Staff Directory


Gairuzazmi Bin Mat Ghani

Academic Qualification

  • Political Economy and Public Policy - Doctor of Philosophy, University of Southern, California
  • Economics - Masters Degree, University of Southern, California
  • Business Administration (Finance) - Bachelor Degree, University of Southern, California

Gairuzazmi Bin Mat Ghani (Prof. Dr.)

Professor
IIUM Gombak Campus

KULLIYYAH OF ECONOMICS AND MANAGEMENT SCIENCES

Other's position:

Dean, Kulliyyah of Economics and Management Sciences


gairuzazm@iium.edu.my
4627


Teaching Responsibilities


FORECASTING FOR ECONOMICS & BUSINESS 2023/2024 2022/2023 2021/2022 2020/2021
MACROECONOMIC THEORY 2021/2022 2019/2020
MICROECONOMIC THEORY 2021/2022 2020/2021 2019/2020 2018/2019
MICROECONOMICS 2023/2024 2022/2023
PRINCIPLES OF MICROECONOMICS 2023/2024


Supervision


Impacts Of Inbound Tourism Expenditure On Malaysia'S Economy: A Tourism Computable General Equilibrium Model For Malaysia.
Ph.D Completed 2023 Main Supervisor
Islamic Banking And Wealth Distribution: An Application Of Agent-Based Computational Model .
Ph.D Completed 2021 Main Supervisor
Assessing The Impact Of Government Credit Guarantee Scheme (Kur) For Micro, Small And Medium Enterprises On Poverty Reduction In Indonesia.
Ph.D Completed 2021 Main Supervisor
Monetary Policy Transmission Through Investment Account In Malaysia: Pre And Post Ifsa 2013.
Ph.D Completed 2020 Main Supervisor
Factors Affecting The Co-Movement Of Prices Between Peninsular Malaysia And Sabah: A Focus On Cabotage Policy.
Ph.D Completed 2018 Main Supervisor
The Determinants Of Debt Financing And Firm Performance: Evidence On Shariah Approved Firms.
Ph.D Completed 2018 Main Supervisor
Examining The Sources Of Inflation In Saudi Arabia.
Ph.D Completed 2017 Main Supervisor
Non-Traditional Banking Activities In Asean-5 Countries.
Ph.D Completed 2017 Main Supervisor
Essays On Foreign Direct Investment In Uganda.
Ph.D Completed 2016 Main Supervisor
Essays On Business Cylcle And Stock Markets In The Oic.
Ph.D Completed 2016 Co-supervisor
Zakat And Human Welfare: An Analysis Of Productive-Based Zakat In Jakarta, Indonesia .
Ph.D Completed 2015 Main Supervisor
Economic Impacts And Determinants Of Foreign Direct Investment In Malaysia.
Ph.D Completed 2015 Co-supervisor
The Impact Of Trans-Pacific Partnership Agreement On Malaysia'S Trade And Access To Medicine.
Ph.D Completed 2015 Co-supervisor
The Determinants Of Successfull : A Case Study Of Bri Clients In Medan City, Indonesia.
Ph.D Completed 2014 Main Supervisor
The Impact Of Exchanged Rate Misalignment On Export Competitiveness And Foreign Investment In Malaysia.
Ph.D Completed 2010 Co-supervisor
Non Tariff Barriers On Malaysia'S Agricultural And Manufacturing Sectors: Their Determinants And Impacts On Imports.
Ph.D Completed 2010 Co-supervisor
The Theoretical And Philosophical Foundations Of Islamic Microeconomics.
Ph.D In Progress Main Supervisor
The Islamic Law Of Inheritance: Issues And Its Nexus Towards The Economic Growth And Development In Selangor And Kuala Lumpur.
Ph.D In Progress Main Supervisor
Transition To A Riba-Free Economy: A Futures Studies Approach.
Ph.D In Progress Main Supervisor
Foreign Direct Investment: Improving The Legal Framework In Oman.
Ph.D In Progress Co-supervisor
Food Waste Minimization From Demand Side Perspective Using Behavioural Economics Tools.
Ph.D In Progress Co-supervisor
Auction Of Us Dollar Inflation, Exchange Rate And Trade In Afghanistan.
Master Completed 2019 Main Supervisor
The Efficiency Of Tourism Industry Across Countries: Analysis On A Global Scale.
Master Completed 2019 Main Supervisor
Determinants Of Tourist Arrivals On Oic Countries: A Gravity Model Approach.
Master Completed 2017 Main Supervisor
A Framework For Determining The Input-Output Of Waqf-Based University.
Master Completed 2016 Main Supervisor
The Role Of Social Capital In Predicting Volunteering Behavior: The Case Of Algeria And Tunisia.
Master Completed 2015 Main Supervisor
Contribution Of Hospitality And Services Sector To Malaysian Economy.
Master Completed 2015 Main Supervisor
Analysis On Comparative Study Between Islamic And Conventional Stock Market In Malaysia.
Master Completed 2013 Main Supervisor
Macroeconomics Fluctuation From Interest Rate Perspective.
Master Completed 2013 Main Supervisor
Impact Of Oil Price Shocks On Macroeconomic Variable In Malaysia.
Master Completed 2012 Main Supervisor
Forecasting Of Natural Rubber Production In Malaysia.
Master Completed 2012 Main Supervisor
Trade Liberalization, Economic Growth And Sustainable Development In Developing Countries.
Master Completed 2011 Main Supervisor
Thailand-Australia Free Trade Agreement (Tafta) Impacts On Trade With Asean Countries.
Master Completed 2010 Main Supervisor
Efeects Of Macroeconomics Variables On Stock Prices.
Master Completed 2010 Main Supervisor
Trade Evolution In Indonesia.
Master Completed 2010 Main Supervisor
Financial Crisis: Missing Link Between Finance And Real Economy.
Master Completed 2010 Co-supervisor
The Impact Of The Terms Of The Trade Shocks On Malaysian Economy: A General Equilibrium Analysis.
Master Completed 2008 Main Supervisor
The Impact Of The Terms Of The Trade Shocks On Malaysian Economy: A General Equilibrium Analysis.
Master Completed 2008 Main Supervisor


Research Projects


Completed
2022 - 2023 Consultancy to develop the National SDG Roadmap Phase II, 2021-2025
2021 - 2023 Partnership for SDG Finance - Undertaking Development Finance Assessment and SDG Budgeting & Costing
2018 - 2020 PRINCIPLE OF MICROECONOMICS FROM ISLAMIC PERSPECTIVES
2017 - 2017 Longitudinal Analysis of Voting Pattern In Johore
2015 - 2021 Economic Stability and Income Distribution under Islamic and Conventional Financial System: A Macro-Finance Agent-Based Computational Model
2014 - 2014 Developing A Model of Maldives Islamic University and Strategic Plan
2014 - 2017 Key Determinants and the Price Transmission Processes of Food Price Inflation in Malaysia
2013 - 2022 Socio Economic Impact of Shari'ah Compliant Hospitality and Services on Malaysia and Muslim Communities
2013 - 2016 Exploring the Conceptual and Practical Dimensions of a 3 Sector Socio-Economic Transformation Model (3s SETM) for Malaysia
2013 - Islamic Economic Framework for Waqf: Lessons from History,Comparative Best Practices and Developing Contemporary Models
2013 - 2013 LAPORAN PETUNJUK SAINS, TEKNOLOGI DAN INOVASI (STI) 2013
2012 - 2017 Current Higher Education Scenario and Implications to Malaysia (CHESI)
2012 - 2017 A Critical Assessment of PSPTN's Contribution to the Malaysian Economy
2011 - 2013 Challenges Of Implementing Real Money: A Case Of Kelantan (KVC:Book Edited Project 2011)
2011 - 2014 Growth, Distribution and Volatility of Income in An Interest and Non-Interest Based Economy: Agent Based Modeling (ABM) Approach
2011 - 2016 Exploring the Conceptual & Practical Dimensions of A 3 Sector Socio-Economic Transformation Model
2009 - 2011 Relationship between product varieties and Economics Growth- The case of Malaysia
2008 - 2011 Globalization, Trade Balance and Exchange Rate Regimes in Muslim Countries
2007 - 2011 Does The OIC Reduce Trade?
2007 - 2011 Differences in Income Elasticities and Levels of Economic Development
- 2010 Malaysian Science and Technology Indicators 2010
- 2008 National Survey on Research & Development - 2008 report
- 2014 Kajian Unjuran Pelajar Akademik INSPEN
On-Going
2023 - Present KENMS-CIMBi Entrepreneurship Lab
2023 - Present Assessing Food Waste Minimization Behaviour of the Households Using Behavioural Economics' Tools and Maqasid Al-Shariah Perspectives - A Case of Klang Valley, Malaysia
2023 - Present Entrepreneurship Development Project (i-Taajir) 2.0 Cycle 1
2023 - Present Entrepreneurship Development Project 2.0: Monitoring Participants' Progress
2023 - Present Kajian Penggunaan Standard Dan Pematuhan Di Dalam Organisasi Di Malaysia
2012 - Present Kajian Arah Aliran dan Unjuran Kemasukan Pelajar di Institusi Pengajian Tinggi (IPT) dari Negara-Negara OIC
2009 - Present The Impact of BRI Sukaramai Microfinance Programmes on Poverty Alleviation


Award & Recognition


01 Apr, 2019 Fellow - Institut Masa Depan Malaysia National


Publications


Article

2021 Mark-up vs. interest-based financing on GDP: an application of agent-based computational model. Journal of Islamic Monetary Economics and Finance, 7 (1) pp. 55-76
2020 Comparative analysis between global sukuk and bond indices: value-at-risk approach. Journal of Islamic Accounting and Business Research, 11 (6) pp. 1245-1256
2020 Debt financing and firm performance: an analysis of securities commission of Malaysia 2013 revised shariah approved firms screening method. COMSATS Journal of Islamic Finance, 5 (1) pp. 64-85
2020 Debt fnancing and firm performance: an analysis of Securities Commission of Malaysia 2013 revised shariah approved firms screening method. COMSATS Journal of Islamic Finance, 5 (1) pp. 64-85
2020 Exploration of agent-based simulation: the multiplier effect of zakah on economic growth. Journal of Islamic Monetary Economics and Finance (JIMF), 6 (3) pp. 641-666
2020 Introduce decent standard of living guide for all. New Straits Times, 31 July 2020 () pp.
2020 Shift to a green growth economy vital. New Straits Times, () pp.
2020 Towards a more socially inclusive and sustainable framework for Islamic banking and finance. International Journal of Economics, Management and Accounting (IJEMA), 28 (2) pp. 361-391
2019 Co-movement dynamics between global sukuk and bond markets: new insights from a wavelet analysis. International Journal of Emerging Markets, 14 (4) pp. 550-581
2019 Does the Malaysian sovereign sukuk market offer portfolio diversification opportunities for global fixed-income investors? Evidence from wavelet coherence and multivariate-GARCH analyses. North American Journal of Economics and Finance, 47 () pp. 675-687
2019 Potential impact of trips-plus provisions on Malaysia’s domestic pharmaceutical industry. Science International (Lahore), 31 (3 (May-June)) pp. 397-400
2019 The influence of cabotage policy on price disparity between peninsular Malaysia and Sabah. Institutions and Economies, 11 (3) pp. 65-91
2019 Tourist arrivals to Muslim countries: is religion important. Tourism, Culture & Communication, 19 (3) pp. 209-214
2019 Tourist arrivals to muslim countries: pre- and post-September 11. Journal of Economic Cooperation and Development, 40 (3) pp. 25-36
2019 Transportation dynamic behaviour of structural break and consumer price index. International Journal of Recent Technology and Engineering, 8 (2) pp. 283-290
2018 Financial integration between sukuk and bond indices of emerging markets:insights from wavelet coherence and multivariate-GARCH analysis. Borsa Istanbul Review, 18 (3) pp. 218-230
2018 Food inflation: A study on key determinants and price transmission processes for Malaysia. International Journal of Business and Society, 19 (1) pp. 117-138
2018 Keberagaman produk dan pertumbuhan ekonomi: panel data atas 6 negara Asean. Jurnal Ekonomi, 9 (2) pp. 150-162
2018 Malaysia's tourism demand: A gravity model approach=Permintaan pelancongan di Malaysia: Pendekatan model graviti. Journal of Business and Social Development, 6 (1) pp. 39-50
2018 Malaysia’s tourism demand: A gravity model approach= Permintaan pelancongan di malaysia: pendekatan model graviti. Journal of Business and Social Development, 6 (1) pp. 39-50
2018 The potential impact of Trans Pacific Partnership Agreement (TPPA) on Malaysia’s trade. Science International (Lahore), 30 Section B (6 November-December) pp. 877-883
2016 An empirical analysis of factors that determine poverty among the beneficiaries of Pakistan Poverty Alleviation Fund. Journal of Enterprising Communities, 10 (3) pp. 306-320
2016 Investigating stock market efficiency: a look at OIC member countries. Research in International Business and Finance, 36 () pp. 402-413
2016 Tourist arrivals to Malaysia from Muslim countries. Tourism Management Perspectives, 20 () pp. 1-9
2015 Acceptance of gold as an alternative currency: an empirical validation of adoption of innovation theory. Asian Journal of Business and Accounting, 8 (2) pp. 123-153
2015 Does inward FDI crowd-out domestic investment? evidence from Uganda. Procedia Social and Behavioral Sciences, 172 () pp. 419-426
2015 Returns to education and wage differentials in Malaysia. The Journal of Developing Areas, 49 (5) pp. 213-223
2015 Trade liberalization and foreign direct investment in Malaysia. Information Management And Business Review, 7 (6) pp. 11-23
2014 Innovative teaching and learning environment system (iTa’LEem): implementing a state-of-art platform for managing E-learning. Bulletin MEIPTA , (2) pp. 17-19
2014 The determinants of the success of microenterprise: a case study of BRI clients in Medan City, Indonesia. Journal of Emerging Economies and Islamic Research, 2 (1) pp. 1-28
2014 Trade variety and export performance of ASEAN-5 = Kepelbagaian perdagangan dan prestasi eksport ASEAN-5. Jurnal Ekonomi Malaysia, 48 (1) pp. 49-61
2013 The challenges of implementing gold dinar in Kelantan: An empirical analysis . Institutions and Economies , 5 (3) pp. 97-114
2013 The impact of Pakistan Poverty Alleviation Fund on poverty in Pakistan: an empirical analysis. Middle-East Journal of Scientific Research, 13 (10) pp. 1335-1344
2012 An analysis of operationalization and acceptability of business to business transaction: a mixed method approach . American Journal of Applied Sciences , 9 (9) pp. 1422-1434
2012 Does trade liberalization effect energy consumption?. Energy Policy, 43 () pp. 285-290
2012 Efficient trade matrix and gold reserve requirement for commodity trade among OIC countries. Middle East Journal of Scientific Research (MEJSR), 12 (4) pp. 547-559
2012 The role of institutional trust in the adoption of gold dinar in Kelantan: an empirical analysis. Journal of Applied Sciences, 12 (20) pp. 2148-2155
2012 The role of institutional trust on the adoption of gold dinar in Kelantan: an empirical analysis. Journal of Applied Sciences, 12 (20) pp. 2148-2155
2011 Don't blame the NEP. New Straits Times, () pp. 18
2011 Malaysia's palm oil exports: does exchange rate overvaluation and undervaluation matters?. African Journal of Business Management, 5 (27) pp. 11219-11230
2011 Malaysia’s palm oil exports: does exchange rate overvaluation and undervaluation matter?. African Journal of Business Management, 5 (27) pp. 11219-11230
2011 The determinants of non-tariff barriers in Malaysia’s agricultural sector. Terengganu International Finance and Economics Journal (TIFEJ), 1 (2) pp. 15-25
2011 The impact of trade liberalisation on economic performance of OIC member countries. Journal of Economic Cooperation and Development, 32 (1) pp. 1-18
2010 Does exchange rate risks matter for exports? a case of Malaysia. Voice of Academia, 5 (1) pp. 1-15
2010 Muslim civilization: the causes of decline and the need for reform . IIUM Journal of Economics and Management Sciences, 18 (1) pp. 115-119
2009 National survey of research and development 2008: summary. National Survey of Research and Development 2008:Summary, () pp.
2009 Oil prices and Malaysian economy. International Review of Business Research Papers, 5 (4) pp. 232-256
2009 Oil prices and the Malaysia economy. International Review of Business Research Papers, 5 (4) pp. 232-256
2009 Stock price movements : does change in energy price matter?. International Business Education Journal (IBEJ), 2 (1) pp. 1-18
2009 The impact of trade liberalization on developing countries' trade balance with industrial and developing countries: an econometric study. International Journal of Business and Society, 10 (2) pp. 53-64
2008 How important is water endowment for trade in agricultural products?. The Empirical Economics Letters, 7 (5) pp. 505-513
2007 The Montreal protocol: developing countries import of Halons. Economics Bulletin, 17 (7) pp. 1-5
2006 Balance of payments constrained growth model: an examination of Thirlwall's Hypothesis using McCombie's Individual Country Method. Applied Economics Letters, 13 (12) pp. 763-768
2006 Export promotion policies and the crowding-out effect in developing countries. Asian Economic Journal, 20 (3) pp. 319-331
Conference or Workshop Item

2018 Efficiency evaluation: the case of tourism industry in Malaysia. In: International Business and Economic Conference Kedah (IBecK2018),
2017 Evolution of rural communities through homestay programs: A case study of Banghuris Homestay. In: 4th International Conference On Rural Development And Entrepreneurship (ICORE2017),
2017 Integrating Islamisation and virtue in iCGPA at IIUM. In: Integrated Cumulative Grade Point Average (iCGPA) International Conference 2017,
2017 Malaysia’s tourism demand: gravity model approach. In: Global Tourism Conference (GTC) 2017,
2016 Does the global Sukuk market offer any portfolio diversification opportunity for Indonesian investors?. In: International Seminar & The 2nd Journal of Islamic Monetary Economics and Finance Call for Papers 2016,
2016 Dynamic relations between sukuk and conventional bond markets: an analysis of international portfolio diversification. In: The 18th Malaysian Finance Association Annual Conference (MFAC) and 7th Islamic Banking, Accounting and Finance Conference 2016 (iBAF 2016),
2016 Examining price convergence behaviour between Peninsular Malaysia and Sabah & Sarawak: evidence for market integration. In: Persidangan Kebangsaan Ekonomi Malaysia ke 11,
2016 Identifying key drivers of food price inflation in Malaysia. In: Persidangan Kebangsaan Ekonomi Malaysia ke 11,
2015 The potential impact of Trans-Pacific Partnership Agreement (TPPA) on Malaysia's access to medicine. In: Academics World 2nd International Conference,
2015 The potential impact of Trans-pacific Partnership Agreement (TPPA) on Malaysia's trade. In: Academics World 2nd International Conference,
2015 Trade liberalization and foreign direct investment in Malaysia. In: 2nd International Conference on Commerce, Financial Markets & Corporate (ICCFMCG-2015),
2014 Third sector socio-economic models: how awaqf fits in?. In: 2014 Thematic Workshop on the Revival of Waqf for Socio Economic Development ,
2014 Does inward FDI crowd-out domestic investment? evidence from Uganda . In: Global Conference on Business and Social Science,
2011 Malaysian science and technology indicators. In: IIUM Research, Invention and Innovation Exhibition (IRIIE) 2011,
2011 Oil price exposure to asset returns: a disaggregate analysis . In: International Conference on Economics, Trade and Development (ICETD) 2011,
2011 The challenges of implementing Gold Dinar in Kelantan: an empirical analysis. In: The 5th ISDEV International Islamic Development Management Conference ,
2011 The determinants of non-tariff barriers in Malaysia’s manufacturing sector. In: 2011 International Conference on Economics and Business,
2010 The dynamics of trade variety and economic performance of ASEAN-5. In: IIUM Research, Innovation & Invention Exhibition (IRIIE 2010),
2009 Oil prices and Malaysia economy . In: Tenth International Business Research Conference, “Research for Change”,
Book

2021 Sejahtera academic framework : humanising education for rahmatan lil ‘alamin post-COVID-19 disruptions. Office of Knowledge for Change and Advancement (KCA), IIUM, ISBN: 9789674670184
2018 Islamic economics: principles & analysis. International Shari’ah Research Academy for Islamic Finance (ISRA), ISBN: 978-967-16568-2-2
2010 Trade elasticities and economic growth: implications for trade policy. VDM Verlag Dr. Müller, ISBN: 978-3639281446
2010 Trade elasticities and economic growth: implications for trade policy. VDM Verlag Dr. Müller, ISBN: 978-3639281446
Book Section

2024 Teaching alternative perspectives of microeconomics. In: Centre for Islamic Economics, IIUM & International Institute of Islamic Thought, ISBN: 978-967-2621-90-4, pp. 112-136
2024 Teaching alternative perspectives of microeconomics. In: Centre for Islamic Economics, IIUM & International Institute of Islamic Thought, ISBN: 978-967-2621-90-4, pp. 112-136
2020 Undergraduate programme guidelines. In: Centre for Professional Development (CPD), International Islamic University Malaysia., ISBN: , pp. 9-14
2019 Explorations in agent-based simulation: analysis of Gini Index after zakat enforcement under interest based system. In: Fiscal Policy Agency, Minister of Finance, The Republic of Indonesia, ISBN: 978-623-92103-0-4, pp. 2-19
2018 Third sector socio-economic models: how Awaqf fits in?. In: IIUM Press, & Islamic Research and Training Institute (IRTI), ISBN: 978-967-418-398-1, pp. 478-503
Monograph

2021 Shared Prosperity Vision 2030 Strategic Plan. In: ,
2021 The onset of a pandemic: impact assessments and policy responses in Malaysia during COVID-19. In: United Nations Development Programme,
2021 The onset of a pandemic: impact assessments and policy responses in Malaysia during the early months of COVID-19. In: United Nations,
2020 NRGS13-003-0003. Socio Economic Impact of Shari’ah Compliant Hospitality Services for Malaysia and Muslim Communities. In: ,
2019 Wawasan kemakmuran bersama 2030. In: Ministry of Economic Affairs,
2019 Wawasan kemakmuran bersama 2030. In: Ministry of Economic Affairs,
2014 A critical assessment of NHESP’S contribution to the Malaysian economy. In: IPPTN,
2013 Arah aliran dan unjuran kemasukan pelajar di institusi pengajian tinggi (IPT) dari negara-negara OIC. In: MOHE,