Master
Completed
2014
Main Supervisor
|
Malaysia As A Global Platform For Islamic Finance: The Need For Unified Standards.
Master
Completed
2014
Co-supervisor
|
The Impact Of Inflation On The Trade.
Master
In Progress
Co-supervisor
|
Research Projects
Completed
2023 - 2024 | Herding behaviour surrounding the Russo-Ukraine war and Covid-19 pandemic |
2022 - 2023 | Do Birds of a Feather Flock Together? Evidence from Time-Varying Herding Behaviour of Bitcoin and Foreign Exchange Majors |
2021 - 2022 | The impact of Covid-19 on price discovery of bitcoin markets |
2019 - 2023 | Formulating a decentralized healthcare system in Malaysia |
2019 - 2022 | Developing an Environmental Variation Model of Rice Production Efficiency in Malaysia. |
2019 - 2023 | Exploring the Notion of Rational Investment: The Case of Green Investment in Malaysia |
2019 - 2021 | Impact of Sudden Change of Government in Malaysia: Evidence from Equity and Currency Market |
2015 - 2019 | Regulating a Mis-regulation of Trading Halts through a Comprehensive Financial Legal Framework for the Protection of Investors? Interest |
2014 - 2017 | Formulating Silver as a Model Payment System in Islamic Finance for the Protection of Maqasid of Shariah |
2013 - 2015 | Contagion Effects of Financial Crisis: A Meta-Analysis |
2006 - 2009 | Linkages, Profitability and Magnetic Effect of the Malaysian Equity Market |
On-Going
2024 - Present | Price discovery, causality and volatility in crude oil markets. |
Award & Recognition
19 Nov, 2020 | Best Paper Award - Malaysian Finance Association | National |
25 Oct, 2017 | Best Paper Award - Universiti Teknologi MARA (UiTM) | National |
13 Apr, 2017 | Best paper award in 8th International Conference on Financial Crimininology (ICFC) 2017, 12-13 April 2017, held at Dorsett Putrajaya, Malaysia - 8th International Conference on Financial Criminology, 2017, in collaboration with Accounting Research Institute, UITM. | National |
10 Jun, 2010 | Best paper award in 2010 Malaysian Finance Association (MFA) 12th Annual Conference at Taylor's University College, Sunway, Selangor, Malaysia. Title: Foreign Exchange Exposure and Impact of Policy Switch: The Case of Malaysian Public Listed Firms, (with Obiyathulla Bacha, Sharifah Raihan and Mohd Eskandar) - Malaysian Finance Association | National |
23 Apr, 2003 | Best paper award in 2003 Malaysian Finance Association (MFA) 5th Annual Symposium at Multimedia University, Cyberjaya, Malaysia. Title: Daily Returns Seasonality and Impact of Stock Index Futures: Evidence from the KLSE, (with Obiyathulla Bacha and Mansor Ibrahim). Selected for publication in KLSE Capital Markets Review, 11, 2003, pp 1-22. - Malaysian Finance Association | National |
Publications
Article
Conference or Workshop Item
2023 | A bibliometric analysis of research trends in Islamic finance and Islamic banking. In: 3rd International Conference on Finance, Business, Banking and Tourism Industries (ICFBB 2023), |
2023 | Herd dynamics around the Russo-Ukraine war and Covid-19 pandemic. In: The 2023 Sydney Banking and Financial StabilityConference 8-9 December 2023, |
2022 | Russian roulette from the Euromaidan protest to the Ukraine invasion: Is it different this time?. In: International Society for Advancement of Financial Economics Conference (ISAFE-2022, 05-06 December 2022),, |
2019 | Price discovery between index futures and spot markets. In: The 21st Malaysian Finance Association Conference 2019 (MFAC 2019), |
2018 | An empirical test of implied volatility in Singaporean structured warrants. In: The 20th Malaysian Finance Association Conference (MFAC) 2018, |
2018 | Industry 4.0. In: 7th Annual Southeast Asian International Seminar 2018, |
2018 | Is there a J-curve between Malaysia and her trading partners? evidence from ARDL test and industry level data. In: 6th Malaysia Statistics Conference, |
2017 | Cash economy: Tax evasion amongst SMEs in Malaysia. In: 8th International Conference on Financial Criminology (ICFC) 2017, |
2017 | Designing Fitrah Money: A Maqasidic Discourse (JIMF Bank Indonesia Conference Nov 2017). In: 3rd International Islamic Monetary Economics and Finance Conference IIMEFC / JIMF, |
2017 | Magnet effect of price limits: evidence from Bursa Malaysia. In: 44th International Business Research Conference 2017, |
2016 | Designing fitrah money:appraisal of gold-silver as practical alternatives. In: ISERD-RW International Conference, |
2016 | Predicting Financial Distress based on Corporate Actions. In: 3rd International Conference on Global Business & Social Entrepreneurship, |
2015 | Creating a two-way market via short selling and its potential use in the Islamic paradigm. In: International Conference on Islamic Perspective of Accounting, Finance, Economics and Management (IPAFEM 2015), |
2015 | The Fiat Fiasco: the insidious erosion of Maqasid of Shari’ah and practical alternatives. In: The 9th ISDEV International Development Management Conference (IDMAC2015), |
2014 | Implied volatility and contagion in the options market . In: International Business Economics Social Sciences Research Association (IBESRA) Istanbul Conference, Turkey, |
2014 | Short-selling ban and cross-sectoral contagion: evidence from the UK. In: BAFA 2014 Annual Conference, |
2013 | Is shorting of Exchange Traded Funds a dangerous financial sport? recent UK evidence. In: BAFA 2013 Annual Conference , |
2012 | Short-selling ban and cross-sectoral contagion: evidence from the UK. In: Sixty-First Annual Meeting of the Midwest Finance Association, |
2011 | Increase in Short Interest and Predictability in Stock Returns (Infiniti 2011). In: INFINITI Conference on International Finance, |
2011 | Informational content of short interest (EBES 2011). In: Euroasia Business and Economics Society (EBES) Conference, Istanbul, Turkey, |
2011 | Short interest and stock returns: evidence from the UK (Gregynog 2011).. In: Gregynog Accounting and Finance Colloquium 2011, |
2011 | Short selling and stock returns: evidence from the UK. In: Annual Submit on Business and Entrepreneurial Studues - ASBES 2011, |
2010 | PhD proposal (BAA Doctoral Colloquium Cardiff 2010): short selling and stock returns . In: BAA 2010 Doctoral Colloquium, |
2010 | PhD proposal (Gregynog 2010): short selling and stock returns. In: Accounting & Finance Research Colloquium (Gregynog 2010), |
2003 | Daily returns seasonality and impact of stock index futures: evidence from the Kuala Lumpur Stock Exchange. In: Malaysia Finance Association's (MFA's) 5th Annual Symposium, |
Book
2018 | Bay' al-salam and istithna': implementation and challenges. IIUM Press, International Islamic University Malaysia, ISBN: 978-967-418-465-0 |
2017 | Bay’ al-Salam and Istithne: implementation and challenges. IIUM Press, ISBN: 978-967-418-465-0 |