Staff Directory

Farihana Binti Shahari

Academic Qualification

  • Doctor of Philosophy in Islamic Finance - Doctor of Philosophy, Universiti Malaya (UM)
  • Master of Science (Finance) - Masters Degree, International Islamic University Malaysia

Farihana Binti Shahari (Dr.)

Assistant Professor
IIUM Gombak Campus


Expert Profile

Farihana Shahari obtained her Bachelor of Economics (Honors) and Master of Science (Finance) from International Islamic University Malaysia (IIUM), while she completed her Ph.D. from University Malaya specializing in Islamic finance. Upon completion of her Ph.D., she joined IIUM in 2017 as an Assistant professor. She has published several articles in different indexed journals including Empirical Economics and International Journal of Managerial Finance. Her research interest includes Islamic banking and finance, capital markets and micro-finance.

Area of Specialisation

  • Economics, Business And Management ~ Economics, Business And Management ~ Islamic Finance ~ Islamic Banking

Teaching Responsibilities

BUSINESS MATHEMATICS 2013/2014 2011/2012
FINANCIAL MANAGEMENT II 2020/2021 2016/2017
FINANCIAL MARKETS AND INSTITUTIONS 2022/2023 2021/2022 2020/2021 2019/2020
FOUNDATION OF ISLAMIC FINANCE 2022/2023 2018/2019 2017/2018 2016/2017
ISLAMIC MONEY & PAYMENT SYSTEMS 2021/2022 2020/2021 2019/2020 2018/2019 2017/2018 2016/2017
STATISTICAL METHODS 2012/2013 2011/2012

Research Projects

2019 - 2021 Theoretical and Practical Underpinning of Credit Risk in Profit and Loss Sharing (PLS) - Based Financing Instruments: The Case of Islamic Banks
2019 - Present The Implications of Fintech Development on the Financial Industry in France and Malaysia: A Game Theory Approach



2021 Does the US influence ASEAN+3 equity market integration?. Journal of Financial Economic Policy, () pp. 1-23
2021 Perkasakan sistem bantu generasi 'sandwic' B20. BH Online, 10 Jun 2021 () pp.
2020 A conceptual model of depositors’ trust and loyalty on hajj institution - case of Lembaga Tabung Haji Malaysia. International Review of Management and Marketing, 10 (1) pp. 99-106
2020 A conceptual model of depositors’ trust and loyalty on hajj institution - case of Lembaga Tabung Haji Malaysia. International Review of Management and Marketing, 10 (1) pp. 99-106
2020 Can profit and loss sharing (PLS) financing instruments reduce the credit risk of Islamic banks?. Empirical Economics, Early access () pp. 1-18
2019 Does the financial integration in ASEAN + 3 respond to financial cooperation agreement and influence the real sectors?. Review of Pacific Basin Financial Markets and Policies, 22 (1) pp.
2019 The nexus between Asian and US short-term financing rate. Managerial Finance, 45 (12) pp. 1653-1579
2018 Determinants to influence the credit risk of global Islamic Banks: application of static models. The Empirical Economics Letters, 17 (12) pp. 1535-1541
2017 Does economic growth in Malaysia depend on disaggregate energy. Renewable and Sustainable Energy Reviews, 78 () pp. 640-647
2017 Does financial cooperation agreement improve the cointegration among ASEAN+3 money markets?. International Journal of Applied Economics, 31 (1) pp. 108-125
2017 Testing the validation of the financial cooperation agreement among ASEAN+3 stock markets. International Journal of Emerging Markets, 12 (3) pp. 572-592
2017 The interdependent relationship between sectoral productivity and disaggregated energy consumption in Malaysia: Markov Switching approach. Renewable and Sustainable Energy Reviews, 67 () pp. 752-759
2017 The nexus between financial integration and real economy: Solow-growth model concept. Research in International Business and Finance, 42 () pp. 1244-1253
2016 Efficient energy consumption in industrial sectors and its effect on environment: A comparative analysis between G8 and Southeast Asian emerging economies. Energy, 97 () pp. 82-89
2015 Does financial cooperation agreement influence the real economy?: A GMM panel data approach on ASEAN+3 countries. DLSU Business & Economics Review, 24 (2) pp. 65-76
2015 Investigation of the expected loss of sharia credit instruments in global Islamic banks. International Journal of Managerial Finance, 11 (4) pp. 503-512
2015 Long-run relationship between sectoral productivity and energy consumption in Malaysia: An aggregated and disaggregated viewpoint. Energy, 86 () pp. 436-445
2015 Stability in ASEAN+3 exchange markets: An EGARCH-M approach. WSEAS Transactions on Business and Economics, 12 () pp. 426-431
Conference or Workshop Item

2019 Does equity-based financing improve the performance of banking institutions: a case of Islamic banks?. In: 19th Kuala Lumpur International Business, Economics and Law Conference,