UNIVERSITY OF MANAGEMENT AND TECHNOLOGY

Faculty Profile

Abdul Rafay

Professor

School of Business and Economics

Department of Finance

 : [email protected]     : 3359   

ABDUL RAFAY, FCA

Professor of Finance & Accounting

Academic department: Finance

Contact details: [email protected] Ext. 3359

 

PROFILE DESCRIPTION

For the last 23 years, has been associated with teaching/academic affairs in some of the reputed business schools and professional institutes of Pakistan. Specialized subjects of interest are Advanced Strategic Financial Management, Investments/Portfolio Analysis, International Financial Reporting Standards, Corporate Restructuring (Mergers & Acquisitions), Financial Statement Analysis & Corporate Taxation. Also served as an instructor in Civil Services Academy of Pakistan to train CSS Officers selected by Federal Public Service Commission of Pakistan (FPSC).

INTEREST AREAS

Corporate Finance; Financial Derivatives, Investment Analysis, Portfolio Management, IFRS, Corporate Taxation, Islamic Finance

PROFESSIONAL EXPERIENCE

For more than two decades, worked as a freelance advisor, consultant & trainer to a wide variety of public & private sector companies in the areas of Financial policy & Implementation, Auditing & Assurance, Accountancy, Corporate Taxation Management, Corporate laws, System Consultancy 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.

QUALIFICATIONS

  • Chartered Accountant - Fellow Member of The Institute of Chartered Accountants of Pakistan
  • Certified Director – as per SECP’s Code of Corporate Governance 2012
  • Charterholder - Licensed International Financial Analyst (LIFA) - USA
  • MS – University of Management & Technology, Pakistan
  • M.Com (Finance) - Hailey College of Commerce, University of the Punjab, Pakistan

Specialized Courses attended in REDC-LUMS

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

Specialized Certifications/Workshops Attended

  • Financial Planning & Investment – World Bank-UKAID-SECP 
  • Fixed Income Trading & Investment - USAID - USA
  • Financial Analysis of Energy Efficient Projects – Schneider Electric, Germany
  • Corporate Governance for SMEs – IFC World Bank Group, USA
  • Winning Teaching Case - Emerald, UK
  • Econometric Modeling and Data Analysis – HEC
  • Quality & Productivity Improvement through JIT & TPM Techniques – National Productivity Organization (NPO), Ministry of Industries, Govt. of Pakistan
  • Financial Modeling - ICAP
  • Quality System Documentation for ISO 9001– Pakistan Institute of Management

ACADEMIC & ADMINISTRATIVE POSITIONS

  • 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) 
  • Trustee: Board of Trustees, UMT Employees Provident Fund Trust (2015 - to date)
  • Member: UMT Equivalence Committee (2018 - to date)
  • Member: UMT Desciplinary 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: 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 - to date)
  • Member: Board of Studies, Kinnaird College for Women, Pakistan (2015 - 2016)
  • Member: Accounting & Finance Faculty Group, Lahore School of Economics, Pakistan (2007 - 2015)

RESEARCH POSITIONS

  • Member: North American Case Research Association (NACRA), USA; Publisher of the Case Research Journal
  • Member: lnternational Editorial Review Board, Journal of Cases on Information Technology, USA. [Indices: Clarivate Analytics ESCIScopus/SJR[H-Index: 10] [ABDC Category: C] 
  • Member: National Review Board, “FAST-NU Research Journal”; Official Journal of National University of Computer and Emerging Sciences, Pakistan. 
  • Consultant Editor: “FWU Journal of Social Sciences”; Official Journal of Shaheed Benazir Bhutto Women University, Pakistan. [HEC Recognized X Category]
  • Member: Editorial Advisory Board, “SMEDA Research Journal”; Official Journal of SMEDA, Ministry of Industries & Production, Government of Pakistan.
  • Member: Internal Editorial Panel, “Journal of Management and Research”; Official Journal of School of Business & Economics, UMT, Pakistan. [HEC Recognized Z Category]

OTHER POSITIONS & AFFILIATIONS

  • Member: The Institute of Internal Auditors (IIA) – USA
  • Member: Collaborating Expert Group; International Institute of Inspiration Economy (IIIE), Slovenia
  • Life Time Member: Lahore Tax Bar Association
  • Approved Trainer: IFMP; Securities & Exchange Commission of Pakistan (SECP)
  • Senior Consultant: Institute of Knowledge & Leadership (IKL), Dubai, UAE.
  • Member: Education & Training Committee, The Institute of Chartered Accountants of Pakistan
  • Member: Islamic Finance Working Group for Technical Accounting Standards, The Institute of Chartered Accountants of Pakistan

 

PUBLICATIONS (35)

 

International Books (2)

  1. Rafay, A. (2020). HandBook of Research on Theory and Practice of Global Islamic Finance. PA:  IGI Publishing, USA. (ForthComing)
  2. Rafay, A. (2019). FinTech as a Disruptive Technology for Financial Institutions. PA:  IGI Publishing, USA. [ISBN13: 9781522578055; ISBN10: 1522578056; EISBN13: 9781522578062; DOI: 10.4018/978-1-5225-7805-5 ]

 

International Book Chapters (2)

  1. Rafay, A. & Khan, A. (2018). Synergy for sustainability in the upcoming telecommunication revolution: The Case of a developing economy. In Borchers, A. (Ed.) Technology Management in Organizational and Societal Contexts (Chapter 3: pp. 51-76). PA:  IGI Publishing, USA.
  2. Rafay, A., Mohsan, T. & Sadiq, R. (2017).Structural Mix of Credit Portfolios in Islamic Banking System: Evidence from a South Asian Economy. In Mutum, D., Butt, M.M. & Rashid, M. (Eds.) Advances in Islamic Finance, Marketing, and Management: An Asian Perspective (Chapter 8: pp.185-210). London: Emerald Group Publishing Limited, UK.

 

Research Papers (31)

  1. Ajmal, M.M., Rafay, A. & Ajmal,M.M. (2020). Managing International Communication: JI Trading company. Asian Journal of Management CasesForthcoming. [Indices: Scopus/SJRClarivate Analytics ESCI[H-Index: 6] [HEC Recognized X Category]
  2. Rafay, A., Singh, N., (2020). Bright Paint Industries: Expansion through Internationalization. South Asian Journal of Business and Management Cases, 9(1)Forthcoming. [Indices: Scopus/SJR[H-Index: 2]
  3. Rafay, A., Farid, S., Yasser, F. & Safdar, S. (2019). Social Collateral and Repayment Performance: Evidence from Islamic Micro FinanceIranian Economic Review, Forthcoming. [Indices: Scopus/SJR[H-Index: 3]
  4. 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 EconomyDLSU Business and Economics Review, 29(1), 93-105. [Indices: Scopus/SJR[H-Index: 7]
  5. Rafay, A., Franco, G. & Gilani, U.J. (2019). Measuring Competition in Banking Industry: Evidence from Latin American EconomiesPakistan Business Review, 21(1), 154-163. [HEC Recognized X Category]
  6. Rafay, A. & Farid, S. (2019). Islamic Banking System: A Credit Channel of Monetary Policy – Evidence from an Emerging EconomyEconomic Research, 32(1)742-754. [Indices: JCR IF: 1.381SJRClarivate Analytics SSCI[H-Index: 14]
  7. Rafay, A. & Farid, S. (2018). Shariah Supervisory Board Report (SSBR) in Islamic Banks: An experimental study of Investors’ perception and behaviourInternational Journal of Islamic and Middle Eastern Finance and Management, 11(2), 274-296. [Indices: JCR IF: 0.75 Scopus/SJRClarivate Analytics SSCI[H-Index: 22] [ABDC Category: C]
  8. Rafay, A. & Farid, S. (2018).  Competitive Environment in Banking Industry: Evidence from an Emerging EconomyBusiness and Economic Review, 10(3), 65-84.  [HEC Recognized X Category]
  9. 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 TaiwanIranian Economic Review, 22(3), 767-786. [Indices: Scopus/SJR[H-Index: 3]
  10. 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. [Indices: Scopus/SJRClarivate Analytics ESCI[H-Index: 11] [ABDC Category: C]
  11. Rafay, A., Sadiq, R. & Ahmed, S. (2017). Capital Investment Anomaly and Accruals Anomaly : Independent or Inter-dependent? - Evidence from South AsiaJurnal Pengurusan, 50(2), 111-122. [Indices: Scopus/SJR[H-Index: 8]
  12. 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]
  13. Ajmal, M.M., Rafay, A. & Sadiq, R. (2017). Pricing of Bai Salam: An Analytical Perspective. International Journal of Business & Society, 18(S1), 167-176 [Indices: Scopus/SJRClarivate Analytics ESCI[H-Index: 10]
  14. Rafay, A., Gilani, U. J., & Izhar, M.A. (2017). Investigating the Performance of Islamic Mutual Funds: Evidence from an Emerging EconomyCity University Research Journal, 7(2), 234-241. [HEC Recognized Y Category]
  15. 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]
  16. Rafay, A. & Farid, S. (2017). Maqasid-al-Shari‘ah vs. Contemporary Islamic Banking and Finance:The Case of PakistanJournal of Islamic Thought and Civilization, 7(2), 41-51. [HEC Recognized Z Category]
  17. Farid, S., and Rafay, A. (2016). Monetary Union Puzzle: The case of South Asian Region. Proceedings of the 6th International Conference on Business Management October 26-27, 2016 at NUST, Islamabad.
  18. 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]
  19. 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.
  20. 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]
  21. 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. [Indices: Scopus/SJR, Clarivate Analytics ESCI] [H-Index: 12] [ABDC Category: C]
  22. 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]
  23. 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, 48-61. [HEC Recognized X Category]
  24. 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]
  25. 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]
  26. 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]
  27. 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]
  28. Rafay, A., Gilani, U. J., & Ijaz, F. (2015). Managing the Gap between Actual and Target Capital Structure: An Evidence from Pakistan. Journal of Management and Research, 1(2), 41-60. [HEC Recognized Z Category]
  29. 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]
  30. 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. 
  31. Rafay, A. (2006). Modern Financial Management in Focus. The Pakistan Accountant, March-August.

 

Conference Papers (25)

  1. 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.
  2. 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 Enterpreneurship (USASBE) Conference 2019, Florida, USA. [Venture Finance SIG Paper Award Sponsored by the USASBE Venture Finance SIG]
  3. 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.
  4. 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.
  5. 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.
  6. Rafay, A. Khan, A. & Farid, S. (2018, Mar 23-24). Merger for Survival in the era of Information and Communication Technology (ICT) - An emerging trendPaper presented at 7th Asian Management Research and Case Conference (AMRC) 2018, LUMS Lahore, Pakistan.
  7. 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. [Best Case Study Award by LUMS & Sage]
  8. 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.
  9. 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.
  10. 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. [Best Paper Award]
  11. 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.
  12. 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.
  13. 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.
  14. 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.
  15. 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.
  16. 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 1st International Conference on “Towards Financial Inclusion: Developments in Islamic Economics, Banking and Finance, IMS Peshawar, Pakistan.
  17. 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.
  18. 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.
  19. 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.
  20. 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.
  21. 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), LSE Lahore, Pakistan.
  22. 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.
  23. 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.
  24. 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.
  25. 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.

 

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