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

KULLIYYAH OF ECONOMICS AND MANAGEMENT SCIENCES

Other's position:

Deputy Dean, Kulliyyah of Economics and Management Sciences


zul_ramly@iium.edu.my
4677


Expert Profile


Dr. Zulkufly Ramly is an Associate Professor at the Department of Finance. He is currently the Deputy Dean (Postgraduate and Responsible Research) at the Kulliyyah of Economics and Management Sciences. Prior to this he was the Head of MBA Programme at IIUM Graduate School of Management. He was the 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 Dr. Zul 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 and has served about 16 years as an academician. 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 tertiary qualification in Business Administration (Finance) with Magna Cum Laude from the University of Denver, Colorado, USA.  

Dr Zul's research expertise is in the areas of corporate governance, banking and corporate finance. He has supervised to completion an number of MSc and PhD candidates in the areas of corporate governance, corporate finance, risk-taking in Islamic and conventional banks and Shariah boards. He is currently supervising MSc and PhD candidates in the areas of corporate finance, financial literacy, corporate governance, corporate risk-taking, capital structure, financial liberalization and financial stability of banking sector . 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 projects are in financial literacy of youths and women entrepreneurs and climate finance.  

Dr. Zul co-authored and published university textbooks on business ethics and corporate finance with Oxford University Press. He has published a research book on Value-Added Tax, Country Governance and Economic Efficiency with UM Press. He has also published research papers in Review of Managerial Sciences, Panoeconomicus, Global Economics Review, Economics and Management, 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, and a book reviewer for Oxford University Press.  

Dr Zul was an Associate Editor of International Journal of Economics, Management and Accounting (IJEMA) in 2018 prior to his sabbatical leave. In terms of professional contribution, he has been a member of the Assessment Review Panel of the Chartered Secretaries Malaysia, collectively responsible for ensuring the quality and rigor of the professional examination papers of the Chartered Governance Qualifying Programme (CGQP) since 2017. He has taught undergraduate courses in financial management, financial statement analysis, Islamic financing management and bank management. He frequently teaches advanced finance, managerial finance and corporate governance and business ethics at Masters and/or DBA levels. 


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 2020/2021 2019/2020
CORPORATE FINANCE 2020/2021
CORPORATE GOVERNANCE, GOVERNMENT & SOCIETY 2019/2020
FINANCIAL MANAGEMENT AND POLICIES 2019/2020 2018/2019
FINANCIAL MANAGEMENT I 2013/2014
FINANCIAL MANAGEMENT II 2020/2021 2019/2020 2018/2019 2017/2018
FINANCIAL STATEMENT ANALYSIS 2017/2018 2016/2017 2013/2014
FUNDAMENTALS OF FINANCIAL MANAGEMENT 2021/2022
INTERMEDIATE FINANCIAL MANAGEMENT 2021/2022
ISLAMIC FINANCING MANAGEMENT 2020/2021 2016/2017 2015/2016
MANAGERIAL FINANCE 2019/2020 2018/2019 2017/2018 2016/2017 2015/2016 2013/2014


Research Projects


Completed
2015 - 2015 Malaysia Islamic Finance Education Report (MIFER)
2015 - 2019 Modelling the Effect of Shari?ah Governance, Risk Governance and Corporate Governance in Predicting Risk-Taking Behaviour of Malaysian Islamic Banks
On-Going
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


Publications


Article

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
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,
Book

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
Monograph

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: ,