Academic Team

Dr Nafis Alam | Associate Professor in Finance

Dr Nafis Dr Nafis Alam’s research is focussed on banking regulation, financial stability and corporate finance. His scholarly articles have been published in leading journals like The World Economy, Emerging Markets Review, Pacific Basin Finance Journal, Journal of Asset Management, Journal of Banking Regulation, Review of Islamic Economics and Journal of Financial Services Marketing among others. He has also co-authored three books in Islamic Finance among them is Encyclopaedia of Islamic Finance which is first of its kind and has sold over 1000 copies worldwide.

As a frequent traveller, he has given lectures on Islamic finance/finance across the world, including: Harvard Islamic Finance forum at Harvard Law School; a Gulf Research Meeting at Cambridge University, UK; Durham University Summer School; Seoul International Finance Conference (SIFIC); World Islamic Economic Forum (WIFE); OIC Asia Trade and Economic Forum, among others.

Nafis has served as visiting Associate Professors at the Universities in the UK and Indonesia. He also acted as a consultant for Malaysian Securities Commission (SEC) and consulted banks in Malaysia and the UK.

He was featured as a Professor of the Month by Financial times (FT) in 2014 and received the award for the Upcoming personality in Islamic Finance for 2016 given by GIFA and hosted by Indonesian government.


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+607 268 6374

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Speciality areas

Banking with a special focus on Regulation and Risk Management; Corporate Finance; Investment and Portfolio Analysis; Behavioural Finance; Islamic Banking and Finance, Fintech and AI in banking

Highest qualification and awarding body

PhD (Banking and Finance), Monash University

UoRM programmes taught/supervised

Securities Futures and Options; Corporate Finance

PhD supervision

Banking, Finance and Fintech especially:

  • Banking (Regulation and Risk management)
  • Islamic finance (Islamic capital markets, Islamic financial institutions and markets, Islamic banking)
  • Behavioural Finance
  • Investment and Portfolio
  • Financial Technology (Cryptocurrency, Artificial Intelligence in Finance, Regulation)

Research interests

Banking Regulation; Investment and Portfolio Analysis; Islamic Finance, Financial technologies

Current projects

Public Deposit Scheme and Financial Stability
Nexus between Volatility and Efficiency in Financial markets
Performance and Regulation of Bitcoin/Cryptocurrency
Fintech and Finance and Education

Recent publications

Refereed Publications:

Ibrahim, M. & Alam, N. 2017. “Islamic Economics and Islamic Finance in the World economy”, The World Economy

Mohammed, A., Alam, N. & Kendall, G. 2017. (In Press) “Does Decentralized Decision Making Increase Company performance through IT Infrastructure Investment", International Journal of Accounting Information System.

Parinduri, R. & Alam, N. 2017. “Do Islamic banks shift from mark-up to equity financing when their contracting environments are improved”, Applied Economics Letters, 24:8, 545-548

Alam, N., Arshad, S. & Rizvi, S.A.R. 2016. “Do Islamic Stock Indices Perform better than Conventional Counterparts? An Empirical Investigation of Sectoral Efficiency”, Review of Financial Economics, 31, 108-114

Rizvi, S.A.R., Arshad, S. & Alam, N., 2015. “Crises and contagion in Asia Pacific — Islamic v/s conventional markets”, Pacific-Basin Finance Journal, 34, 315-326

Ngene, G., Hassan, K. & Alam, N., 2014. “Price discovery process in the emerging sovereign CDS and equity markets”, Emerging Markets Review, 21,117–132.

Alam, N. 2014. “Regulations and Bank Risk taking in Dual Banking Countries”, Journal of Banking Regulation,15(2), 105-116

Alam, N. & Ng, S.L., 2014. “Banking Mergers - An Application of Matching Strategy”, Review of Accounting and Finance, 13(1), 2-23.

Alam, N. & Ngo, S. K., 2014. “Regulatory Compliance and Cost of Banking Operation: A Survey of US Banking Sector”, Journal of International Banking Law and Regulation, 29(11), 663-670.

Alam, N. & Hassan, K. & Haque, M.A. 2013. “Are Islamic bonds different from conventional bonds? International evidence from capital market tests”, Borsa Istanbul Review, 13(3), 22-29.

Alam, N., Tang, K.B., Rajjaque, M.S., 2013. “A Comparative Performance of Conventional and Islamic Unit Trust: Market Timing and Persistence Evidence”, Journal of Financial Services Marketing, 18(4), 316-326.

Alam, N. 2013. “A Comparative Performance Analysis of Conventional and Islamic Exchange Traded Funds”, Journal of Asset Management, 14(1), 27-36.

Alam, N. 2013. “Impact of Banking Regulation on Risk and Efficiency in Islamic Banking”, Journal of Financial Reporting & Accounting, 11(1), 29-50.

Alam, N. and Tang, K.B., 2012. Risk-Taking Behaviour of Islamic Banks: Application of Prospect Theory”, Qualitative Research in Financial Markets, 4(2) 156-164.

Alam, N., 2012. “Risk-Efficiency Relationship in Islamic Banking: Global Evidence”, Journal of Islamic Economics, Banking and Finance, 8(4), 49-66

Alam, N. 2012. “Does Banking Regulation Affect Banking Efficiency? A Survey of Dual Banking System”, Journal of International Banking Law and Regulation, 27(6), 231-238.

Alam, N. 2012. “Linkage between Stock Volatility and Corporate Bond Yield Spread in Singapore”, International Journal of Financial Management. 2(2), 1-10.

Alam, N. & Rajjaque, M.S. (2010) “Shariah Compliant Equities-Empirical Evaluation of Performance in European Market During Credit Crunch”, Journal of Financial Services Marketing. 15(3): 228-240

Book and Book Chapters:

Alam, N., Gupta, L. and Shanmugam, B. 2017 (Forthcoming). Islamic Finance - A Practical Perspective. Palgrave Macmillan UK

Alam, N. & Rizvi, S.A.R (eds) 2017 (Forthcoming). Islamic Economies: Stability, Markets and Endowments. Palgrave Macmillan UK.

Alam, N. & Rizvi, S.A.R (eds) 2016. Islamic Capital Market- Volatility, Performance and Stability. Palgrave Macmillan UK.

Alam, N. & Rizvi, S.A.R (eds) 2016. Islamic Banking- Growth, Stability and Inclusion. Palgrave Macmillan UK.

Shanmugam, B., Alam, N. & Zahari, Z.R. 2008. “Encyclopedia of Islamic Finance”. Kuala Lumpur, Malaysia: Insight Network

Haron, S., Alam, N. & Shanmugam, B. 2007. “Islamic Financial System: A Complete Guide”. Kuala Lumpur, Malaysia: Insight Network

Alam, N. and Rizvi, S.A.R 2017 (Forthcoming). Islamic Economics’ Contribution to Conventional Economics. In: Islamic Economies: Stability, Markets and Endowments, Alam, N. & Rizvi, S.A.R (ed). Palgrave Macmillan UK.

Bekri, M., Hassan, M.K. and Alam, N. 2017. On The Dependency Structure of Islamic Asset In: Handbook of Empirical Research on Islamic and Economic Life, Hassan, M.K. (ed.), 602-623. Edwar Elgar.

Rizvi, S.A.R and Alam, N. 2016. Islamic Capital Market research: Past Trends and Future Considerations In: Islamic Capital Market- Volatility, Performance and Stability, Alam, N. & Rizvi, S.A.R (ed.), 1-14. Palgrave Macmillan UK.

Alam, N. and Rizvi, S.A.R, 2016. Empirical Research in Islamic Banking: Past, Present and Future In: Islamic Banking- Growth, Stability and Inclusion, Alam, N. & Rizvi, S.A.R (ed.), 1-14. Palgrave Macmillan UK.

Alam, N., Duygun, M. And Turk Ariss, R., 2016. Green Sukuk: An Innovation in Islamic Capital Market. In: Energy, Sustainability and Finance, Dorsman et. al. (ed.), 167-185. Springer, Heidelberg.

Alam, N. 2014. Islamic Banking & Finance: A Viable Alternative to a Flawed Global System. In: Islamic Business: Contemporary Issues and Economic Development, Nair, M. & Lee, G.H.Y. (ed.), 3-20. LexisNexis.

Sandhu, M.S., Alam, N. and FahmiI, S., 2014. Attracting FDI: Issues & Challenges for Islamic Banking. In: Islamic Business: Contemporary Issues and Economic Development, Nair, M. & Lee, G.H.Y. (ed.), 171-196. LexisNexis.

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