Professor Nafis Alam

Head of School of Business, Professor

Department of Finance
603 5514 6281
Room 6-4-25



Dr Nafis Alam is a Professor and Head of the School of Business, Monash University Malaysia. Nafis has been working in higher education for more than 20 years. Apart from Monash, he has worked at the Henley Business School Malaysia, at the University of Reading Malaysia, Nottingham University Business School at the University of Nottingham Malaysia and, most recently, at Asia Pacific University where he was the Head of the School of Accounting and Finance. He is also a research affiliate of the Cambridge Centre for Alternative Finance (CCAF) at Judge Business School, University of Cambridge. He has also held visiting positions at universities in the UK and Indonesia.

Nafis is a well-regarded scholar and commentator on FinTech, alternative finance and financial regulation. He has published over 40 peer-reviewed in leading journals including The World Economy, Emerging Markets Review, Pacific-Basin Finance Journal, Journal of Behavioral and Experimental Finance, Journal of Asset Management, Journal of Banking Regulation, RIBAF and Journal of Financial Services Marketing among others. He has also co-authored nine books and numerous book chapters on Fintech and Islamic Finance and contributed to a number of global reports. As a frequent traveller, he has given lectures on finance and Islamic finance throughout the world, including at Harvard Law School, University of Cambridge, Durham University, Seoul International Finance Conference, and the World Islamic Economic Forum.

He has an active profile in conventional and new media. He is an avid writer and contributes regularly to mainstream newspapers, economic forums, and professional outlets. He was featured as a Professor of the Month by the Financial Times in 2014 and received an award for Upcoming Personality in Islamic Finance in 2016 presented by the Global Islamic Finance Awards and hosted by the Indonesian government. Nafis works very closely with the financial services industry in Southeast Asia. He is among the world top 100 influencers in FinTech and top 5 amongst Regtech influencers.

Nafis is a passionate educator and brings about the combination of cognitive and practical aspects of learning in his classroom which help students to develop deep learning of the concepts. Nafis has been instrumental in developing market-driven programmes in his previous roles. Nafis is a Senior Fellow of the Higher Education Academy (SFHEA), UK and holds a Postgraduate Certificate in Higher Education (PGCHE) from the University of Nottingham. His contribution to education has been recognized by the multiple awards and commendations granted by the Universities he worked at. He received a Vice-Chancellor Medal and Knowledge Exchange and Impact Award at the University of Nottingham. He also received a Vice Chancellor’s Award for Teaching and Research Excellence in 2008-10 at Monash University.

Nafis holds a PhD in Banking and Finance from Monash, an MBA  from Multimedia University and a bachelor degree in Economics from Patna University.

Academic Qualifications

Doctor of Philosphy
Institution Monash University
Year awarded 2010
Master of Business Administration (MBA)
Institution Multimedia University
Year awarded 2004
Bachelor of Economics
Institution Patna University
Year awarded 2001

Membership in Associations and International Bodies

Name of Association/International Body Finance Accreditation Agency (FAA)
Role Panel Member
Duration of membership - Month/Year 2015 - present
Name of Association/International Body Cambridge Centre for Alternative Finance (CCAF), University of Cambridge
Role Research Affiliate
Duration of membership - Month/Year 2017- Present

Areas of Expertise

1 Fintech and Digital currency
2 Banking and Financial Regulation
3 Corporate Finance
4 Behavioural Finance
5 AI Ethics and AI Bias in Financial Services
6 Islamic Banking and Finance


*Alam, N., Gupta, L. and Zameni, A. (2021). The Cashless Ecosystem - The Transformation of the Payment Industry. (Forthcoming). Palgrave Macmillan UK
* Chen, H., Jenweeranon, P. and Alam, N. (eds) (2021). Global Perspectives in FinTech: Law, Finance and Technology (Forthcoming).  Palgrave Macmillan UK.
*Alam, N. and Ali, S.N. (eds) 2020. Fintech, Digital Currency and the Future of Islamic Finance. Palgrave Macmillan UK.
*Alam, N., Gupta, L. and Zameni, A. (2019). Fintech and Islamic Finance- Digitalization, Development and Disruption. Palgrave Macmillan UK
*Alam, N., Gupta, L. and Shanmugam, B. (2018). Islamic Finance – A Practical Perspective. Palgrave Macmillan UK.
*Alam, N. and Rizvi, S.A.R (eds) (2017). Islamic Economies: Stability, Markets and Endowments. Palgrave Macmillan UK.
*Alam, N. and Rizvi, S.A.R (eds) (2016). Islamic Capital Market- Volatility, Performance and Stability. Palgrave Macmillan UK.
*Alam, N. and Rizvi, S.A.R (eds) (2016). Islamic Banking- Growth, Stability and Inclusion. Palgrave Macmillan UK.
* Shanmugam, B., Alam, N. and Zahari, Z.R. (2008). Encyclopedia of Islamic Finance. Kuala Lumpur, Malaysia: Insight Network
* Haron, S., Alam, N. and Shanmugam, B. (2007). Islamic Financial System: A Complete Guide.  Kuala Lumpur, Malaysia: Insight Network
*Alam, N. and Shanmugam, B. (eds) (2007). Islamic Banking: The Challenges Ahead. Kuala Lumpur, Malaysia:  University Putra Malaysia Press.

Book Chapters

*Alam, N. and Ali, S.N. (2020). FinTech and Islamic Finance in the Gulf Cooperation Council. In Alam, N. & Ali, S.N. (eds). Fintech, Digital Currency and the Future of Islamic Finance. Palgrave Macmillan UK.
* Alam, N. and Zameni, A. (2020). Regulatory Issues in Cryptocurrency Usage. In Alam, N. & Ali, S.N. (eds). Fintech, Digital Currency and the Future of Islamic Finance. Palgrave Macmillan UK.
*Alam, N. and Zameni, A. (2019). Regulation of Fintech and Cryptocurrencies  In Ali, S.N. & Oseni, U. (eds). Fintech in Islamic Finance: Theory and Practice: Routledge UK.
*Alam, N. and Zameni, A. (2019). Existing Regulatory Frameworks of Cryptocurrency and the Shariah Alternative In Billah, M.M. (eds) Halal Cryptocurrency Management: Palgrave Macmillan UK.
*Alam, N. and Rizvi, S.A.R (2017). Islamic Economics’ Contribution to Conventional Economics In Alam, N. & Rizvi, S.A.R (eds). Islamic Economies: Stability, Markets and Endowments: Palgrave Macmillan UK. Pg 1-8.
* Bekri, M., Hassan, M.K. and Alam, N. (2017). On The Dependency Structure of Islamic Asset In: Hassan, M.K., (eds), Handbook of Empirical Research on Islamic and Economic Life: Edwar Elgar 602-623.
* Rizvi, S.A.R and Alam, N. (2016). Islamic Capital Market research: Past Trends and Future Considerations In Alam, N. & Rizvi, S.A.R (eds). Islamic Capital Market- Volatility, Performance and Stability: Palgrave Macmillan UK.
*Alam, N. and Rizvi, S.A.R. (2016). Empirical Research in Islamic Banking: Past, Present and Future In Alam, N. & Rizvi, S.A.R (eds). Islamic Banking- Growth, Stability and   Inclusion: Palgrave Macmillan UK.
*Alam, N. Duygun, M. And Turk Ariss, R., (2016). Green Sukuk: An Innovation in Islamic Capital Market. In: Dorsman et. al., (eds), Energy, Sustainability and Finance: Springer, Heidelberg.
*Alam, N. (2014). Islamic Banking & Finance: A Viable Alternative to a Flawed Global System. In: NAIR, M. & LEE, G.H.Y., (eds). Islamic Business: Contemporary Issues and Economic Development, First edition. LexisNexis. 1-20
* Sandhu, M.S., Alam, N. and Fahmi, S. (2014). Attracting FDI: Issues & Challenges for Islamic Banking. In NAIR, M. & LEE, G.H.Y., (eds). Islamic Business: Contemporary Issues and Economic Development, First edition. LexisNexis.
* Shanmugam, B, Alam, N, (2007). Evolution of Islamic Finance: Prospects and Problems in “Islamic Banking: The Challenges Ahead”, Alam, N. & Shanmugam, B.  (eds) Kuala Lumpur, Malaysia:  University Putra Malaysia Press: 1-20

Scholarly Journals

*Alam, N., Sivarajah, G. and Bhatti, I. (2021. Are Deposit Insurance Systems Promoters of banking Stability? International Journal of Financial Studies. Vol 9 (3),52, pp. 1-22 (SCOPUS/SSCI
* Ali, M., Khattak, M.A. and Alam, N. (2021), Credit risk in dual banking systems: does competition matter? Empirical evidence. International Journal of Emerging Markets, Vol. ahead-of-print No. ahead-of-print.  (SCOPUS/SSCI)
* Ali, M, Alam, N. & Rizvi, S.A.R 2020. Coronavirus (COVID-19)- An Epidemic or Pandemic for Financial Markets. Journal of Behavioral and Experimental Finance. Vol 27 (2020), pp.1-9 (SCOPUS/SSCI)
*Alam, N. Ramachandran, J. & Nahomy, A.H. (2020). The Impact of Corporate Governance and Agency Effect on Earnings Management – A Test of the Dual Banking System. Research in International Business and Finance. Vol 54 (2020), pp. 1-16 (SCOPUS/SSCI)
*Alam, N. (2020). Review of the book Beyond Debt: Islamic Experiments in Global Finance, by Daromir Rudnyckyj. Journal of Southeast Asian Economies (JSEAE). Vol 37(1), pp. 97-98.
* Ramachandran, J., Alam, N. and Goh, C.E. (2020). A win-win situation for both managers and shareholders: A study of ASEAN corporate governance. Managerial Finance. Vol. 46 (8), pp. 977-1000.
* Amri, M., Zainuddin, Y., Alam, N. &. Li, P. (2020). Portfolio of IT Investment and Organisational Performance. Moderating role of Decentralised Decision Making. International Journal of Business Information Systems. Vol.33(1), pp.48 – 79. (SCOPUS/SSCI)
*Alam, N. Zainuddin, S.S. & Rizvi, S.A.R. (2019). Ramifications of Varying Banking Regulations on Performance of Islamic Banks. Borsa Istanbul Review. Vol 19(1), pp. 49-64 (SCOPUS/SSCI)
*Alam, N. Hamid, B.A. & Tan, D.T. (2018). Does Competition Make Banks Riskier in Dual Banking System? Borsa Istanbul Review, Vol 19(1), pp. 34-43 (SCOPUS/SSCI)
* Ibrahim, M. & Alam, N. (2018).  Islamic Economics and Islamic Finance in the World Economy. The World Economy. Vol 41(3), pp. 668-673 (SCOPUS/SSCI)
* Rizvi, S.A.R., Arshad, S. & Alam, N. (2018).  A Tripartite Inquiry into Volatility Efficiency Integration Nexus - Case of Emerging Markets. Emerging Markets Review. Vol. 34, pp.143-161. (SCOPUS/SSCI)
*Alam, N. & Gupta, A. (2018).  Does hedging Enhance Firm value in Good and Bad times, International Journal of Accounting and Information Management. Vol. 26(1), pp. 131-152. (SCOPUS)
*Alam, N. Bhatti, M.I. & Wong, J.T.F. (2018).  Assessing Sukuk Defaults using Value at Risk Techniques. Managerial Finance. Vol. 446), pp. 665-687 (SCOPUS/SSCI)
* Amri, M., Alam, N. &. Kendall, G. (2017). Does Decentralized Decision Making Add Value to Infrastructure Information Technology Investment And Performance Nexus? International Journal of Accounting Information Systems. Vol 27, pp. 1-15 (SCOPUS/SSCI)
* Parinduri, R. & Alam, N. (2017). Do Islamic banks shift from mark-up to equity financing when their contracting environments are improved. Applied Economics Letters. Vol. 24(8), pp. 545-548 (SCOPUS/SSCI)
*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. Vol. 31, pp.108-114 (SCOPUS)
* Rizvi, S.A.R., Arshad, S. & Alam, N., (2015). Crises and contagion in the Asia Pacific — Islamic v/s conventional markets. Pacific-Basin Finance Journal. Vol. 34, pp. 315-326  (SCOPUS/SSCI)
* Ngene, G., Hassan, K. & Alam, N. (2014). Price discovery process in the Emerging sovereign CDS and equity markets, Eastern European Economics. Emerging Markets Review. Vol. 21, pp. 117–132. (SCOPUS/SSCI)
*Alam, N. (2014). Regulations and Bank Risk taking in Dual Banking Countries. Journal of Banking Regulation. Vol.15(2), pp. 105-116 (SCOPUS)
*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. Vol. 29(11), pp. 663-670. (SCOPUS)
*Alam, N., & Hassan, K. (2013). Are Islamic bonds different from conventional bonds? International evidence from capital market tests. Borsa Istanbul Review. Vol. 13(3), pp. 22-29.  (SCOPUS/SSCI)
* 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. Vol. 18(4), pp. 316-326. (SCOPUS/SSCI)
*Alam, N. (2013). A Comparative Performance Analysis of Conventional and Islamic Exchange Traded Funds. Journal of Asset Management. Vol.14(1), pp. 27-36. (SCOPUS/SSCI)
*Alam, N. (2013). Impact of Banking Regulation on Risk and Efficiency in Islamic Banking. Journal of Financial Reporting & Accounting. Vol. 11(1), pp. 29-50. (SCOPUS)
*Alam, N. and Tang, K.B., (2012). Risk-Taking Behaviour of Islamic Banks: Application of Prospect Theory. Qualitative Research in Financial Markets. Vol. 4(2), pp. 156-164. (SCOPUS)
*Alam, N. (2012). Risk-Efficiency Relationship in Islamic Banking: Global Evidence. Journal of Islamic Economics, Banking and Finance. Vol. 8(4), pp. 49-66. (ERA)
*Alam, N. (2012). Does Banking Regulation Affect Banking Efficiency? A Survey of Dual Banking System. Journal of International Banking Law and Regulation. Vol. 27(6), pp. 231-238. (SCOPUS)
*Alam, N. & Rajjaque, M.S. (2010). Shariah-Compliant Equities-Empirical Evaluation of Performance in European Market During Credit Crunch. Journal of Financial Services Marketing. Vol. 15(3), pp. 228-240. (SCOPUS/SSCI)
*Alam, N., Ibrahim, M.M.  & Raman, M. (2010). Challenges Faced by Sudanese Banks in Implementing Online Banking: Bankers’ Perception. Journal of Internet Banking and Commerce. Vol.15(2) (SCOPUS/ERA)

Local Grants

Title Using Big Data Analytics in the Finance Industry
Investigators Teck E Yong and Nafis Alam
Funding Period 2018-2019
Funding Body/Organisation Asian Institute of Finance
Title A Conceptual Framework to Assess and Evaluate Income Purification Standards of Non-Shariah Compliant Income
Investigators Baharom A. Hamid and Nafis Alam
Funding Period 2017-2018
Funding Body/Organisation Khazanah Nasional, Malaysia
Title Reframing Retirement Planning: A Holistic Approach to Understanding Consumer Financial Planning, Attitudes and Behavior Surrounding the Silver Industry
Investigators Fon Sim Ong and Nafis Alam
Funding Period 2015-2017
Funding Body/Organisation MOSTI, Malaysia

International Grants

Title Evaluating the causal effect of Zakat on Educational outcomes
Investigators Nafis Alam and Rasyad Parinduri
Funding Period 2013-2014
Funding Body/Organisation Integrating Global Society, University of Nottingham, UK

Current Supervision

Student Dooneshsingh Audit
Program of study Modelling an early warning system for systemic banking Crisis (PhD)

Completed Supervision

Student Vu Thi Hong Nhung
Program of study An Analysis Of The Excess Volatility and the Role of Investor Behavior: Evidence From Islamic Markets (PhD)
Awarding University University of Nottingham
Student Fadila Binti Puteh
Program of study Continued Professional Development (CPD), Employee Competency and Financial Advantage:  A Proposed Strategic HRD Model (PhD)
Awarding University University of Nottingham

International Presentation

* FinTech and Islamic Finance - a common goal of financial inclusion -
Tania Zieglar, Head of Benchmarking at the Cambridge Centre for Alternative Finance (CCAF) talks to Prof. Dr Nafis Alam, Professor and Head of School (Accounting and Finance) at Asia Pacific University, about the development of Islamic finance, how it has developed a symbiotic relationship with FinTech and how the two have met the challenges of a global pandemic.