Department of Banking and Finance

Journal Papers

  • Rafay, A., & Farid, S. (2018). Shariah Supervisory Board Report (SSBR) in Islamic banks: An experimental study of investors’ perception and behavior. International Journal of Islamic and Middle Eastern Finance and Management, 11(2), 274-296. doi:10.1108/IMEFM-07-2017-0180.
  • Rafay, A., Chen, Y., A. B. Naeem, M., & Ijaz, M. (2018). Analyzing the Impact of Credit Ratings on Firm Performance and Stock Returns: Evidence from Taiwan. Iranian Economic Review, 22(3), 767-786. doi: 10.22059/ier.2018.67452.
  • Rafay, A. & Farid, S. (2018) Competitive Environment in Banking Industry: Evidence from an Emerging Economy. Business and Economic Review, 10(3), 65-84.  (HEC  X CAT )
  • Nosheen, S., Naveed-Ul-Haq, & Sajjad, M. F. (2018). Corporate Governance, Disclosure Quality and Cost of Equity: Evidence from Pakistan. The Lahore Journal of Business, 6(2).
  • Naveed-Ul-Haq, Raja, A. A., Nosheen, S., & Sajjad, M. F. (2018). Determinants of client satisfaction in web development projects from freelance marketplaces. International Journal of Managing Projects in Business, 11(3), 583-607.doi:10.1108/IJMPB-02-2017-0017. (HEC Y CAT)
  • Farooqi, M., Azhar, S. M., & Tashfeen, R. (2018). Jihadist Organizations: History and Analysis. Journal of social, Political and Economic studies (43), 1-2. (SJR Listed)
  • Tashfeen, R., & Azhar, T. M. (2018). The proxies conundrum. Management Research Review, 41(4), 453-486. doi:10.1108/MRR-06-2017-0174  (SJR Listed)
  • Farooqi, M., Azhar, S. M., & Tashfeen, R. (2018). Jihadist Organizations History and Analysis. The Journal of Social, Political and Economic Studies, 43(1&2), 142-151 (SJR Listed)
  • Sadiq, R., Khan, T. M., & Arshed, N. (2018). Empirical analysis of structural income changes in commercial banks: a case of Pakistan. The Lahore Journal of Business, 7(1).
  • Ejaz, M., Tashfeen, R., Younas, K., & Naeem, A. (2018). Economic Value Added or Earnings per Share? An Incremental Content Analysis. Empirical Economic Review, 1(2), 63-90. (UMT Journal)
  • Farid, S., Khan, T.M. (2018) Dynamic Links between Stock Market Returns and Industry Returns. Global Management Journal for Academic and Corporate Studies 8(2), 99-109 (HEC Y CAT)


  • Khan, T. M., Sadiq, R., Mushtaq, A. (2017)CREDIT RISK AND BANKS STABILITY: AN EMPIRICAL ANALYSIS OF PAKISTANI BANKING SECTOR. Journal of Business & Economics 9(2), 20-45 (HEC Y CAT)
  • Rafay, A. & Farid, S. (2017). Financial integration in money markets: Evidence from SAARC region. DLSU Business and Economics Review, 26(2), 87-114. (SJR)
  • 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. (SJR)
  • 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-Y CAT)
  • Ajmal, M. M., Rafay, A. & Sadiq, R. (2017). Pricing of Bai Salam: An analytical perspective. International Journal of Business & Society, 18(S1), 167-176. (JCR)
  • 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. (NR)
  • 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. (JCR)
  • 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. (UMT)
  • Ullah, S., Siddiqui, A. F., & Tashfeen, R. (2017). Corporate leverage: Structural equations framework in an emerging economy. Managerial Finance, 43(11), 1224-1235. (JCR)
  • Sadiq, R., Ehtesham, U. & Khan, T. (2017). Sensitivity of investment to internal funds and its impact on asset sales and performance: Case of a developing economy. Global Management Journal for Academic and Corporate Studies, 7(2). (HEC Y CAT.)

Conference Papers

    • Ullah, S., Tashfeen, R., Younas, K. (2018, March 19-20). Investment cash flow sensitivity: The role of cash flow volatility. Paper presented at the 1st International Conference on Action Research in Multidisciplinary Perspectives (ICARMP) UMT, Lahore.
    • Sadiq, R., & 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, Pakistan.
    • 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, Lahore, Pakistan.
    • 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, Lahore, Pakistan.
    • Nosheen, S. (2017, Oct 6-9). Estimation of expectes returns: Application of FF three and five factor model in a developing economy. Paper presented at the 12th Asian Academy of Management International Conference 2017, Penang, Malaysia.
    • Sadiq, R. (2017, Jan 11-12). Impact of value addition and value creation on firm's performance: Case of most innovative companies of the world. Paper presented at the Sixth Asian Management Research and Case Conference (AMRC) 2017, Bangladesh.
    • Nosheen, S. (2017, October 6-9). The role of corporate governance in innovation: Understanding the impact of corporate governance on value added intellectual capital in an emerging economy. Paper presented at the 12th Asian Academy of Management International Conference, Penang, Malaysia.

International Book Chapter

  • Rafay, A., & Khan, A. (2018). Synergy for Sustainability in the Upcoming Telecommunications Revolution: The Case of a Developing Economy. In A. Borchers (Ed.), Technology Management in Organizational and Societal Contexts (pp. 51-76). Hershey, PA: IGI Global. doi:10.4018/978-1-5225-5279-6.ch003.
  • 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 (pp. 185-210). London: Emerald Group Publishing Limited. 

International IEEE Conference Proceeding

 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]


  1. 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]

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