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Problems and Issues in Transformation from Conventional Banking to Islamic

Banking: Literature Review for the Need of a Comprehensive Framework for a
Smooth Change

Article · July 2015

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Rafay, A. & Sadiq, R. (2015). Problems and Issues in Transformation from

Conventional Banking to Islamic Banking: Literature Review for the Need
of a Comprehensive Framework for a Smooth Change. City University
Research Journal, 5(2), 315-326.
 City University Research Journal
Volume 05 Number 02 July 2015 Article 10

PROBLEMS AND ISSUES IN TRANSFORMATION FROM

CONVENTIONAL BANKING TO ISLAMIC BANKING:
LITERATURE REVIEW FOR THE NEED OF A
COMPREHENSIVE FRAMEWORK FOR A SMOOTH
CHANGE

Abdul Rafay and Ramla Sadiq

ABSTRACT
During last few decades, conventional financial systems are being transformed to
Islamic financial systems in many countries around the globe. One of the major
components of Islamic financial system is Islamic Banking. As most of the economies
were not ready for this change, Islamic banks and financial institutions were and are
confronted by many difficulties primarily due to non-existence of a comprehensive
framework. We studied these transformation problems and issues in Far Eastern
countries being the first entrants in this transformation phase. Among a large number of
problems some are lack of general awareness among various stakeholders, existence of
different schools of thought within Islam and insufficient/ineffective legal rules and
regulations. Concerted efforts are not made to develop a new framework in line with the
sensibilities towards the role of religion in commercial and financial activities of society
and to introduce laws compliant with core Shariah principles, prudential standard
requirements for supervision, disclosure requirements for financial statements,
corporate governance and transparency requirements, new product development
requirement, consumer code of conduct to name a few. New entrants in Islamic Banking
may take benefit of this learning curve.

Key Words: Framework, Islam, Islamic Banking, Regulatory Standards,

Transformation
JEL Classification: G18, G28, G21, K12, M48, N45, O53

INTRODUCTION
The legal aspect of any banking system includes both regulatory and legislative
frameworks. The said frameworks work together to ensure fair and equitable system in
terms of practicality. When considering Islamic law and its application to an existing
banking system, consideration towards Shariah law is essential because it lays the
foundations upon which Islamic principles can be applied to any aspect of life. This
framework is further given another challenge to overcome which is the implementation
of a financal system without interest; the fundamental operating core of all conventional
finance transactions. All these aspects are the basis of the growing debate regarding
functioning of Islamic banking (IB) in conventional frameworks.
Moving forward, when the implementation of a system of IB arises, the legal

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complexities in the transition cannot be overlooked. It is clear that the development of

the system depends on a solid legal foundation but it is also important to understand the
significance of the evolution of that system as the economy transitions from a
conventional system to an Islamic banking system.
Over the last three decades, the implementation of an Islamic banking system depends
on the social principles and political philosophies of the region. When considering the
coexistence of conventional banking and Islamic banking in the international context,
the skepticism regarding replacement of the market economy is linked to the dominance
of the conventional banking system (Warde, 2010). Therefore, parallel execution of
both systems within an economy would only be promising if the core principles of
Shariah and its underlying frameworks are not violated due to partial application. When
considering either partial application or complete alteration, it is essential to note that
transformation cannot occur in a silo. The stages that an economy or industry must
undergo in order to transform its activities according to new economic situations
involves (1) recognizing the need to change, (2) gaining consensus amongst
stakeholders regarding the necessity of this change, (3) agreement on the objectives and
vision of the change, (4) designing a new organizational way of working/delivering
products and services and (5) embedding practices in the change. As a result the
organization cannot move back to how it was and achieves its intended benefits (Huber
& Glick, 1993).
The goal of transformation at any level, macro or micro, organizational or industrial,
remains to make fundamental changes in how business of the economy or the industry is
conducted in order to help cope with a new and more challenging market environment.
Survival in changing economic conditions is dependent largely upon the ability to alter
existing processes into innovative and efficient practices. As such, it has become
essential for economies and financial institutions to consider the application of Islamic
Finance frameworks. The establishment of a comprehensive framework will contribute
to the generalizability of the Islamic finance system, ensuring an easier transition for
both Muslim and non-Muslim countries from conventional banking to Islamic finance
systems.
During the early centuries of Islam, domestic and international trade of Muslim
countries was managed without the use of interest. Savings and investments were based
on profit sharing and other participation arrangements (Siddiqi, 1983; El-Gammal,
2000). Also finance was available on profit and loss basis by various financiers (Chapra
& Khan, 2000). In late 14th century, the Islamic economies started losing its strong
economic position and gradually the profit and loss sharing financing was replaced by
interest based instruments. During 19th century, the western banks started opening their
branches in Muslim countries (Wilson, 1999). The 20th century witnessed the revival of
Islamic financial system and independence of a large number of Muslim countries (El-
Ashker, 1987). Dubai Islamic Bank, the oldest Islamic bank was formed in 1975 in UAE
(Saleh, 1986). It was followed by a series of Islamic banks in almost all other

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Abdul Rafay and Ramla Sadiq

Muslim countries. Now the Islamic banking is expanded to almost all major Muslim and
non-Muslim countries (Halabi, 2000).

Frameworks for Islamic Banking – General

The development of a unified framework for IB would be classified as a teleological
theory of change whose end goal is focused endorsement and social construction. The
necessity for this development is driven by the increase in competition and resource
scarcity. The implementation of this framework will be dependent upon the unit of
change, which includes the interaction of organizations within the industry and
environment, and the mode of change, which is approved by deterministic laws and
produces first-order of change (Huber & Glick, 1993). The greatest challenge faced in
this transformation from conventional to Islamic finance framework has been
acceptance, in fact knowledgeable acceptance throughout industry for the purposeful
application of innovation to achieve returns (Weick & Quinn, 1999).
Muslim countries, by and large, first appeared incompatible for Islamic finance due to
their interest based economies. However changes in government priorities and public
sensibilities allowed IB to gradually acquire legitimacy, particularly within the last two
decades (Ali, 2008; Cader, 2007). In almost all Muslim countries it has been the
government that had taken the initiative to introduce and expand IB (Hamzah &
Ibrahim, 2010).
However to date there are very few comprehensive regulatory frameworks for IB in
some Muslim and non-Muslim countries. These prudential and regulatory frameworks
were initially developed as a first step towards a comprehensive framework specifically
to deal with IFIs (Archer & Karim, 1997; Freixas et al., 1999). Bahrain was the first
country to develop and implement a regulatory framework for IB when Islamic
financing got momentum in 1990s (Ali, 2002).
In 1991, a non-profit autonomous body namely “Accounting and Auditing Organization
for Islamic Financial Institutions (AAOIFI)” was established. It main functions include
preparation Auditing, Accounting and Corporate Governance standards based on
Shariah principles for Islamic financial services industry (Chapra & Ahmed, 2002;
Karim, 2001). In recent years AAOIFI got encouraging response regarding the adoption
of their standards from various countries including Syria, Qatar, Sudan, Jordan, UAE,
Bahrain and Lebanon to name a few. Countries like South Africa, Pakistan, Indonesia,
Australia, Malaysia and Pakistan are trying to issue guidelines on the basis of
pronouncements and standards developed by AAOIFI. However AAOIFI is still facing
major challenges to develop consensus to implement its standards for global Islamic
financial services industry (Khan, 2007; Hassan & Choudhury, 2004; Sharif, 2006).

Frameworks of Islamic Banking – Muslim countries of Far East

In 2002 Islamic Financial Services Board Act 2002 was promulgated in Malaysia under
which Islamic Financial Services Board (IFSB) was established established to act as a
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 Problems And Issues In Transformation...

standard setter for supervision and regulation of IFIs (El Razik, 2009). Its main aim is to
provide a platform to support true practices of Shariah compliant financial instruments
used in money markets, capital markets and banking industry (Mawdudi, 1986; Merton,
1995). The IFSB works for the emergence of a transparent and sound Islamic financial
services industry based on principles of Shariah keeping in view today's challenges
(Commission, 2007; Warde, 2010). The IFSB itself is of the view that stand alone Legal
framework is best suited for the effective implementation of Islamic financial system
across various jurisdictions (Rammal & Parker 2013; Chami, et al. 2003).
In Indonesia, IB was formally recognized in 1983 and the first full-fledged Bank
Syariah started in 1991. The Shariah aspect in each Islamic financial institution is
supervised by its in house Shariah supervisory board whereas prudential regulations are
devised by “Bank Indonesia” in a manner very similar to conventional banking
(Lindsey, 2012). Besides, “National Shariah Board of the Ulama Council of Indonesia”
deals with religious aspect through Fatawas. This Board is responsible for overseeing
doctrinal compliance by Islamic financial institutions (IFIs). Islamic financial disputes
are settled through “National Shariah Arbitration Body”.

Research Question
“Why is there a need to develop a robust and comprehensive framework for IFIs in
Muslim countries of Far East which should be acceptable to all stakeholders and can be
replicated in other economies?”
The main objective of this paper shall be on delineation of comprehensive framework
specifically for Far Eastern Muslim countries. Although a number of research
publications in the Islamic world as well in the Western world deals, directly or
indirectly, with general framework for IB but by and large these publications are silent
on the development of country specific comprehensive frameworks acceptable to all
stakeholders within that country.

METHODOLOGY
Business transformation comprises of fundamental changes in how business is
conducted to handle the altering market environment. The need for transformation
arises due to a myriad of external factors, obsolete product and service offering, changes
in income streams, rise of new regulations, and increase in intensity of market
competition to mention a few.
Transformation of conventional financial system to Islamic financial system is a new
phenomenon so needs investigation. A new investigation often starts with qualitative
studies exploring new phenomena (Blumberg, 2005) so the research approach will be
exploratory in nature to obtain deeper understanding about various dimensions of
problems and issues being faced by these countries and the need to develop a
comprehensive framework required for Islamic finance. The references used in the
literature review cover for three facets of the discussion based on existing but partial
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Abdul Rafay and Ramla Sadiq

studies- awareness of IB, schools of thought and legal frameworks. Each paper reflects
research of IB in an area of development that can be operationalized for future research.
For this paper the exploratory study is based on literature review only however in future
various other methods may be used.

Delimitations
This paper is focused only on the challenges being faced by Muslim countries of Far
East due to non-existence of comprehensive frameworks and therefore issues of
secondary importance are not discussed. In addition, this area encompasses a second
wave of the concentration of development in Islamic finance. The convergence of
frameworks as applied in this area will contribute significantly to future development.
Multiple common problems are identified during this study of which only three that are
considered more important are elaborated over here. Although the challenge is
universal, this research shall cover the issues of Far eastern Muslim countries only. Far
East includes three Muslim countries: Malaysia, Indonesia and Brunei. Due to
insignificant presence of Islamic financial sector in Brunei, only Malaysia and
Indonesia are considered for this paper.

LITERATURE REVIEW
To date the dream to transform the whole economic system of Far eastern Muslim
countries to an interest free Islamic financial system could not translate into reality
because of the conversion of the system without creating the necessary and
comprehensive framework, infrastructure and human capital. Today IFIs of Muslim
countries of Far East are confronted by many difficulties and are facing various
challenges that limit their operations to move forward. This article aims to discuss those
problems and issues and to highlight the need to develop a sound, robust and
comprehensive regulatory framework that would prove helpful to solve them.

Issues and Suggested Measures

General Awareness
Due to lack of awareness, the IFIs of Far eastern Muslim countries face problem of
general acceptability. In the early phase of Islamic finance in these countries,
professional bankers took the lead but they were not well-versed in the Shariah. The
management and staff of IFIs do not have an orientation of Islamic framework and for
this reason there was a complete lack of ownership among them.
A critical analysis of the awareness of IB products among Muslims by Rammal and
Zurbruegg (2007) specifies that respondents who were interested in IB products lacked
appropriate information about their functioning. Majority of the respondents specified
that they would require credit services in order to switch from conventional to IB
products. This is in contradiction with Shariah principles and indicates their lack of
knowledge. Further, awareness and knowledge about IB are not enough to ensure
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the successful implementation of an IB system, willingness is a crucial element too.

Simply understanding the products will not persuade customers to convert from a
conventional system to an IB system when the services are provided.
A study conducted by Abduh and Omarov (2013) finds that maximum willingness can
be divided on two elements - Shariah compliance and superior services. Over 70 percent
of respondents are willing to utilize the services of IB due to Shariah compliance while
65 percent feel that IB will provide better services than conventional banking. While
brands are rarely discussed when considering IB systems, research indicates that brand
preference plays a significant role. Utilizing factors like convenience, human
interaction and reliability, it was found that the proxy of bank's reputation for brand
perception plays the most significant role in selection of bank (Ahmad, Rustam & Dent,
2011).
Awareness should also be considered from the perspective of qualified professionals.
Very few dedicated training institutes exist to meet manpower needs of existing and
future IFIs resulting in lack of enough qualified manpower and literature on the Islamic
financial products. Another important fact is that no standardized vocabulary is being
followed for financial products of the IFIs. One finds a lot of differences in the use of
terminologies. Selective interpretation of Arabic terms creates confusion among the
clients and the public.
Business community and common man whether Muslim or non-Muslim are unaware
about the utility of Islamic financing and reluctant to shift to Islamic financial system
due to ambiguities and less understanding. Public education campaigns are not
seriously considered. Very few institutes of higher education are offering full-fledged
degree programs in Islamic finance. Minimum efforts are being made to include
concepts of Islamic financial system in academic curriculum of business administration
programs.

Islamic Schools of thought

A particular problem in developing uniform framework is the existence of different
schools of thought within Islam. Many Islamic jurists were capable of juristic reasoning
like Al-Shaafi, Abu Hanifa, Malik, Ahmad bin Hanbal, Al-Awzai, Layth bin Saad, Al-
Thawri and Ibn Jarir al-Tabari but the approaches of only five main jurists became
established, as outlined in Table 1.
All the Imams of these schools of thought are of the views that in case of any conflict
between their Fatawa and Quran or Sunnah (Sahih Hadith), then follow the teachings of
Quran & Sunnah only. In these countries followers of all school of thoughts live but no
common framework has been developed for consensus and contention which are the
integral part of these schools. However, recently some efforts are being made to develop
common framework for selected Islamic financial products. An example of one such
product is “Diminishing Musharakah”. In case of Diminishing Musharakah, the client
and the financier (Islamic bank in this case) are required to enter into a joint
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ownership agreement of an asset. The portion of financier (Islamic bank) is divided into
a number of pieces known as units. The client purchases those units step by step thus
increasing his own share. After the purchase of all units of financier, the client becomes
the owner of the asset. Islamic scholars are unanimous on the validity of this transaction
because the ultimate result is full ownership. The financier charges rent from the client
which is also permissible. However lease of undivided share to a third party is pint of
contention between Muslim jurists. Imam Shafi and Imam Malik are of the view that the
undivided share can be leased out to third party whereas Imam Abu Hanifa hold that the
undivided share cannot be leased out to a third party.
The Shariah boards of Indonesia and Malaysia is currently working to develop a draft
framework for common rules and regulations of Diminishing Musharakah (and few
other products) acceptable to all Islamic school of thoughts.

Legal Framework
Over the last 30 years in general, and the last decade in particular, the development and
progress of Islamic finance cannot be ignored. This development is accompanied with
challenges and opportunities to various stakeholders involved in this system.
Supervisory authorities and industry face significant regulatory challenges that must be
overcome to make the environment more favorable for this infantile industry (Ibrahim,
2007; Belouafi & Belabes, 2010). Analyzing the legal aspects of structure and
methodology, it was found that legal impediments were the most considerable hurdle in
implementation of an IB system (Aldohni, 2011).
An appropriate framework which can be applied universally, across geographies and
schools of thought would allow the IFIs to expand. The convergence of Islamic theory
and practice is necessary for stable expansion and universal acceptance, especially
among Muslim populations. Dusuki and Bouheraoua (2011) stress the fundamentals of
Maqasid al-Shariah and their role in contributing to resolve various Islamic finance
issues and challenges. In addition, particular attention to the Maqasid al-Shariah will
lead to rational and realistic solutions to the problems that are arising due to different
legal frameworks (Asmat, 2014).
Previous researches analyze the regulatory frameworks of various economies that have
implemented either a partial or complete Islamic system. This can be divided into two
categories, specific issues and general issues. Siddiqi (2004) analyzes various regularly
practices by IFIs. He examines how IFIs deal with delays in payment of debts resulting
from murabaha, permissibility of securitization, sale of debts resulting from murabaha
and other credit transactions. His analysis utilizes the central debate where classical
theory is very clear against charging penal interest in case of defaults. In practice,
however, it is largely acceptable to apply such charges so long as these do not contribute
towards the bottom line profits of the company. Rather these should be utilized for
charitable causes, leading to the welfare of society.
At present, in Muslim countries of Far East, most of the aspects of Islamic finance are
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 Problems And Issues In Transformation...

growing without proper legal cover with some exceptions. Initially their commercial
laws were developed primarily to protect the creditor (banker) and to date enough
changes are not made to make them compatible with Islamic finance framework. No
fundamental changes are made in Contract Laws, Sales of Goods Act, Mortgages and
Pledges etc. Using similar laws for Islamic financial and commercial activities
technically indicates that the relationship between the creditor (lender) and debtor
(borrower) is unchanged. Presumptions exist that whenever there is a conflict between
the Islamic finance framework and the existing law, the latter will prevail. Adjudication
of recovery of bank receivables is presently interest-based that is haram in Islamic
finance. Transaction costs and financial risks are considerably high for IFIs. No
alternate mechanism was developed and provided for in the law to cater the need of
those IFIs which develop real and genuine market links with suppliers and marketing
agencies. Besides no regulations exist for Islamic financial products specifically for
oppressed and vulnerable sections of society including pensioners, orphans and widows
etc who are mostly dependant on fixed income.
During the last few years, there is a positive trend of development of Shariah
governance systems in IFIs which could facilitate implementation across systems
(Hasan, 2009). Although some standardized legal frameworks are developed by
Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI),
still many of them are vague and sometimes are incompatible with International
Financial Reporting Standards (IFRS) and Basel guidelines of Bank for International
Settlements (BIS). Besides, there is no clarity about formats and disclosure
requirements in Financial Statements of Islamic Banks. Governments of these countries
are the biggest borrowers but Islamic instruments to finance public debts are not
available.

DISCUSSION
There are three aspects of any legal framework include laws empowering and governing
the regulator, the rules for regulation of various sectors, and the broader legal
framework underpinning the payment system, government debt management and other
infrastructure elements (IMF, 2005). When considering these three aspects, the
suggestions regarding formulating a comprehensive framework can be considered as
follows:
 The incompatibility among the standards and regulations set by AAIOFI, IFRS and
BIS is a significant hurdle. When financial institutions do not have a clear and
cohesive format regarding disclosures and requirements, then standardized
application becomes unfeasible. The impracticality of this hurdle is preposterous
and it must be dealt with immediately.
 Regulatory laws specifically include the regulation of product structure. When
evolution of the products is essential to ensure the continuous alignment of offering
and demand, regulations should set a time when each product should be revised and
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Abdul Rafay and Ramla Sadiq

updated to meet all necessary requirements. In addition, the heavy concentration of

majority IB portfolios in controversial products is alarming. Regulations should set
standards on the portion of portfolio that should be mandatory for non-
controversial products such as modaraba and musharakah. Furthermore, to ensure
the applicability of standards, terminologies and products structures should be
standardized. This would further eliminate the issue of various schools of thought
and the adoption of certain standards.
 The legal framework through which the system operates is crucial. The literature
review has emphasized a strong need for alignment of Shariah standards as set by
regulators and the Maqasid al-Shariah. Any violations of fundamental principles
should be addressed immediately. This would also eliminate the issue of the
adoption of certain standards because of consensus and interpretation.
Directions for future research could include two major aspects. The first is identifying
the reasons for lack of adoption of standards set by governing bodies. Further a
comprehensive study on standardization of the terminologies regarding IBs worldwide.

CONCLUSION
Islamic finance is neither religion based nor for a specific community. Since mid 20th
century Islamic finance is experiencing a revival because of the struggle of the Muslims
to regain independence from colonial masters and that now has been spread in every
nook and corner of world with zeal and zest. It has gone beyond the boundaries of
Islamic world to almost all global financial markets. The importance of Islamic finance
remains not only within Islamic communities, but internationally due to a rising
awareness of the problems prevalent in conventional banking and a growing interest in
Islamic finance. Leading IFIs spread their networks across all continents and create far
reaching impacts in world economies.
Transformation of one business model to another business model occurs due to the
failure to meet particular demands of stakeholders. There is a dire need to develop
comprehensive framework for IFIs for smooth transformation. Islamic finance exists
within the basic tenet of a capitalist economy, utilizing the existing system to achieve its
principal function – to provide a financial system that is asset backed and free of interest.
The focal point is that the economic activities under Islamic Financial System are
governed by the fundamental injunctions of Shariah and not by the human desires and
experiences. The ultimate objective of Shariah is to achieve Falah (prosperity) and to
seek the pleasure of Allah (swt).
The development of such a framework will guide future research by addressing existing
problems in the fragmented framework. Once these problems have been addressed, and
laws are fine tuned to meet the requirements outlined, it will become relatively easier to
adopt Islamic finance principles and implement relevant legislation. This will further
aid the smooth and manageable transformation from conventional banking system to
Islamic banking system.
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TABLES
Table : Islamic Schools of Thought
School of thought Headed by
HANAFI Imam al-Nu΄man ibn Thabit (Abu Hanifa) [80AH-180AH]
MAALKI Imam Malik ibn Anas al-Asbahi [93AH-179AH]
SHAAFI’I Imam Muhammad ibn Idris al-Shafi΄i [150AH-198AH]
HANBALI Imam Ahmad ibn Hanbal [164AH-241AH]
JAAFARI Imam Ja'far ibn Muhammad al-Sadiq [83AH-148AH]

Abdul Rafay: Associate Professor & Chairperson Department of Finance, School

of Business & Economics, University of Management & Technology, Lahore. Also a
Chartered Accountant by Profession with more than 15 years experience of financial
consultancy to leading national and multinational companies. Teaching experience
more than 20 years in top business schools of Pakistan. Areas of Interest: Islamic
Finance, Corporate Finance, International Financial Reporting Standards, Financial
Derivatives, Corporate Restructuring and Corporate Tax Management.
E-mail: [Link]@[Link]

Ramla Sadiq: Lecturer, Department of Finance, School of Business & Economics,

University of Management & Technology, Lahore. MBA in Finance from FAST-NU
and currently a doctoral candidate in the discipline of Islamic Banking & Finance.
Area of Interest Islamic Finance, Business Change, Portfolio Management,
Behavioral Finance and Financial Risk Management.
E-mail: [Link]@[Link]

C 2015 CURJ, CUSIT 326

 About
Professor ABDUL RAFAY, FCA

Mr. Abdul Rafay is a practitioner cum academician. For more than 25 years, Mr. Rafay has
been working as a freelance advisor, consultant & trainer to a wide variety of public &
private sector national and multinational companies in the areas of Corporate Finance,
Financial Policy & Implementation, Auditing & Assurance, Accountancy, Corporate Tax
Management, Financial Technology and System Consultancy. He has been providing
consultancy to various industries including Textile, Auto Assembling, Footwear,
Industrial/Agro Chemicals, Ice Cream/Dairies, Glass/Ceramics, Healthcare,
Mining/Natural Resources, Packaging/Paper Sacking, Steel/Pipe Casting, Rice Processing,
Brokerage/Co-operative Financing, Software Development, Real Estate,
Printing/Publishing, and Construction/Civil Engineering etc.
Mr. Rafay is a Fellow member of the Institute of Chartered Accountants of Pakistan. He is
also member of various national and international professional bodies. Since 2001, he has
been a life time member of Lahore Tax Bar Association. He has served as Co-regional
Director (Founding) of Lahore-Islamabad Chapter of Professional Risk Managers
International Association (PRMIA), Washington, USA (2011-2013). In 2012, he was
nominated as Member: Education & Training Committee (ETCOM) of The Institute of
Chartered Accountants of Pakistan (ICAP). He is also a member of ICAP’s “Islamic Finance
working group” which is closely in liaison with State Bank of Pakistan and other
stakeholders for Islamic Finance Accounting and Auditing Standards. He is Alumnus of
Rausing Executive Development Center (REDC), Lahore University of Management Sciences
(LUMS), Pakistan.
In 2014, International Finance Corporation (World Bank Group) selected him for Training
of Trainers (ToT) for Corporate Governance Action Planning for SMEs. He is also an
approved trainer for Institute of Financial Markets of Pakistan (IFMP) established by
Securities and Exchange Commission of Pakistan, the corporate regulator. In 2013, his name
got included in the list of "Certified Directors" as per Clause (xi) of The Code of Corporate
Governance 2012 issued by SECP.
Since 1994, Mr. Rafay has also been associated with teaching in some of the top business
schools of Pakistan. His specialized subjects of interest include: Strategic Corporate Finance,
Financial Derivatives, Investments/Portfolio Analysis, International Financial Reporting
Standards, Corporate Restructuring (Mergers & Acquisitions), Financial Statement Analysis
& Corporate Taxation. He also served as an instructor in Civil Services Academy, Pakistan
to train the CSS Officers selected by Federal Public Service Commission of Pakistan (FPSC).
Currently he is a Professor of Finance & Accounting in University of Management &
Technology, Pakistan.
He has published more than two dozen research papers in SSCI, ESCI and Scopus indexed
journals published by reputed global publishers including Emerald, Sage, Taylor & Francis
and IGI Global. He contributed multiple chapters in Books edited by International Editors.
Since 2019, he edited multiple international books on FinTech, Islamic Finance and financial
Crimes published by IGI Global, USA.
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