Faculty Profile

For more than two and a half decades, worked as a freelance advisor, consultant & practitioner to a wide variety of listed public & private corporate entities in the areas of Financial Policy & Implementation, Auditing & Assurance, Accountancy, Corporate Tax Management, Corporate Laws, Internal Audits & Controls, Assets Revaluations, IPOs, Financing arrangements, Buyouts, Corporate M&As and development of computerized financial systems, etc. Sectors for which assignments were performed include Textile, Auto Assembling, Footwear, Industrial & Agro Chemicals, Ice Cream & Dairies, Glass & Ceramics, Healthcare, Mining & Natural Resources, Paper Sacking, Steel & Pipe Casting, Rice Processing, Brokerage & Co-operative Financing, Software Development, Real Estate, Printing & Publishing, Construction & Civil Engineering, etc. Also performed special assignments for FBR, SECP, and Punjab Co-operative Societies Liquidation Board. Being a Certified Director as per Corporate Governance Regulations of SECP, he is on the board of a listed company as an Independent Director.

During the last 20 years, successfully conducted open enrollment and customized corporate trainings on Finance, Accounting, Mutual Funds, Investments, Taxation, Corporate Reporting, Financial Re-structuring, Mergers & Acquisitions, AML etc. These trainings are attended by participants from Nestle Pakistan Limited, Roche Pakistan, ICI Pakistan Limited, Akzo Nobel Pakistan Limited, Service Industries Limited, United Bank Limited, GSK, Habib Bank Limited, Nishat Power Limited, Descon Limited, PTCL, Mobilink and Wilshire Labs Limited, to name a few. He is an approved trainer of the Institute of Financial Markets of Pakistan (IFMP), an affiliate of the Securities & Exchange Commission of Pakistan (SECP).

For the last 26 years, associated with teaching/academic affairs in some of the reputed business schools and professional institutes of Pakistan. Specialized subjects of interest are Strategic Financial Management, Investments/Portfolio Analysis, International Financial Reporting Standards, Corporate Restructuring (Mergers & Acquisitions), Financial Statement Analysis, Corporate Audit, Financial Crimes, Corporate Law, Corporate Taxation and Financial Technology. Also served as an instructor in the Civil Services Academy of Pakistan to train CSS Officers selected by the Federal Public Service Commission of Pakistan (FPSC).

• Chartered Accountant - Fellow Member of The Institute of Chartered Accountants of Pakistan
• Certified Director – as per SECP’s Code of Corporate Governance 2012 for Listed Companies (Since 2013)
• Executive Alumnus – REDC LUMS (Since 2011)
• Member – The Institute of Internal Auditors (IIA), USA (Since 2002)
• Life-Time Member – Lahore Tax Bar Association (Since 2001)
• Member – Marketing Association of Pakistan (MAP) (Since 2018)

• MS (Major: Islamic Finance)– University of Management & Technology, Pakistan [University Distinction]
• M.Com (Major: Finance) – Hailey College of Commerce, University of the Punjab, Pakistan [High First Division]

• Corporate Financial Management
• Problem Solving & Decision Making
• Financial Derivatives
• Islamic Finance
• Financial Mathematics

• FATF-UNODC: Money Laundering/Counter-Terrorism Financing
• IFC World Bank Group-UKAID-SECP: Financial Planning & Investment
• IFC World Bank Group: Corporate Governance for SMEs
• USAID: Fixed Income Trading & Investment
• USAID: Access to SME Financing
• Schneider Electric, Germany: Financial Analysis of Energy Efficient Projects
• Asian Productivity Organization (APO), Japan: Quality & Productivity Improvement through JIT & TPM Techniques
• SECP-ICAP: Director’s Training Program (for CG in Listed Companies)
• ICAP: Financial Modeling
• Pakistan Institute of Management (PIM): Quality System Documentation for ISO 9001
• SMEDA: ToT-National Business development Program for SMEs

• LUMS: Case Study-Teaching & Writing
• Emerald, UK: Winning Teaching Case
• HEC: Econometric Modeling and Data Analysis
• UMT: Art & Science of Teaching in Higher Education

• Independent Director (as per SECP’s Code of Corporate Governance 2012): A Textile Company listed on PSX. (Since 2020)
• Co-Regional Director: Lahore Islamabad Chapter: Professional Risk Manager International Association (PRMIA), USA (2011-2014)
• Board Member: Digital Assurance & Accounting Board, The Institute of Chartered Accountants of Pakistan (Since 2022)
• Senior Consultant: Institute of Knowledge & Leadership (IKL), UAE. (2015-2020)
• Member: Collaborating Expert Group; International Institute of Inspiration Economy (IIIE), Slovenia (Since 2015)
• Trainer: Institute of Financial Markets of Pakistan(IFMP)-SECP (Since 2017)
• Member: Education & Training Committee, The Institute of Chartered Accountants of Pakistan (Since 2012)
• Member: ICAP’s ETCOM Sub-committee on Technology (Since 2019)
• Member: IT Committee of Marketing Association of Pakistan (Since 2021)
• Member: ICAP’s Islamic Finance Working Group for Technical Accounting Standards (Since 2017)
• Member: ICAP’s Benevolent Fund Committee (Since 2022)

• Chairperson: Department of Finance, UMT School of Business & Economics (2011 - 2017)
• Director: UMT School of Commerce & Accountancy (2015 - 2016)
• Chairperson: UMT Central Purchase Committee (2011 - 2013)
• Chairperson: UMT Employees Welfare Committee (2015 - 2017)
• Board Member: Board of Trustees, UMT Employees Provident Fund Trust (2015 - to date)
• Member: UMT Equivalence Committee (2018 - to date)
• Member: UMT Disciplinary Committee for Students (2015 - to date)
• Member: UMT Board of Advanced Studies & Research (BASAR) (2016 - to date)
• Member: Academic Council, UMT School of Business & Economics (2008 - to date)
• Member: UMT-SBE Accreditation Committee (2019 - 2021)
• Member: Board of Faculty, UMT School of Law & Policy (2012 - 2018)
• Member: Board of Studies, UMT School of Professional Advancement (2015 - 2017)
• Member: Board of Faculty, UMT The Institute of Islamic Banking (2014 - 2020)
• Member: Board of Studies, Kinnaird College for Women, Pakistan (2015 - 2016)
• Member: Accounting & Finance Faculty Group, Lahore School of Economics, Pakistan (2007 - 2016)

Award/Nomination	Sponsors	Award/Nomination for	Venue
Nominated for The Islamic Development Bank (IsDB) Prize for Impactful Achievement in Islamic Economic [Knowledge Contribution] 2022	Islamic Development Bank, Jeddah, Saudi Arabia	Knowledge Contribution Project titled “Handbook of Research on Theory and Practice of Global Islamic Finance” published in the US.	Jeddah, Saudi Arabia
Nominated for IFAC Global Leadership Award 2022	The International Federation of Accountants (IFAC), New York, USA	Contributions to the advancement of the global accountancy profession through project titled “Handbook of Research on Theory and Practice of Financial Crimes”	New York, USA
Long Service Award 2021	University of Management & Technology, Lahore, Pakistan	Completing a successful decade in Academics	Presented at 2nd Long Service Award Ceremony (2021) at University of Management & Technology, Lahore, Pakistan.
Venture Finance SIG Paper Award 2019	United States Association for Small Business and Entrepreneurship (USASBE), Florida, USA	Paper titled “SME Development: The Tale of Terrorized Economy”	Presented at United States Association for Small Business and Entrepreneurship (USASBE) Conference 2019, Florida, USA.
Best Case Study Award 2018	SAGE & Lahore University of Management Sciences (LUMS), Lahore, Pakistan	Case titled “Managing international communication - JI Trading Company”	Presented at 7th Asian Management Research and Case Conference (AMRC) 2018, LUMS Lahore, Pakistan.
Faculty Research Award 2018	University of Management & Technology, Lahore, Pakistan	Departmental Research	Presented at 16th Convocation (2018) at University of Management & Technology, Lahore, Pakistan.
Best Paper Award 2017	Small & Medium Enterprise Authority (SMEDA), Lahore, Pakistan	Paper titled “SME Financing: A Challenge in a vulnerable Economy”	Presented at the 2nd International SME Conference 2017, SMEDA Lahore, Pakistan.
Patron’s Medal Award (with Certificate of Merit for University Distinction) 2014	University of Management & Technology, Lahore, Pakistan	Post Graduate Degree titled “MS-Islamic Finance”	Presented at 10th Convocation (2014) at University of Management & Technology, Lahore, Pakistan.

• Member: North American Case Research Association (NACRA), USA; Publisher of the Case Research Journal
• Member Editorial Board: Journal of Business Administration and Social Studies, Istanbul University-Cerrahpasa, Turkey. (2022 to date)
• Member Editorial Review Board: Journal of Cases on Information Technology, USA. [Indices: Clarivate Analytics ESCI, Scopus/SJR] [H-Index: 10] [ABDC Category: C] (2017-2020)
• Consultant Editor: “FWU Journal of Social Sciences”; Official Journal of Shaheed Benazir Bhutto Women University, Pakistan. [HEC Recognized X Category] (2015-2020)
• Member Editorial Advisory Board: “SMEDA Research Journal”; Official Journal of SMEDA, Ministry of Industries & Production, Government of Pakistan. (2017-2019):
• Member: Research Publication Committee, The Institute of Chartered Accountants of Pakistan (2018-2019)

International Handbooks of Research (3)

1. Rafay, A. (Ed.) (2022). HandBook of Research on Energy and Environmental Finance 4.0. Pennsylvania:  IGI Global. DOI: 10.4018/978-1-7998-8210-7; ISBN13: 9781799882107 | ISBN10: 1799882101 | EISBN13: 9781799882114; US Library of Congress Catalog Classification HD9502.A2 https://lccn.loc.gov/2021024349
2. Rafay, A. (Ed.) (2021). HandBook of Research on Theory and Practice of Financial Crimes. Pennsylvania:  IGI Global. DOI: 10.4018/978-1-7998-5567-5; ISBN13: 9781799855675|ISBN10: 1799855678|EISBN13: 9781799855699; US Library of Congress Catalog Classification HV6768 https://lccn.loc.gov/2020009676
3. Rafay, A. (Ed.) (2020). HandBook of Research on Theory and Practice of Global Islamic Finance. Pennsylvania:  IGI Global. DOI: 10.4018/978-1-7998-0218-1; ISBN13: 9781799802181|ISBN10: 1799802183|EISBN13: 9781799802204; US Library of Congress Catalog Classification HG187.4 .H35 2020 https://lccn.loc.gov/2019018092

International Premier Reference Books (8)

1. Rafay, A. (Ed.) (2024). Modern Concepts & Practices of Climate Finance. Pennsylvania:  IGI Global. DOI: 10.4018/979-8-3693-2117-1. ISBN13: 9798369321171 | EISBN13: 9798369321188
2. Rafay, A. (Ed.) (2023). Theory and Practice of Illegitimate Finance. Pennsylvania:  IGI Global. DOI: 10.4018/979-8-3693-1190-5. ISBN13: 9798369311905 | EISBN13: 9798369311912; Library of Congress Catalog Classification: LCC HG101. T45 2023 (print) | LCC HG101  (ebook) | DDC 332--dc23/eng/20230907 https://lccn.loc.gov/2023037192
3. Rafay, A. (Ed.) (2023). Concepts and Cases of Illicit Finance. Pennsylvania:  IGI Global. DOI: 10.4018/978-1-6684-8587-3. ISBN13: 9781668485873 | ISBN10: 1668485877 | EISBN13: 9781668485897; Library of Congress Catalog Classification: LCC HV6768 .C6545 2023 (print) | LCC HV6768  (ebook) | DDC 364.16/8--dc23/eng/20230201 https://lccn.loc.gov/2022062309
4. Rafay, A. (Ed.) (2023). Concepts, Cases, and Regulations in Financial Fraud and Corruption. Pennsylvania:  IGI Global. DOI: 10.4018/978-1-6684-5007-9. ISBN13: 9781668450079 | ISBN10: 1668450070 | EISBN13: 9781668450093 | ISBN13 Softcover: 9781668450086; Library of Congress Catalog Classification LCC HV6691 .C665 2023 (print) | LCC HV6691 (ebook) | DDC 364.16/8--dc23/eng/20220708 https://lccn.loc.gov/2022018630
5. Rafay, A. (Ed.) (2022). Finance for Sustainability in a Turbulent Economy. Pennsylvania:  IGI Global. DOI: 10.4018/978-1-6684-5580-7; ISBN13: 9781668455807 | ISBN10: 1668455803 | EISBN13: 9781668455821; Library of Congress Catalog Classification HG101 .F546 2022 https://lccn.loc.gov/2022003075
6. Rafay, A. (Ed.) (2021). Money Laundering and Terrorism Financing in Global Financial Systems. Pennsylvania:  IGI Global. DOI: 10.4018/978-1-7998-8758-4; ISBN13: 9781799887584 | ISBN10: 1799887588 | EISBN13: 9781799887607; Library of Congress Catalog Classification HV6768 .M626 2021 https://lccn.loc.gov/2021008490
7. Rafay, A. (Ed.) (2020). Growth and Emerging Prospects of International Islamic Banking. Pennsylvania:  IGI Global.  DOI: 10.4018/978-1-7998-1611-9; ISBN13: 9781799816119|ISBN10: 1799816117 | EISBN13: 9781799816126; Library of Congress Catalog Classification HG3368.A6 G76 2020 https://lccn.loc.gov/2019032858
8. Rafay, A. (Ed.) (2019). FinTech as a Disruptive Technology for Financial Institutions. Pennsylvania:  IGI Global. DOI: 10.4018/978-1-5225-7805-5; ISBN13: 9781522578055 | ISBN10: 1522578056 | EISBN13: 9781522578062; Library of Congress Catalog Classification HG173 .F535 2019 https://lccn.loc.gov/2018036430

International Book Chapters (16)

1. King, M., & Rafay, A. (2023). Corruption and the Resource Curse: The Case of Timor-Leste. In A. Rafay (Ed.), Theory and Practice of Illegitimate Finance. (Chapter 13: pp. 246-265). Pennsylvania: IGI Global. DOI: 10.4018/979-8-3693-1190-5.ch013
2. Yong, H. N. A., Kuah, Y. C., Wei, C. Y. & Rafay, A. (2023). Consumers’ risk perception towards cybercrimes and E-Commerce: The Case of Malaysia. In A. Rafay (Ed.), Theory and Practice of Illegitimate Finance. (Chapter 10: pp. 184-202). Pennsylvania: IGI Global. DOI: 10.4018/979-8-3693-1190-5.ch010
3. Shah, S., & Rafay, A. (2023). Regulatory Ambiguity in India: A breeding ground for crypto criminals. In A. Rafay (Ed.), Concepts and Cases of Illicit Finance. (Chapter 4: pp. 51-60). Pennsylvania: IGI Global. DOI: 10.4018/978-1-6684-8587-3.ch004
4. Jayasekara, S. G. S. D., & Rafay, A. (2023). AML/CFT regulations and informal remittance services: The case of hawala. In A. Rafay (Ed.), Concepts and Cases of Illicit Finance. (Chapter 2: pp. 20-36). Pennsylvania: IGI Global. DOI: 10.4018/978-1-6684-8587-3.ch002
5. Shafiu Ibrahim Abdullahi, S. I., Shuaibu, M., Yusufu, M., Shehu, K. K., Rafay, A. (2023). Economic Growth, Financial Development and Bank Failure:The Case of Corruption in Nigeria. In A. Rafay (Ed.), Concepts, Cases, and Regulations in Financial Fraud and Corruption. (Chapter 6: pp. 144-163). Pennsylvania: IGI Global. DOI: 10.4018/978-1-6684-5007-7.ch006
6. Beebeejaun, A., Gunputh, R. & Rafay, A. (2023). Base Erosion and Profit Shifting (BEPS) in International Taxation System: The Case of Mauritius in the light of OECD/G20 initiatives. In A. Rafay (Ed.), Concepts, Cases, and Regulations in Financial Fraud and Corruption. (Chapter 11: pp. 259-277). Pennsylvania: IGI Global. DOI: 10.4018/978-1-6684-5007-7.ch011
7. Polat, A., Ajmal. M. M. & Rafay, A. (2023). Mortgage Financing Frauds in the US: An Analysis of CFPB Complaint Database. In A. Rafay (Ed.), Concepts, Cases, and Regulations in Financial Fraud and Corruption. (Chapter 1: pp. 1-27). Pennsylvania: IGI Global. DOI: 10.4018/978-1-6684-5007-7.ch001
8. Kiranmai, J., Mishra, R. K., Goud, M. M., Rafay, A., & Nakitende, M. G. (2022). Environmental finance for a sustainable society: An overview. In A. Rafay (Ed.), Finance for Sustainability in a Turbulent Economy. (Chapter 6: pp. 115-134). Pennsylvania: IGI Global. DOI: 10.4018/978-1-6684-5580-7.ch006
9. Nasreen, S., & Rafay, A. (2022). Technological Innovation and Financialization for Environment: The Case of Pakistan. In A. Rafay. (Ed.), HandBook of Research on Energy and Environmental Finance 4.0 (Chapter 13: pp. 333-353). Pennsylvania: IGI Global. DOI: 10.4018/978-1-7998-8210-7.ch013
10. Baskurt, B. B., Celik, S., Oke, T., & Rafay, A. (2022). FDI and Environmental Degradation: Evidence from a developed country. In A. Rafay. (Ed.), HandBook of Research on Energy and Environmental Finance 4.0 (Chapter 18: pp. 446-471). Pennsylvania: IGI Global. DOI: 10.4018/978-1-7998-8210-7.ch018
11. Yu, P., Hu, Y., Waseem, M., & Rafay, A. (2021). Regulatory Developments in Peer-to-Peer (P2P) Lending to Combat Frauds: The Case of China. In A. Rafay. (Ed.), HandBook of Research on Theory and Practice of Financial Crimes (Chapter 11: pp. 172-194). Pennsylvania: IGI Global. DOI: 10.4018/978-1-7998-5567-5.ch010
12. Nakitende, M. G., Rafay, A., & Waseem, M. (2021). Frauds in Business Organizations: A Comprehensive Overview. In A. Rafay. (Ed.), HandBook of Research on Theory and Practice of Financial Crimes (Chapter 2: pp. 21-38). Pennsylvania: IGI Global. DOI: 10.4018/978-1-7998-5567-5.ch002
13. Yildrim, I., & Rafay, A. (2021). Anti-Money Laundering in the Insurance Sector: The Turkish Case. In A. Rafay. (Ed.), Money Laundering and Terrorism Financing in Global Financial Systems (Chapter 5: pp. 108-127). Pennsylvania: IGI Global. DOI: 10.4018/978-1-7998-8758-4.ch005
14. Memdani, L., Kademi, T. T., & Rafay, A. (2021). Effect of Terrorism Financing on selected Global Indices: The case of 2015 Paris Attacks. In A. Rafay. (Ed.), Money Laundering and Terrorism Financing in Global Financial Systems (Chapter 8: pp. 183-205). Pennsylvania: IGI Global. DOI: 10.4018/978-1-7998-8758-4.ch008
15. Rafay, A., & Khan, A. (2018). Synergy for sustainability in the upcoming telecommunication revolution: The Case of a developing economy. In A. Borchers. (Ed.), Technology Management in Organizational and Societal Contexts (Chapter 3: pp. 51-76). Pennsylvania:  IGI Global. DOI: 10.4018/978-1-5225-5279-6.ch003
16. Rafay, A., Mohsan, T., & Sadiq, R. (2017). Structural Mix of Credit Portfolios in Islamic Banking System: Evidence from a South Asian Economy. In D. Mutum, M. M. Butt, & M. Rashid. (Eds.), Advances in Islamic Finance, Marketing, and Management: An Asian Perspective (Chapter 8: pp. 185-210). London: Emerald Group Publishing Limited. DOI: 10.1108/978-1-78635-899-820161010

International Case Studies (3)

1. Ajmal, M. M., Rafay, A. & Ajmal, M. M. (2020). Managing International Communication: JI Trading company. Asian Journal of Management Cases, 17(1), 52-60. DOI: 10.1177/0972820119892704 [Indices: Scopus/SJR, Clarivate Analytics ESCI] [H-Index: 6] [ABDC-2019: C] [HEC-HJRS Category: Y]
2. Rafay, A., Singh, N., (2020). Bright Paint Industries: Expansion through Internationalization. South Asian Journal of Business and Management Cases, 9(1), 41-53. DOI: 10.1177/2277977919881399 [Indices: Scopus/SJR] [H-Index: 2] [HEC-HJRS Category: Y]
3. Rafay, A. & Khan, A. (2016). Shift towards Next-Generation Networks (NGNs) for sustainability: Evidence from an Emerging Economy. Journal of Cases on Information Technology, 18(3), 1-12. DOI: 10.4018/JCIT.2016070101 [Indices: Scopus/SJR, Clarivate Analytics ESCI] [H-Index: 12] [ABDC-2019: C][HEC-HJRS Category: Y]

Research Papers (39)

1. Rafay, A., (2024). Baldia Factory Fire Tragedy: A black Spot for Workplace Safety Standards in Pakistan. Workplace Health & Safety. Forthcoming. [Indices: Clarivate Analytics SSCI, SCIE, Scopus] [HEC-HJRS Category (2023-24): X]
2. Chen, S., Hassan, M. S., Latif, A., Rafay, A., Mahmood, H., & Xu, X. (2023). Investigating resource curse/blessing hypothesis: An empirical insight from Luxembourg, the Netherlands, and Portugal economies. Resources Policy, 83(June2023), 103647. https://doi.org/10.1016/j.resourpol.2023.103647 [Indices: Clarivate Analytics SSCI, Scopus] [ABDC-2019: B] [HEC-HJRS Category (2022-23): W]
3. Hanif, N., Javaid, A., Arshed, N., & Rafay, A. (2023). Foreign exploration of immature markets and incidence of money laundering. Journal of Money Laundering Control, Forthcoming. https://doi.org/10.1108/JMLC-10-2022-0153 [Indices: Clarivate Analytics ESCI, Scopus][HEC-HJRS Category (2022-23): X]
4. Rafay, A., (2022). Related party disclosures in financial reporting for Islamic banks. Journal of Islamic Accounting and Business Research, 13(7), 997-1017. https://doi.org/10.1108/JIABR-03-2020-0066 [Indices: Clarivate Analytics ESCI, Scopus] [ABDC-2019: C][HEC-HJRS Category (2022-23): X]
5. Amjad, R. M., Rafay, A., Arshed, N., Munir, M. & Amjad, M. M. (2022). non-linear impact of globalization on financial crimes: A case of developing economies. Journal of Money Laundering Control, 25(2), 358-375. https://doi.org/10.1108/JMLC-03-2021-0023 [Indices: Clarivate Analytics ESCI, Scopus][HEC-HJRS Category (2022-23): X]
6. Younas, K. & Rafay, A. (2021). Women entrepreneurship and financial literacy - Case of female borrowers in Pakistan. Iranian Economic Review, 25(3), 525-534. DOI: 10.22059/ier.2021.84147 [Indices: Scopus/SJR] [H-Index: 8] [HEC-HJRS Category (2021-22): Y]
7. Khan, N., Rafay, A. & Shakeel, A. (2020). Attributes of Internal Audit and Prevention, Detection and Assessment of Fraud in Pakistan. Lahore Journal of Business, 9(1), 33-58. DOI: 10.35536/ljb.2020.v9.i1.a2 [HEC Recognized Category 2020 (Serial 11): Y]
8. Ramzan, M., Ahmad, I. & Rafay, A. (2020). Is Auditor independence influenced by Non-audit services? A stakeholder’s viewpoint. Pakistan Journal of Commerce and Social Sciences, 14(1), 388-408. [Indices: Scopus/SJR] [H-Index: 12] [HEC-HJRS Category (2020-2021): Y]
9. Rafay, A., Farid, S., Yasser, F. & Safdar, S. (2020). Social Collateral and Repayment Performance: Evidence from Islamic Micro Finance. Iranian Economic Review, 24(1), 41-74. DOI: 10.22059/ier.2020.74474 [Indices: Scopus/SJR] [H-Index: 8][HEC-HJRS Category (2020-21): Y]
10. Rafay, A., Yasser, F., & Khalid, Z. (2019). Revaluation of Non-Current Assets under IAS-16: Possibility of any Managerial inducement - Evidence from a South Asian Economy. DLSU Business and Economics Review, 29(1), 93-105. [Indices: Scopus/SJR] [H-Index: 10] [HEC-HJRS Category (2020-21): Y]
11. Rafay, A., Franco, G. & Gilani, U.J. (2019). Measuring Competition in Banking Industry: Evidence from Latin American Economies. Pakistan Business Review, 21(1), 154-163. [HEC Recognized Category 2019 (Serial # 10): X]
12. Rafay, A. & Farid, S. (2019). Islamic Banking System: A Credit Channel of Monetary Policy – Evidence from an Emerging Economy. Economic Research-EKONOMSKA ISTRAZIVANJA, 32(1), 742-754. DOI: 10.1080/1331677X.2019.1579662 [JCR IF: 3.080][Indices: Clarivate Analytics SSCI; Scopus/SJR] [H-Index: 35][HEC Recognized: 2019]
13. Rafay, A. & Farid, S. (2018). Shariah Supervisory Board Report (SSBR) in Islamic Banks: An experimental study of Investors’ perception and behaviour. International Journal of Islamic and Middle Eastern Finance and Management, 11(2), 274-296. DOI: 10.1108/IMEFM-07-2017-0180 [JCR IF: 2.853] [Indices: Clarivate Analytics SSCI, Scopus/SJR] [H-Index: 33] [ABDC-2019: B][HEC Recognized: 2019]
14. Rafay, A. & Farid, S. (2018).  Competitive Environment in Banking Industry: Evidence from an Emerging Economy. Business and Economic Review, 10(3), 65-84.  [HEC Recognized Category 2018 (Serial # 3): X]
15. Rafay, A., Chen, Y., Naeem, M. A. B. & Ijaz, M. (2018). Analyzing the impact of Credit Ratings on Firm Performance and Stock Returns: An Evidence from Taiwan. Iranian Economic Review, 22(3), 767-786. DOI: 10.22059/ier.2018.67452 [Indices: Scopus/SJR] [H-Index: 8] [HEC-HJRS Category (2020-21): Y]
16. Rafay, A., Sadiq, R. & Ajmal, M. M. (2017). Uniform Framework for Sukuk-Al-Ijara – A proposed model for all madhahib. Journal of Islamic Accounting and Business Research, 8(4), 420-454. DOI: 10.1108/JIABR-09-2015-0042 [Indices: Clarivate Analytics ESCI, Scopus/SJR] [H-Index: 22] [ABDC-2019: C][HEC-HJRS Category (2020-21): X]
17. Rafay, A., Sadiq, R. & Ahmed, S. (2017). Capital Investment Anomaly and Accruals Anomaly : Independent or Inter-dependent? - Evidence from South Asia. Jurnal Pengurusan, 50(2), 111-122. DOI: 10.17576/pengurusan-2017-50-10 [Indices: Scopus/SJR] [H-Index: 15][HEC-HJRS Category (2020-21): Y]
18. Rafay, A. & Farid, S. (2017). Dynamic Relationship between Islamic Banking System and Real Economic Activity: Evidence from Pakistan. Journal of King Abdulaziz University, Islamic Economics, 30(2), 97-114. [Indices: Scopus/SJR] [H-Index: 7][HEC-HJRS Category: Y]
19. Ajmal, M.M., Rafay, A. & Sadiq, R. (2017). Pricing of Bai Salam: An Analytical Perspective. International Journal of Business and Society, 18(S1), 167-176 [Indices: Scopus/SJR, Clarivate Analytics ESCI] [H-Index: 10] [ABDC-2019: C][HEC-HJRS Category: Y]
20. Rafay, A., Gilani, U. J., & Izhar, M.A. (2017). Investigating the Performance of Islamic Mutual Funds: Evidence from an Emerging Economy. City University Research Journal, 7(2), 234-241. [HEC Recognized Y Category]
21. Rafay, A. & Farid, S. (2017). Financial Integration in Money Markets: Evidence from SAARC Region. DLSU Business and Economics Review, 26(2), 87-114. [Indices: Scopus/SJR] [H-Index: 7] [HEC-HJRS Category: Y]
22. Rafay, A. & Farid, S. (2017). Maqasid-al-Shari‘ah vs. Contemporary Islamic Banking and Finance: The Case of Pakistan. Journal of Islamic Thought and Civilization, 7(2), 41-51. [HEC Recognized X Category]
23. Nosheen, S., Sadiq, R. & Rafay, A. (2016). The Primacy of Innovation in Strategic Financial Management-Understanding the Impact of Innovation and Performance on Capital Structure: Proceedings of the 2016 IEEE International Conference on Management of Innovation and Technology (ICMIT), Thailand. [Index: Scopus/SJR]
24. Rafay, A., Ajmal, M. & Khalid, Z. (2016). Self Sustainability of SME Banks - A Myth or Reality? Evidence from Selected Developing Economies across Asia. SMEDA Research Journal, 3(1), 64-74.
25. Rafay, A., Sadiq, R. & Ajmal, M. M. (2016). The Effect of IAS-24 Disclosures on Governance Mechanisms and Ownership Structures in Pakistan. Lahore Journal of Business, 5(1), 15-36. [HEC Recognized Y Category]
26. Rafay, A., Sadiq, R. & Mohsan, T. (2016). X-Efficiency in Banking Industry – Evidence from South Asian Economy. Global Management Journal for Academic & Corporate Studies, 6(1), 25-36. [HEC Recognized Y Category]
27. Rafay, A., Sadiq, R. & Ajmal, M. M. (2016). Fragmentation of Islamic Financial Products – An Exploratory Study of Islamic Schools of Thought. Abasyn Journal of Social Sciences, Special Issue: Towards Financial Inclusion, 48-61. [HEC Recognized X Category]
28. Rafay, A. & Gilani, U. J. (2016). Banking Competition and Stability: Evidence from Inter-continental Markets. DLSU Business and Economics Review, 25(2), 24-40. [Indices: Scopus/SJR] [H-Index: 7] [HEC-HJRS Category: Y]
29. Rafay, A., Gilani, U. J., Naeem, M.A.B & Ejaz, M. (2015). Volatility Modeling for Spot and Futures of Crude Oil – Evidence from Pakistan. Abasyn Journal of Social Sciences, 8(2), 298-309. [HEC Recognized X Category]
30. Rafay, A. & Farid, S. (2015). An Analysis of Oil Price Volatility using VAR: Evidence from Pakistan. Lahore Journal of Business, 4(1), 23-36. [HEC Recognized Y Category]
31. 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. [HEC Recognized Y Category]
32. Rafay, A., Gilani, U. J., & Ijaz, F. (2014). Managing the Gap between Actual and Target Capital Structure: An Evidence from Pakistan. Journal of Management and Research, 1(2), 18-25. [HEC Recognized Z Category]
33. Rafay, A., & Ajmal, M. M. (2014). Earnings Management through Deferred Taxes Recognized under IAS 12: Evidence from Pakistan. Lahore Journal of Business, 3(1), 1-19. [HEC Recognized Y Category]
34. Rafay, A., Naz, F. & Rubab, S. (2014). Causal Relationship between Macroeconomic Variable: Evidence from developing Economy. Journal of Contemporary Issues in Business Research, 3(2), 88-99.
35. Abbas, R. Z., Murad, H., Khan, M. A., Ghaffari, A. G. & Rafay, A. (2012).Exploring the Issues and New Insights of Global Branding and Strategic Corporate Social Responsibility (CSR): A Case of Pakistani Organizations. African Journal of Business Management, 6(33), 9381-9387.
36. Abbas, R. Z., Ahmad, Z. & Rafay, A. (2011). A study of strategic orientations, Pakistani brands and implications. Interdisciplinary Journal of Contemporary Research in Business, 2(10), 118-127.
37. Abbas, R. Z., Rafay, A., Ahmad, Z., & Kitchlew, N. (2011). An exploratory study of SHRM practices in developing countries: A case of public sector organization GSP. Interdisciplinary Journal of Contemporary Research in Business, 2(11), 43-66.
38. Abbas, R.Z., Ashraf, M., Alam, H. M., & Rafay, A. (2011). Mirror up to leadership and Strategic Human Resource Management: An Exploratory Account. Interdisciplinary Journal of Contemporary Research in Business, 2(10), 541-547.
39. Rafay, A. (2006). Modern Financial Management in Focus. The Pakistan Accountant, March-August.

Conference Papers (27)

1. Rafay, A. & Ajmal, M. M. (2024, January 27-28). Islamic Crowdfunding: A framework to explore. Paper presented at the 7^th World Islamic Economics and Finance Conference, Minhaj University Lahore, Pakistan.
2. Younas, K. & Rafay, A. (2022, May 21-22). Financial Outreach of Female Entrepreneurs in Pakistan. Paper presented at the 3^rd International Interdisciplinary Conference on Gender, Work and Society titled “Future of Equalities, Diversity and Inclusion (EDI) in South Asia and Beyond” LUMS Lahore, Pakistan.
3. Younas, K. & Rafay, A. (2019, April 26-27). Women entrepreneurship and financial literacy - Case of female borrowers in Pakistan. Paper presented at the Seventh Annual Business Research Conference on Managing Business in Pakistan, Lahore School of Economics, Pakistan.
4. Farid, S. & Rafay, A. (2019, January 23-27). SME Development: The Tale of Terrorized Economy. Paper presented at United States Association for Small Business and Entrepreneurship (USASBE) Conference 2019, Florida, USA.
5. Rafay, A., Farid, S., Yasser, F., & Safdar, S. (2018, May 02-03). Social Collateral and Repayment Performance: Evidence from Islamic Micro Finance. Paper presented at 3rd Islamic Finance, Banking and Business Ethics Global Conference 2018, LUMS Lahore, Pakistan.
6. Rafay, A., & Farid, S. (2018, May 02-03). Information ordering in Review Report of Shariah Board - A behavioral aspect. Paper presented at 3rd Islamic Finance, Banking and Business Ethics Global Conference 2018, LUMS Lahore, Pakistan.
7. Rafay, A. & Sadiq, R. (2018, Mar 30-31). Evolution of Corporate Governance Practices in SAARC Region- A Historical Analysis. Paper presented at International Conference on Creating Inclusive Organizational and Public Spaces 2018, LUMS Lahore, Pakistan.
8. Rafay, A. Khan, A. & Farid, S. (2018, Mar 23-24). Merger for Survival in the era of Information and Communication Technology (ICT) - An emerging trend. Paper presented at 7th Asian Management Research and Case Conference (AMRC) 2018, LUMS Lahore, Pakistan.
9. Ajmal, M. Rafay, A. & Ajmal, M. (2018, Mar 23-24). Managing international communication - JI Trading Company. Paper presented at 7th Asian Management Research and Case Conference (AMRC) 2018, LUMS Lahore, Pakistan.
10. Ramla, S., & Rafay, A. (2017, April 21-22). Impact of Intangible Assets recognized under IAS-38 on Firms' value. Paper presented at the Fifth Annual Business Research Conference on Managing Business in Pakistan, Lahore School of Economics, Pakistan.
11. Farid, S. & Rafay, A. (2017, Mar 21-22). Dynamic relationship between Industry and Stock market Returns. Paper presented at the Fourth International on contemporary issues in Business Management, University of Central Punjab, Lahore, Pakistan.
12. Farid, S. & Rafay, A. (2017, Mar 15-16). SME Financing: A Challenge in a vulnerable Economy. Paper presented at the Second International SME Conference 2017, SMEDA Lahore, Pakistan.
13. Rafay, A. & Farid, S. (2016, Oct 26-27). Monetary Union puzzle: Case of South Asian Region – Evidence from an Emerging Economy. Paper presented at the Sixth International Conference on Business Management (ICOBM), NUST Islamabad, Pakistan.
14. Rafay, A. Ajmal, M. & Khalid, Z. (2016, May 25). Self-sustainability of SME Banks - A Myth or Reality? Evidence from Selected Developing Economies across Asia. Paper presented at the First National SME Conference, SMEDA Lahore, Pakistan.
15. Rafay, A. & Farid, S. (2016, Mar 26-27). Dynamic Relationship between Islamic Banking System and Real Economic Activity – Evidence from an Emerging Economy. Paper presented at Islamic Finance Banking & Business Ethics Global Conference 2016, LUMS Lahore, Pakistan.
16. Rafay, A. & Farid, S. (2016, Mar 26-27). Islamic Banking System as Credit of Monetary Policy – Evidence from an Emerging Economy. Paper presented at Islamic Finance Banking & Business Ethics Global Conference 2016, LUMS Lahore, Pakistan.
17. Ajmal, M., Rafay, A. & Sadiq, R. (2016, Mar 26-27). Pricing of Bai Salam: An Analytical Perspective. Paper presented at Islamic Finance Banking & Business Ethics Global Conference 2016, LUMS Lahore, Pakistan.
18. Rafay, A., Sadiq, R. & Ajmal, M. M. (2016, Jan 23-24). Fragmentation of Islamic Financial Products – An exploratory study of Islamic Schools of Thought. Paper presented at the CEIF 1^st International Conference on “Towards Financial Inclusion: Developments in Islamic Economics, Banking and Finance, IMS Peshawar, Pakistan.
19. Farid, S., Rafay, A. (2016, Jan 20-21). Does Islamic Banking Reinforce Real Economic Activity? Paper presented at the Islamic Economics, Finance and Banking Forum (IFEB), Lahore, Pakistan.
20. Rafay, A. & Ajmal, M. M. (2016, Jan 20-21). Necessity of Standardized Universal Agenda for Financial Instrument Structures in Islamic Banking and Finance. Paper presented at the Islamic Economics, Finance and Banking Forum (IFEB), Lahore, Pakistan.
21. Mohsan, T. & Rafay, A. (2016, Jan 20-21). Dynamic Structural Mix of Credit Portfolios in Islamic Banking System: Evidence from South Asian Economy. Paper presented at the Islamic Economics, Finance and Banking Forum (IFEB), Lahore, Pakistan.
22. Rafay, A. Yasser, F. & Khalid, Z. (2015, Nov 20-22). Revaluation of Non-Current Assets under IAS-16: Possibility of any managerial inducement – Evidence from Pakistan. Paper presented at the Fifth Annual Conference of Association of Management Development Institutions of Pakistan (AMDIP), Lahore School of Economics, Pakistan.
23. Farid, S., Rafay, A. & Gilani, U. J. (2015, Nov 20-22). Estimating Banking Competition using modified PR Model – Evidence from Pakistan. Paper presented at the Fifth Annual Conference of Association of Management Development Institutions of Pakistan (AMDIP), Lahore School of Economics, Pakistan.
24. Rafay, A., Sadiq, R. & Ajmal, M. M. (2015, Nov 20-22). Implications of RPTs recognized under IAS-24. Paper presented at the Fifth Annual Conference of Association of Management Development Institutions of Pakistan (AMDIP), Lahore School of Economics, Pakistan.
25. Ajmal, M. M., & Rafay, A. (2015, April 10-11). Impact of Gratuity Plans recognized under IAS 19 on Stock Valuation – Evidence from Pakistan. Paper presented at the Third Annual Business Research Conference on Managing Business in Pakistan, Lahore School of Economics, Pakistan.
26. Rafay, A., Gilani, U. J. (2015, March 11-12). Investigating the Performance of Islamic Mutual Funds - Evidence from Pakistan. Paper presented at the Fifth International Conference on Business Management (ICOBM), IBA Sukkur, Pakistan.
27. Rafay, A., & Ajmal, M. M. (2014, March 30-31). Earnings Management through Deferred Taxes Recognized under IAS 12 - Evidence from Pakistan. Paper presented at the Second Annual Business Research Conference on Managing Business in Pakistan, Lahore School of Economics, Pakistan.