Staff Directory

Zulkufly Bin Ramly

Academic Qualification

  • Doctor of Philosophy (Accounting) - Doctor of Philosophy, International Islamic University Malaysia
  • Master on Arts in Corporate Strategy and Governance - Masters Degree, University of Nottingham
  • Bachelor of Science in Business Administration - Bachelor Degree, University of Denver

Zulkufly Bin Ramly (Assoc. Prof. Dr.)

Associate Professor
IIUM Gombak Campus


Expert Profile

Dr. Zulkufly Ramly is an Associate Professor at the Department of Finance. He was the Deputy Dean (Postgraduate and Responsible Research) at the Kulliyyah of Economics and Management Sciences from 2021 to 2023. Prior to this he was the Head of MBA Programme at IIUM Graduate School of Management in 2021 and an Academic Advisor of the Finance Department from 2014 to 2016. As the Head of MBA Dr Zul led a Curriculum Review Panel to review the curriculum of MBA in 2021. He was also the Chair of the Curriculum Review Committee for the Bachelor of Science (Islamic Finance) (Honours) from 2016 to 2018.

Dr Zul started his career in IIUM as an Assistant Professor in 2013. Prior to joining IIUM he was an academic staff of the Faculty of Business and Accountancy, University of Malaya (UM) and University Tunku Abdul Rahman (UTAR) for about 6 years and 3 years respectively. He has 8 years industry experience in a global bank operating in Malaysia. He started his academic career about 20 years ago after completing his Master's degree. He holds a Ph.D. in Accounting specializing in Corporate Governance from IIUM and Master of Arts in Corporate Strategy and Governance from the University of Nottingham, United Kingdom. In 1994, Dr Zul obtained his Bachelor of Science in Business Administration, majored in Finance with Magna Cum Laude from the University of Denver, Colorado, USA.  

He is a subject matter expert in the areas of corporate governance and ethics, risk management, banking, financial planning and corporate finance. He has supervised to completion a number of MSc (Finance). DBA and PhD candidates in the areas of corporate governance, corporate finance, public governance, banking and Islamic banking and finance. He is currently supervising a PhD and a Master in Finance candidate in corporate finance and green finance, respectively. He had completed two research grants from the Ministry of Education, Malaysia for the research projects on Shariah and corporate governance and Islamic banks' risk-taking and Goods and Services Tax (GST) respectively. He was a co-researcher for a research grant on the study of GST and inflation awarded by PNB Research Institute in 2018. His current research interests are in working capital management skills of women microentrepreneurs, climate change risk, financial stability, ESG and green finance.  

Dr. Zul co-authored and published university textbooks on business ethics and corporate finance with Oxford University Press. He has also published a research book on Value-Added Tax, Country Governance and Economic Efficiency with UM Press. In 2022, he published another research book on Value-Added-Tax and Inflationary Episodes with IIUM Press. He has also published research papers in Review of Managerial Sciences, Panoeconomicus, Global Economics Review, Economics and Management Journal, UKM Journal of Management, Asia-Pacific Social Science Review, International Journal of Economics and Financial Issues and other refereed journals. He is an ad-hoc article reviewer of Corporate Governance: An International Journal of Business and Society, Asian Journal of Business and Accounting, International Journal of Economics, Management and Accounting, Journal of Accounting Perspective, International Journal of Business and Economics Research, International Journal of Economics and Management, UKM Journal of Management, Malaysian Journal of Economic Studies, Jurnal Ekonomi Malaysia, Asia-Pacific Social Science Review, SAGE Open, Asian Academy of Management Journal of Accounting and Finance. Cogent Economics and Finance, Cogent Business and Management, Cogent Social Sciences, and a book reviewer for Oxford University Press.  

Currently, Dr Zul is the Editor of International Journal of Economics, Management and Accounting (IJEMA)for the 2024-2026 term. He was an Associate Editor of IJEMA in 2018 prior to his sabbatical leave in 2019. In terms of professional contribution, he has been a member of the Assessment Review Panel of the Chartered Secretaries Malaysia since 2017, collectively responsible for ensuring the quality and rigor of the professional examination papers of the Chartered Governance Qualifying Programme (CGQP). He has taught undergraduate courses in financial management, financial statement analysis, Islamic financing management, corporate governance and ethics, and bank management. He frequently delivers Risk Management for Islamic Financial Institutions, Corporate Governance and Ethics and Personal Financial Planning courses for the Bachelor of Finance (Islamic Finance) programme. He has previously taught advanced finance, strategic finance, managerial finance, corporate ethics and governance for Master in Finance, Master of Management, MBA and  DBA programmes. 

Area of Specialisation

  • Economics, Business And Management ~ Economics, Business And Management ~ Finance ~ Corporate Finance - Ownership, Corporate risk-taking, capital structure
  • Economics, Business And Management ~ Economics, Business And Management ~ Finance ~ Financial Literacy - Spending, investment and savings behaviour, financial education

Teaching Responsibilities

ADVANCED FINANCE 2020/2021 2019/2020
BANK MANAGEMENT 2017/2018 2016/2017 2015/2016 2014/2015 2013/2014
CORPORATE ETHICS AND GOVERNANCE 2023/2024 2020/2021 2019/2020
FINANCIAL MANAGEMENT II 2020/2021 2019/2020 2018/2019 2017/2018
FINANCIAL STATEMENT ANALYSIS 2017/2018 2016/2017 2013/2014
ISLAMIC FINANCING MANAGEMENT 2020/2021 2016/2017 2015/2016
MANAGERIAL FINANCE 2019/2020 2018/2019 2017/2018 2016/2017 2015/2016 2013/2014


Corporate Governance Mechanisms And Risk-Taking In Oic Countries:Analysis Of Islamic And Conventional Banks.
Ph.D Completed 2023 Main Supervisor
The Effect Of Firm-Specific Factors On Systematic Risk Across Various Industries In Asean-5 Countries: Panel Data Evidence.
Ph.D Completed 2022 Main Supervisor
Effects Of Financial Liberalisation On The Financial Stability: A Comparative Analysis Between Islamic Banks And Conventional Banks In Malaysia.
Ph.D Completed 2022 Co-supervisor
Capital Structure In China: Firm-Specific Factors, Corporate Governance And Institutional Factors.
Ph.D Completed 2018 Co-supervisor
Working Capital Management And Economic Sustainability Of Micro Enterprises. The Moderating Role Of Entrepreneurial Finance Skills And Entrepreneurship Training Programme.
Ph.D In Progress Main Supervisor
Board Size, Chief Risk Officer And Islamic Banks Risk Taking : The Role Of Shariah Supervisiory Board.
Master Completed 2018 Main Supervisor
Shariah Supervision Board, Board Of Directors, Risk Committee And Risk-Taking Of Islamic Banks In Malaysia.
Master Completed 2018 Main Supervisor
Board Capital, Board Independence And Bank Risk Taking Behaviour Of Malaysian Commercial Banks.
Master Completed 2017 Main Supervisor
The Efficiency And Growth Trajectory Of Domestic And Foreign Banks: Empirical Evidence From Commercial Banks In Algeria.
Master Completed 2017 Co-supervisor
Ownership Structure And Risk Taking Behaviour Of Malaysian Commercial Banks.
Master Completed 2016 Main Supervisor
Shariah Governance Quality And The Efficiency Of Takaful Industry In Malaysia.
Master Completed 2016 Main Supervisor
Independent Directores And Risk-Taking Behavior Of Islamic Banks: The Moderating Role Of Shariah Governance.
Master Completed 2016 Main Supervisor
Climate Change And Bank Stability. The Moderating Effect Of Green Financing And Esg In Malaysian Islamic And Conventional Banks.
Master In Progress Main Supervisor

Research Projects

2015 - 2019 Modelling the Effect of Shari?ah Governance, Risk Governance and Corporate Governance in Predicting Risk-Taking Behaviour of Malaysian Islamic Banks
2015 - 2015 Malaysia Islamic Finance Education Report (MIFER)
2018 - Present China's Outbound Direct Investment And The World Economic
2018 - Present The Effect of Goods and Services Tax on Inflationary Episode
2016 - Present Modelling Risk-Taking Behaviour of Islamic and Conventional Banks

Award & Recognition

15 Aug, 2015 Best Paper Award - Kuala Lumpur International Business, Economics and Law Conference 7 (KLIBEL7) International



2022 Board capital, board independence, and bank risk-taking: the case of a small emerging country. Asia-Pacific Social Science Review, 22 (2) pp. 116-135
2022 Curb food production cost. The New Straits Times (NST), 17 Aug 2022 () pp.
2022 Mekanisme subsidi bersasar perlu telus bagi banteras ketirisan. Berita Harian (BH), 6 Dec 2022 () pp.
2021 Bank governance and risk-taking: a survey of the literature. The Middle East International Journal for Social Sciences, 3 (4) pp. 236-259
2021 Bank liquidity risk and capital structure: a conceptual review of theoretical and empirical research on Islamic banking perspective. International Journal of Academic Research in Accounting, Finance and Management Sciences, 11 (3) pp. 539-553
2021 The mediation role of interest rate between financial liberalisation and financial stability. Global Business and Management Research: An International Journal, 13 (4) pp. 250-262
2020 Determinants of banks’ capital structure: a review of theoretical and selected empirical research. International Journal of Business and Social Science, 11 (12) pp. 131-141
2020 Determinants of banks’ capital structure: a review of theoretical and selected empirical research. International Journal of Business and Social Science, 11 (12) pp. 131-141
2020 The effect of financial liberalization towards the financial stability of Islamic banks in Malaysia. Advances in Business Research International Journal, 6 (2) pp. 62-68
2019 Board size, chief risk officer and risk-taking in Islamic banks: role of shariah supervisory board(Saiz Lembaga Pengarah, Ketua Pegawai Risiko dan Pengambilan Risiko di Bank-bank Islam: Peranan Lembaga Penyeliaan Syariah). Jurnal Pengurusan, 57 () pp.
2019 The role of competition as a mediator between financial liberalization and financial stability. Advances in Business Research International Journal, 5 (2 (S)) pp. 51-58
2019 The role of competition as a mediator between financial liberalization and financial stability. Advances in Business Research International Journal, () pp. 51-58
2018 Sharia supervision board, board independence, risk committee and risk-taking of Islamic Banks in Malaysia. International Journal of Economics and Financial Issues, 8 (4) pp. 290-300
2018 The role of country governance in value-added tax and inequality. E&M Economics and Management, 21 (4) pp. 79-93
2018 The role of country governance on value-added tax and inequality. E a M: Ekonomie a Management, 21 (4) pp. 79-93
2018 Value-added tax and economic efficiency: role of country governance. Panoeconomicus, forthcoming () pp. 1-37
2017 Government spending efficiency on economic growth: roles of value-added tax. Global Economic Review: Perspectives on East Asian Economies and Industries, 46 (2) pp. 162-188
2017 The role of corruption control in moderating the relationship between value added tax and income inequality. International Journal of Economics and Financial Issues, 7 (4) pp. 459-467
2017 Women on boards and bank efficiency in ASEAN-5: the moderating role of the independent directors. Review of Managerial Sciences, 11 (1) pp. 225-250
2016 Board of directors and risk-taking behavior of Islamic banks in South East Asia. Tazkia Islamic Finance and Business Review, 10 (2) pp. 162-177
2015 Gender diversity, board monitoring and bank efficiency in ASEAN-5. South East Asia Journal of Contemporary Business, Economics and Law, 7 (1) pp. 9-21
Conference or Workshop Item

2015 Gender diversity, board monitoring and bank efficiency in ASEAN-5. In: 7th Kuala Lumpur International Business, Economics and Law Conference 7 (KLIBEL7),
2015 Public spending efficiency and economic growth: the moderating roles of value-added tax and country governance. In: The International Conference on Economics, Accounting and Business Management (EABM 2015),
2014 Board governance, diversity and efficiency: evidence from ASEAN-5 commercial banks . In: The UUM International Conference on Governance 2014 (ICG 2014),
2014 Model of good corporate governance: a study of commercial banks in ASEAN5. In: 12th International Conference on Data Development Analysis,

2022 Tax reform and inflationary episode. IIUM Press, ISBN: 9789674911997
2021 Financial Intelligence. -, ISBN:
2019 Value-added tax, country governance and economic efficiency. University of Malaya Press, ISBN: 978-967-488-077-4
2018 Business ethics, 2nd edition. Oxford University Press, ISBN: 978-983-47-2621-8
2018 Corporate finance: an Asian perspective. Oxford University Press, ISBN: 9789672113294
2016 Malaysia: Islamic finance education report (MIFER) 2015. UUM Press, ISBN: 9789671390313
2014 Business ethics. Oxford University Press, ISBN: 978 983 47 1271 6

2019 Modeling the effect of Shari’ah governance, risk governance and corporate governance in predicting risk-taking behavior of Islamic banks. In: ,
2019 The effect of goods and services tax and corruption control on inflationary episode. In: ,